18 November 2022
SecureNow raised US$6 million in series B funding, builds a full-service insurtech platform for commercial insurances.
SecureNow crosses milestone of serving 25,000 small businesses across 150 locations.
Company on track for profitability in FY23
In 3 years, the company aims to serve over 1 million commercial establishments
SecureNow raised US$6 million from Apis Insurtech Fund I and Charan Singh, founder of SelectQuote Inc. in its last round of funding
New Delhi, December 29th, 2021: India-based firm SecureNow has reinforced its focus on commercial insurance issuance by building an end-to-end insurtech platform currently serving 25,000 small businesses across 150 locations. The firm aims to increase this to over one million businesses within the next three years, the same timeframe within which it is also on track to reach profitability. SecureNow’s platform covers the full range of commercial insurances including group health insurance, property, marine and liability covers and is the single-window for all insurance matters for its clients, including claims.
During the Covid-19 pandemic, traffic to SecureNow’s platform rose significantly as the traditional channels of distribution that required face-to-face selling were under stress. The company responded by providing covid-specific insurances, further automating the digitized user journeys and fast-tracking the digital enablement of wellness, OPD and claims processes for group health insurance. Small businesses can leverage the SecureNow self-service platform to buy insurance, with one in every seven of these customers now completing their transaction without any human assistance, a figure that is rapidly increasing month-on-month. The platform also caters to the increased requirements of medium and large businesses, which are able to manage multiple corporate insurances, file and track claims using the SecureNow proprietary insurance dashboard. As firms grow, they typically purchase at least two insurance products and several buy eight to ten. For each product, a firm requires at least three insurers to quote to ensure efficient price discovery. As a licensed insurance broker, SecureNow is able address these needs seamlessly.
In its last round of funding, SecureNow raised a total of US$ 6 million from Apis Insurtech Fund I, managed by Apis Partners LLP, and Charan Singh, founder of SelectQuote Inc. Both Apis Partners and Charan have deep knowledge of investing and building insurance firms and the investment will help develop the platform further, bundle value added services for clients, and increase client outreach. Elevar Equity was the first institutional investor in SecureNow.
“Businesses bravely face material risk every day. A quick look at our risk diagnostic tool would show you how some risks are existential and vary by industry. Still, insurance remains a low-involvement purchase. Clients want to quickly evaluate insurance plans for value and transparency. The only way to deliver this consistently is by ubiquitous use of technology across the buying journey. The proof of this is in our net retention rate, which is well over 100%. With scale, we increase our ability to consolidate demand and deliver better value for our clients. There are over 60 million firms registered in the country, the majority of which are underinsured. So, we have some ground to cover. Commercial insurance for businesses is likely to be one of the fastest growing segments within insurance”, said Kapil Mehta, co-founder of SecureNow.
Udayan Goyal, Co-founder and Managing Partner, Apis Partners said “We see a big opportunity in India to meet the needs of underserved businesses. Since there are so many different stakeholders in the insurance ecosystem, a successful venture must have deep insurance domain knowledge and know-how to leverage technology effectively. These are SecureNow’s strengths. They have a strong track record and are well placed to rapidly scale up.”
Charan Singh, founder of SelectQuote, said “I have closely watched the leadership at SecureNow build out the company. I have myself once been through the stage they are at now and can see that all the building blocks are in place. I’m delighted to be able to back SecureNow as it scales up to serve the needs of millions of businesses.”
The SecureNow Group (“SecureNow”) consists of SecureNow TechServices Pvt. Ltd., and SecureNow Insurance Broker Pvt. Ltd., an insurance broker focused on selling commercial insurances to SMEs and mid-market clients. SecureNow was co-founded by Abhishek Bondia and Kapil Mehta and has fast become the go-to site for small businesses buying insurance. It is the one-stop provider for commercial establishments for all their insurance requirements. This means that the company sells commercial products including group health insurance, property, marine and liability covers. It also handles claims and insurance services on behalf of clients.
About Apis Partners
The Apis Group (“Apis”) is an ESGI-native global private equity and venture capital asset manager that supports growth stage financial services and financial infrastructure businesses by providing them with catalytic growth equity capital. Collectively Apis, through its team of approximately 30 professionals with deep industry expertise, manages or advises on total committed capital from investors (including drawn and invested capital) of US$1.2 billion.
Including its headquarters in London, Apis has representation in seven countries across Europe, North, East and West Africa and South and Southeast Asia. Apis is highly conscious of the developmental impact that the provision of growth capital for financial services and financial infrastructure businesses in growth markets can achieve, and as such, financial inclusion is a core tenet of Apis’ approach and investment mandate. Apis became a signatory to the United Nations backed Principles for Responsible Investment (UNPRI) upon inception of the firm in 2014.
About Charan Singh
Charan Singh is the founder of SelectQuote Inc. and a highly respected insurance entrepreneur. SelectQuote itself is the provider of an insurance policy comparison website in the US (www.selectquote.com). This allows consumers to compare insurance policies for complex senior health, life and auto, and home insurance policies. SelectQuote had an extremely successful IPO that, in 2020, valued the company at over US$3 billion.
About Elevar Equity
Elevar’s mission is to fuel the economic resilience and vibrancy of low income communities. Elevar’s investments have democratised access to essential products and services for over 40 million households and catalysed billions of dollars of capital in 41 companies.