Customers in India who purchased insurance plans faced major problems a decade ago. This was due to a lack of sufficient information about insurance products, as misleading information was fast increasing. During the last decade, from 2000 to 2008, as the country gained pace and expanded economically, the Indian Insurance Industry tightened its grip. There was a full disruption in the country’s private sector insurers venturing and gaining importance at the time.
They had a taste of fierce rivalry when the insurance industry was dominated by a few giant public-sector insurers. At the start of this new digital era, there was a flood of new insurance products and essential information. It aided the unrestrained growth of India’s insurance business.
CoverFox is an insurance technology firm based in Mumbai, Maharashtra, India that provides an online platform for managing insurance policies. It was formed in 2013 by Devendra Rane and Varun Dua. CoverFox is a subsidiary of GlitterBug Technologies, an insurance service company based in India.
Coverfox, based in Maharashtra, India, is a simple, affordable, and dependable online insurance marketplace for bike, vehicle, health, travel, and term life insurance. Coverfox constantly attempts to discover a plan that is perfect for its consumers, with 25 insurers and 100+ products to select from.
Their objective is to make the insurance procedure as simple as possible. They do it all, from supplying customers with accurate information to providing honest comparisons. Customers are not even required to interact with the insurer.
CoverFox provides insurance solutions for Indian customers in a variety of categories, including health, car, life, motorcycle, travel, investment, and house insurance. Top insurance brands in India are among their offerings.
Artificial Intelligence
CoverFox began employing artificial intelligence models to construct its insurance platform in 2019. Users can evaluate and select from a variety of plans based on their budgets and needs using algorithm-based policy discovery. They also collaborated with insurance firms to unify the process of policy issuance, endorsements, inspection, and claims to make sales and post-sales servicing easier through their platform.
Part of their application of artificial intelligence may be found in their platform Coverdrive, which is available to insurance brokers. Cover drive, which debuted in 2017, is a digital assistant for insurance agents.
Objectives
Coverfox’s primary goal is to provide a seamless experience for its consumers throughout its many platforms, as well as to provide an automated insurance experience for first-time buyers, the next generation, and India’s other demographic groups, such as rural India.
They enable each consumer to compare and choose from a variety of insurers, with advice on unrivalled coverage that meets their needs from the helm of products and claims help. On our platform, their service platter provides motor (including personal and commercial vehicles such as taxis and GCVs), health insurance, term life insurance, travel insurance, corona kavach, super top-up, personal accident insurance, critical illness cover, and ULIP insurance products.
They are a fully cloud-native platform with a microservices-based backend that enables current application development employing complicated technologies. The technology enables the creation of new products and the unification of existing ones with minimal effort.
Funding
B-Series
CoverFox concluded its series B investment round on April 24, 2015, with $12 million in funding from SAIF Partners (lead investor), Accel (lead investor), and NuVentures.
C-Series
CoverFox concluded its series C investment round on June 12, 2017, with $22 million in capital from Transamerica Ventures (lead investor), IFC (lead investor), SAIF Partners, N.R. Narayana Murthy, and Catamaran Ventures.
