The funds will be used in enhancing Square Insurance’s technology infrastructure, focusing on streamlining operations and enhancing the customer experience, the company said in a release on Thursday.
Square Insurance said it plans to invest in creating micro-insurance products in collaboration with leading insurers. It also wants to build partnerships with fintech and ecommerce companies to expand the reach of insurance in underserved markets.
“It will enable us to enhance our offerings and extend our reach into new markets, particularly in rural areas where insurance protection is crucial. We are committed to leveraging this investment to drive innovation and deliver meaningful solutions to our customers,” said Rakesh Kumar, founder, Square Insurance.
Over the current fiscal, the company plans to open 25-30 new offices in tier-II and tier-III cities, enhancing its ability to serve a larger customer base. This expansion will improve insurance product comparisons and post-policy services for both channel partners and customers, the company said in the release.
