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 support the global expansion of the company.
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. 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 product of cyber protection service backed by insurance within few weeks. By adding this innovative product to their portfolio, partners gain improve in customer retention, increase customer cross-buying intentions, enhance trust and affective commitment resulting in higher renewal rates.