A start-up in the insurance space, Sure, has raised $8 million via Series A funding. Sure has also launched a smartphone insurance product offering. The USP of this is that any smartphone can be insured and not necessarily new ones. The condition of the smartphone is tested using remote access and requires minimal customer interaction.
Pioneered by IA Capital, other popular names such as Menlo Ventures, FF Venture Capital, Nationwide Ventures, Assurant and AmTrust are also involved in the funding for Sure. Series A funding refers to the initial fund inflow which a firm receives. Usually, this is through venture capitalists and preference shares are the consideration for the same. Since it happens when the company is at a nascent stage and is poised for growth, such an event, especially when it is carried out by several organisations, is newsworthy as it is an indicator of a company that has a very promising and bright future for its investors and other stakeholders.
Sure checks certain parameters in a smartphone before doling out the insurance. These are basic aspects such as the CPU, Battery, Call Function, Memory, Flash and Vibration. These don’t require human interaction which is what makes this product tech-savvy and faster. However, a few aspects, such as the touch feature, calls for some input from the customer. Overall, the checks can be done by remotely accessing the customer’s mobile phone. The hassle of physical verification saves time and other resources.
Sure’s bread and better is to assist an individual in choosing the most suitable insurance policy, based on their needs and what is available in the market. The start-up was founded in October, 2014 and is based in New York, USA. From being an insurance broker to an insurance provider using ground breaking technology, Sure has come a long way in its short journey of less than three years. The raising of Series A funds reflects the confidence that investors have in the business and potential of the firm.