Technology empowered solutions such as Instant Payout, seamless insurer integration and efficient customer service has accelerated the company’s growth
Almost a year ago, online insurance platform, Coverfox, launched Coverdrive – a mobile app that allowed anyone, including insurance agents and micro-entrepreneurs, to sell insurance via its seller platform.
With this Android-based app, individuals, including students and housewives, could sell insurance policies quickly, thus eliminating multiple barriers of entry for aspiring agents.
"Technology empowered solutions such as Instant Payout, seamless insurer integration and efficient customer service accelerated our growth and Coverfox’s seller platform registered 300 percent growth during FY 2018-19," said Premanshu Singh, CEO of Coverfox.
In the last fiscal, Coverdrive reportedly issued over a million policies across the country – the majority of this being in the Motor and Health category. During FY 2018-19, Coverfox also sold policies worth $60 million in premiums.
When it was launched in 2014, Coverfox aimed to become a tech-based platform that digitized insurance offerings, making it easily accessible to consumers, pan-India. Singh believes that five years later the company has achieved this to a great extent, especially with products such as bike insurance, since 100 percent of this particular business is unassisted.
"Eighty percent of these customers insure their bikes within four minutes. This has been enabled by developing a simple, clutter-free platform and a backend that aggressively and accurately pre-fills a lot of data that the user is supposed to provide," he stated.
He added that the company has also achieved 100 percent digital transformation in its advisory and service support system. The customer response management system has been developed in-house and has been iterated to maximize efficiencies.
“Our insurance advisors are able to understand customer requirements comprehensively and respond quickly,” Singh claimed.Empowering Agents
More than a third of Coverfox’s total revenue between January 2017 and June 2019 came from Point of Sale (PoS) agents. The company was able to achieve this milestone by harnessing the power of technology to make the process of policy issuance seamless.
"Our platform aggregates all insurance products through API integrations with insurers. This reduces unproductive manual time wastage for an agent in dealing with different insurance company executives. Agents can use this saved time for increasing their sales," he explained.
Additionally, Coverfox is integrating the process of claims, endorsements and inspection with insurance companies to make post-sales service easier.
It has a robust Instant Payout calculation system that calculates commissions on a real-time basis.
This comes in handy considering that the platform currently has over 90,000 agents registered across India."We plan on making current agents active, rather than simply increasing the number of agents registered on the app. We want to focus on increasing the frequency of existing agents using the app and adding more female users on Coverdrive," said Singh.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.