iCover

iCover provides a cloud-based platform for underwriting life insurance policies. The platform uses an AI-based framework with pre-configured guidelines and algorithms to score and price life insurance applications based on medical and non-medical data. The company also offers a patent-pending science-based survey QUI to gather accurate information from insurers.

The company claims that its solution can be deployed within 12 weeks using low-code/no-code deployment options. In addition, it utilizes a private blockchain to store data, ensuring its security and reliability. iCover charges a one-time setup fee plus a monthly SaaS and application click fees.

Funding and financials

iCover raised USD 5 million in pre-Series A funding round led by private investor Kesan Parasuraman in August 2022. The company aimed to use the funds for hiring technical staff, sales and marketing, and R&D toward its AI underwriting framework and private blockchain network.