September 11, 2019
Online insurance broker Coverfox.com, today announced the breakthrough success of its seller platform, ‘Coverdrive’ that is digitising and easing the process of insurance purchase for the end users as well as agents across India. The platform has issued close to a million policies across the country and witnessed 300% growth for FY 2018-19.
‘Coverdrive’ was launched in September 2017, primarily as a digital assistant for the new insurance agents in the country. It helps them gain knowledge about the products and technology that enables them to further empower the end consumer in a better way. Individuals, who have undergone insurance certification and training from Coverfox, are able to sell insurance through Coverdrive. Insurance agents can leverage the company’s technical expertise at the palm of their hands with the help of this platform. Available on all devices (desktop, tablets and mobile android app), Coverdrive's platform and services are available to the insurance agents absolutely free of cost.
With over 20 insurer partners like Max Life Insurance, HDFC ERGO, Kotak General Insurance, Bharti AXA, Bajaj Allianz, Reliance General Insurance etc., to name a few, Coverdrive has garnered more than 80 thousand downloads from across the country in a span of 14 months. About one-third of Coverfox’s total revenue has come from PoS (Point of Sale) agents between January 2017 and June 2019.
In India, only 2% insurance sales are made online, leaving ample scope for growth in this market. Thus, digital is no longer a choice, but a necessity for the insurance industry to upgrade.
“The market for online insurance in India has been under-penetrated due to the various entry barriers that agents face. Through Coverdrive, we have been successful in educating, skilling and digitally enabling these sellers as well as users. The platform has helped us generate new employment opportunities for the youth and enable micro entrepreneurship for no-income audience. The platform has also furthered our goal of financially empowering women in India across metros, Tier I and Tier II cities,” said Premanshu Singh, CEO of Coverfox.com.
The customer base vis-a-vis the app broadly comprises of insurance agents, college students, and housewives who are looking out for new business opportunities to work either part-time/ full-time.
“There was a time when I was earning around 5 lakhs INR a month. With Coverdrive, now I’m earning close to 25 lakhs INR a month. It’s fantastic and very easy to use. I would like thank Coverdrive, for helping me grow my business,” said Suresh Sihag, a successful agent and Coverdrive user.
Highlights of Coverdrive’s app includes:
Diverse Product Portfolio: The customers can choose from an array of products viz., Motor Insurance, Term Insurance, Health Insurance, Travel Insurance, ULIPs & Investment Plans.
Multiple Quote Comparison: One can compare quotes of different insurers at one go, and then let the customers choose a plan that is easy on their pocket and best suits their needs. One can delight the customers with instant policies and post sales services like automated endorsements, Express Claims Service to name a few.
Instant Payout: No more follow ups or long waiting periods for the commission earned. The commissions on motor insurance are instantly credited to an agent’s account.
All Records Under One Roof: Agents can now keep a record of any scheduled medical tests in case of health insurance or inspections in case of car/bike insurance of their customers on the app. All policies sold and rewards earned through Coverdrive can be tracked in the single interface of the app.
After receiving a huge response from Motor Insurance on Coverdrive, Coverfox.com has launched Life Insurance which is also gaining momentum.
Coverfox.com is India’s largest Insure-tech platform where you can compare, buy and manage your insurance policies. The portal helps bring transparency, simplicity, and ease to the process of buying and managing insurance in India. Using its proprietary technology and algorithm based platform, users can compare and choose from a range of plans across top insurance companies, understand key features and buy policies instantly and safely. Once bought, it handholds and helps them through the tedious claims process. Coverfox currently offers health, car, bike, life and travel insurance policies.
Coverfox is run by Glitterbug Technologies, a tech company which has received Series A, B & C funding from global funds such as SAIF partners, Accel, Narayana Murthy’s Catamaran Ventures, IFC and Transamerica.
To know more, please visit www.coverfox.com.