The two year old online insurance distribution platform Coverfox.com is known to have received bankroll from N.R. Narayan Murthy’s private investment firm Catamaran Ventures to further strengthen and grow its online insurance comparison and sales business.
This funding received by Glitterbug Technologies, which powers Coverfox , is in addition to the earlier rounds made by Accel US, Accel India and SAIF partners. These include a round of US$ 2 million by Accel India and SAIF Partners and a second one of US$12 million with the two along with Accel US.
It has developed proprietary technology based comparison and sales platform, insurance domain expertise and after sales support and claims services to make it a preferred destination for customers to buy and manage insurance policies.
Commenting on the latest financial support, Varun Dua, CEO & Co-founder of Coverfox said, “Insurance in India is a largely under-penetrated market (3.9 percent as against the world average of 6.3 percent). Buying insurance till now has been largely an offline activity. The industry is at the helm of witnessing a massive shift — from being a seller’s market to becoming a buyer’s market. Coverfox’s mission is to spearhead this change and make the online process straightforward, simple, quick and transparent for everyone. Our focus on our customers and technology led innovative approach is geared towards enabling our consumers with best-fit choices, information that is easy to comprehend and a safe buying experience. We truly believe everyone should be able to buy insurance just as easily & quickly as they buy air tickets.”
Coverfox is booking an overall growth of 40-50 percent month on month with exciting contribution from the auto segment. The portal’s aim for the next six months is to be the largest online auto insurance provider. Coverfox also expects its website traffic to double by the end of the year and reach 1 million visitors per month.
“The online insurance market is soon set to witness a substantial growth. The future is certainly positive as an increased number of internet users will become a part of this market in the coming years. We value our relationship with Coverfox. Their customer-centric approach to business and good user experience makes them a great partner to work with. With more and more people buying insurance online, we hope to benefit our customers with such robust associations.” – Mr. Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance
“Recent growth witnessed at Coverfox provides early validation of our thesis that the Insurance industry in India is poised for technology based disruption. Also, we’re extremely happy to welcome Catamaran Ventures as a partner in this promising venture” mentions Subrata Mitra, Partner at Accel Partners.
Rohit Jain of SAIF partners concluded, “Coverfox team has the right mix of industry depth in Varun and product and technology understanding in Devendra to build a truly innovative company. We are confident they will leverage this investment from Catamaran Ventures to further strengthen the business.”