Surance.io has recently completed a round of financing from Tech Mahindra that acquired 25% equity of the start-up with an option to invest in additional 20%. The initial investment is at the amount of US$ 4 million which will support the global expansion of the strong player in the InsurTech industry.
Surance.io is an innovative InsurTech startup changing the landscape of the cyber safety market by focusing its solutions on a triangled unique combination of personalized cyber protection, 24/7 AI & human response in case of attack and cyber insurance coverage. This comprehensive, end-to-end solution is tailored for cyber home and individual safety.
Surance.io one-stop-shop that presents the new generation of proactive & preventive cyber-safety insurance policy. The interaction is made simple with a dedicated mobile cyber App, providing users with ad hoc services such as security plans, safety alerts, 3-tier support for claim management and 24/7 AI & human support. The App may also include loyalty programs and incentives to encourage users for a safe cyber behaviour.
Surance.io offers a white labelled full stack solution allowing insurer carriers, telcos, and other partners to launch a frictionless product of cyber protection service backed by insurance within few weeks.
By adding this innovative product to their portfolio partners gain boost in customer retention, increase customer cross-buying intentions, enhance trust and affective commitment resulting in higher renewal rates.
Surance.io operates tens of thousands of personal cyber insurance policies for 3 leading insurance companies in Israel, operates its technology solution in Singapore for AIG and started operating its solution for insurance carriers in the US and Canada last year. Following the investment Surance.io intends to keep on focusing on global expansion with insurance carriers alongside with introduction of solution to be backed by insurance in partnership with telcos and other retail channels.
Eyal Paltin, CEO at Surance.io, said: “Surance.io sees this investment as a vote of confidence by a leading technology company, and a head-start to leveraging Tech Mahindra’s customer relations to expand cyber products distribution with insurance carriers globally. Surance.io is looking forward to a fruitful collaboration with Tech Mahindra that would significantly increase new sales as well as grow existing accounts”
Vivek Agarwal, President – BFSI, HLS and Corporate Development, Tech Mahindra, said, “The Insurance industry is going through a significant transformation and in this evolving threat landscape, it’s imperative to go beyond stand-alone personal cyber insurances and invest in comprehensive risk solutions for the home. Through this investment, Tech Mahindra will leverage Surance.io to expand into untapped markets with new functionality enhancements and features.”