Assureful raises $1.5m in funding to bolster e-commerce insurance coverage

The funding spherical for Assureful was led by Markd with participation from Greenlight Re Improvements.

Assureful is the primary insurance coverage supplier to combine with main e-commerce marketplaces reminiscent of Amazon, Walmart and eBay, in addition to companies reminiscent of Shopify. It goals to supply customised, embedded usage-based and month-to-month billed insurance coverage premiums primarily based on sellers’ precise gross sales quantity and product classes.

Moreover, it makes use of generative AI and machine studying to charge, value and underwrite necessary insurance coverage protection for e-commerce companies of all sizes.

As well as, Assureful plans to make use of the funding to hurry up its product roadmap and buyer acquisition efforts.

“We’re thrilled to shut this preliminary funding spherical and have the help of traders who consider in our imaginative and prescient to reinvent insurance coverage for e-commerce sellers,” stated Rohit Nair, founder & CEO of Assureful.

“Marketplaces reminiscent of Amazon and Walmart make carrying acceptable insurance coverage necessary. This capital will assist us proceed enhancing our proprietary know-how and product choices as we scale as much as serve this fast-growing buyer base. We’re proud to be the primary within the business taking this contemporary strategy.”

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Parker Beauchamp, managing associate of Markd added: “The Assureful group has deep experience in insurance coverage and e-commerce having scaled and exited quite a few their very own e-commerce firms. We consider this makes them well-positioned to be an exquisite associate to e-commerce sellers. We look ahead to seeing them develop entry and availability of complete, pretty priced insurance policies for what we consider is an underserved buyer phase.”

Assureful is a nationally licensed coverholder at Lloyd’s of London. Assureful’s proprietary ‘Pay-as-you-Promote’ Business Common Legal responsibility Insurance coverage insurance policies have been designed particularly for e-commerce sellers.

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