Coverfox launches 'Coverdrive' mobile app for online sale of insurance

Online insurance broker Coverfox.com on Thursday announced the launch of Coverdrive - a mobile app that allows individuals, including insurance agents, to sell insurance via its seller platform. With this app, Coverfox while leveraging its proprietary technology aims to benefit almost 26 lakh insurance agents and potential micro-entrepreneurs.

By making both general and life insurance products available at the click of button on one single platform, Coverdrive will activate more than 15 lakh inactive insurance agents. The app aims to improve the reach of insurance through the country and open up employment opportunities for millions including college students, housewives and small entrepreneurs.

"Insurance is a 40,000 crore industry in India, and about 97 percent of all insurance is sold offline. There are about 26 Lakh registered insurance agents that sell insurance directly to consumers. However, the process of offline selling is cumbersome, involving paperwork, cheques and emails. These agents lack the technology and product to grow their business and serve their customers better," said Premanshu Singh, Chief Executive Officer, Coverfox.com.

"We are excited and proud to launch our sellers' app, Coverdrive, for insurance agents. In its beta stage, the app received extremely positive response from existing insurance agents. We are seeing a huge interest from the rural youth, women and small businessmen who are seeking to use Coverdrive and become micro entrepreneurs," he added.

Owing to the recent easing of regulations around the role of point-of-sale-persons in selling insurance as sub-brokers, IRDAI has now opened up the insurance distribution market. Anyone, who has received appropriate insurance training and certification from Coverfox would be able to solicit insurance business through Coverdrive app. Certification and training would also be available via the app.

Available on all devices (desktop, tablets and mobile android app), Coverdrive's platform and services are available to insurance agents absolutely free of cost.

Coverdrive's seller platform would offer end-to-end operational efficiency to the agents. The app takes away all the pains of paperwork, fetching quotes from multiple insurers and tracking sales, and leaves the agents to do just one thing - growing their business.

On Coverdrive, one can sell insurance; keep a track of scheduled inspections / medical tests of their prospective clients, rewards earned and policies sold - all in the single interface of the app. The app also allows instantaneous issuance of policy online to the end user.

Coverfox will also extend their insurance post-sale services to all the customers of Coverdrive.