SecureNow, an end-to-end insurtech platform that presently serves 25,000 small companies across 150 locations, has garnered a total of US$ 6 million in its most recent fundraising round, which was headed by Charan Singh – creator of SelectQuote Inc. and Apis Insurtech Fund I – managed by Apis Partners.

According to a news statement, the company plans to expand its coverage to over a million firms over the next three years, which is also when it expects to attain profitable.

Both Apis Partners and Charan have extensive experience in the investment and insurance industries, and the investment will aid in the ongoing development of the platform, the bundling of value-added services for customers, and the expansion of client outreach. Elevar Equity was SecureNow's first institutional investor.

SecureNow's platform covers the complete spectrum of business insurances, including group health marine, insurance, liability coverage, and property serves as its clients' single point of contact for all insurance problems, including claims.

During the covid-19 outbreak, traffic to SecureNow's platform increased considerably since traditional distribution channels that needed face-to-face marketing were stressed. The firm reacted by offering covid-specific insurances, further automating the digitised user experiences, and expediting the digital enablement of group health insurance wellness, OPD, and claims procedures.

Small businesses can use the SecureNow self-service platform to purchase insurance, with one out of every seven customers now completing their transaction without the assistance of a human, a figure that is rapidly increasing month after month. The platform also meets the growing needs of medium and large businesses, which can use the SecureNow proprietary insurance dashboard to manage multiple corporate insurances, file and track claims.

As a company grows, it normally purchases at least two insurance policies, and some acquire eight to 10. To achieve effective price discovery, a business requires at least three insurers to bid for each product. SecureNow, as a certified insurance broker, can meet these requirements smoothly.

Charan Singh, the founder of SelectQuote, stated, “I have closely watched the leadership at SecureNow build the company. I’m delighted to be able to back SecureNow as it scales up to serve the needs of millions of businesses."

Apis Partners Co-Founder and Managing Partner Udayan Goyal stated, “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."

SecureNow co-founder Kapil Mehta remarked, “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 the ubiquitous use of technology across the buying journey. The proof of this is in our net retention rate, which is well over 100%. 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.”