Coverfox secures $22mn towards product portfolio expansion

Coverfox.com, an insure-tech platform, has raised USD 22 million in a Series C funding, to be channelised towards expanding its product portfolio.

Insurance penetration in rural areas is 35 percent lower than urban areas in India and women's insurance coverage is 40 percent lower than men. Coverfox will use the investment to expand insurance coverage into tier II and tier III cities and specifically address women's needs.

With an aim to digitise every aspect of insurance selling, Coverfox launched an Android App - 'Coverdrive' - last year, which helps insurance agents go digital and grow their businesses. This initiative is targeted towards creating job opportunities for college students, house-wives and unemployed youth in India. With the latest funding, the technology team will also get a shot in the arm, driving new development and innovation, including turbocharging Coverdrive.

Founded in 2013 by Devendra Rane, Coverfox has integrated with more than 35 insurers, and offers more than 150 policies in motor, life and health insurance. Using its proprietary technology and algorithm-based platform, users can compare and buy a range of policies across top insurance companies.

"The passionate team at Coverfox is building Asia's best insure-tech platform to help end-users buy any policy without getting spammed by telecallers. The current fundraise is a validation of our vision. The money would be used to strengthen our product/technology capabilities. Further, a large portion of the investment would go into improving the user experience by going both horizontal and vertical into each insurance category," said Premanshu Singh, Chief Executive Officer - Coverfox.com.

The current round of funding is led by IFC, a member of the World Bank Group; Transamerica; and other existing investors. Coverfox had previously raised USD 17 million in Series A and B funding together from SAIF Partners, Accel and NR Narayana Murthy's private investment arm - Catamaran Ventures.