Surance.io, a Tel Aviv, Israel-based InsurTech startup, closed a usd4m Series A funding round.
Tech Mahindra acquired 25% equity of the startup with an option to invest in additional 20%.
The investment will allow the company to expand globally.
Led by Eyal Paltin, CEO, Surance.io offers a preventive cyber-safety insurance policy, which features 24/7 AI & human response in case of attack. The app provides users with ad hoc services such as security plans, safety alerts, 3-tier support for claim management and 24/7 AI & human support. To encourage cyber safety, the app might also offer loyalty programs and incentives.
Surance.io provides a white labeled, full-stack platform that allows insurers, telcos, or other partners to launch their own cyber protection service, which is supported by insurance, within a few weeks. Partners will see an increase in customer retention, increased customer cross-buying intentions and trust. This will result in higher renewal rates.