There are a number of new technologies that have transformed the traditional insurance space. There are many insurance companies that have upgraded their game with digitization and have been able to offer convenience, security, and efficiency to their customers.
Featuring in this issue of The Enterprise World’s The 10 Most Trusted Insurance Tech Solution Providers To Watch in 2022 is Coverfox Insurance, a company that is giving its customers the easiest way to get insured.
In this Interview with Sanjib Jha, CEO of Coverfox Insurance, let us find out more about their services.
Brief us about Coverfox Insurance.
Coverfox.com, is a leading insurtech start-up in India. It has over 50+ partners to offer 360+ insurance products across health, car, bike, term, and travel insurance policies in India.
Since its launch in 2013, Coverfox.com has acquired over 3 million customers and is working towards making the entire process of insurance buying simpler. Coverfox Insurance has reinvented itself to adopt an omnichannel and automated insurance experience to tap into both, the often ignored rural segment and the uninitiated millennial & first time insurance buyers.
Coverfox.com has developed India’s first fully un-assisted capabilities for B2C Motor Insurance, unlocking disproportionate value for Stakeholders, and is a true InsurTech E-Com player.
What were the initial challenges you faced?
A decade ago in India, during 2000-2008, customers lacked the awareness about the importance of having insurance. They had less product knowledge & there was no transparency from the agents’ side. The agents were mis-selling insurance to the buyers and had no proper claim management system.
The insurance companies made huge profits when the policies were surrendered. Also, the Insurance Industry was looked down upon, for not being very customer centric.
For decades, insurance has been sold as a push product by agents in India. The major challenges we faced were sparse and complicated partnerships, downstream distribution, regulatory & legal framework challenges, the untapping of the different sections of the society-demographic issues & mistrust among the buyers.
Which was the point that triggered the growth of Coverfox Insurance?
In 2019, Coverfox.com underwent a management reorganization. The board concluded that new leadership was needed. It made certain important management appointments to re-evaluate the course of business, in order to achieve our new digital vision. The aim was to put Coverfox Insurance on a track towards becoming India’s pioneer digital-first Insurtech E-com business. A business that would be aligned with market evolution & would be future-ready.
The common goal was to stay dedicated to Coverfox Insurance’s future by forming a new dynamic team to boost creativity & tech prowess to accelerate the company’s next phase of growth.
We’re carving out a niche for ourselves in the insurtech sector. It’s a difficult task but we believe in taking the company to the next level of growth & continuously evolving on the technology front.
We are sure that through this, we’ll be able to provide a seamless experience for our users while purchasing insurance products on our platforms.
How have Coverfox Insurance graphs changed since the foundation? Can you share a few statistics?
The utilization of data and advanced analytics have aided in the creation of a link between client behavioral features and their insurance purchasing habits. This combined has provided us with a rich data for machine learning models.
Coverfox.com had started as a pure contact center selling insurance products and aiding consumers in purchasing them. However, as time passed, it evolved into a fully automated capability for B2C Motor Insurance, with plans to also include Car & Health Insurance.
We switched from a call center-heavy burn strategy to a digitally-led, unaided E-Commerce paradigm, which resulted in a 6x boost in our efficiency and a 6x rise in customer-centricity.
We’ve adopted methods such as a lead scoring system that leverages data analytics to improve our call center operations and transition to a complete digital journey with the launch of our B2C mobile app.
We also created an app to make purchasing insurance a more simple experience for users. Customers who contact us using the app are not called. Since the app’s introduction a few months ago, we’ve already surpassed more than 1 lakh installation downloads and generated over a crore of business.
Started as a B2C aggregator, Coverfox Insurance has now grown into becoming an ecosystem aggregator for insurance across B2C, B2B and B2B2C spaces. This has all b,een possible due to the business model pivot from a sales led model to a more product led consumer focused approach. The new vision allowed us to increase per person productivity immensely and achieve higher no. of customers covered with lesser no. of calls.
What is the reason behind Coverfox Insurance’s long-standing success?
Coverfox.com has achieved commitments towards simplifying insurance products through the innovative tech-enabled solutions that we are offering! The Key things we are trying to accomplish are a DIY approach for our customers. We make them experience the ‘Do It Yourself Insurance’ process where they evaluate, choose and purchase.
We provide our customers with seamless post-purchase services with easy renewal, entirely digital policy updates, and a very simplified claims process. This helps the customer have a flawless experience with Tech aid, ease and accessibility. We would like to bring disruption in the Insurance industry by making it a seamless experience for the customers.
What are the products/services Coverfox Insurance focuses on? How are your services different from those in the market?
We are the first insurtech company to integrate with LIC to sell micro-insurance products fully digitally. Our prime objective is to create a seamless experience for our customers through our different platforms and have an automated insurance experience for the initial buyers, the next rising generation, and India’s other demographic areas like the rural ones.
Our service platter offers motor (both personal and commercial vehicles such as taxi and GCV- Goods Carrying Vehicle), health insurance, term life insurance, corona kavach, super top-up, personal accident insurance, critical illness cover, and ULIP insurance products on our platform.
We are a fully cloud-native platform that empowers modern application development using complex technologies and have micro-services based backend. We offer you a systematic way to compare top insurance policies so that you can select the most suitable & convenient plans.
How do you decide to take Coverfox Insurance a step further in terms of your products/services?
We plan to get India insured & empowered by amalgamating technology, accessibility & ease of experience. The growth projection for the Indian insurance landscape looks promising; however, this scale will be unlocked through insurtech innovations. The need-gap we are solving for:
- B2C innovations in the pipeline:
- Reducing the dependency on call centres by increasing the share of unassisted sales.
- Increasing the size of data science and machine learning practice to unlock more business opportunities, such as cross-sell and renewals.
- New Developments in B2B
- Multiple key partnerships onboarded and in the pipeline to ramp up motor and health sales.
- Onboarded India’s largest rural business partners to sell bite-sized rural policies in a fully digital fashion.
Is there any new addition to the list of products/services? Anything exciting you would like to share?
Newest addition to our catalog of products is the best in class technology offering (Insurance Infrastructure as a service)IIAAS. With this, we are enabling offline merchants to set up an insurance selling platform with a hasslefree threeway integration across the length & breadth of our country & associating with POSP (Point of Sale Person) through our industry first initiative & latest technology. This newest addition is called the Cover Drive app which is a disruption in the Insurance ecosystem.