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<ul><li>With an annualized revenue of upwards of $25 million, Coverfox is working towards achieving a 500% growth rate in the next financial year.</li><li>While Coverfox focused on motor and <keyword id="6362363" type="UNKNOWN" weightage="20" keywordseo="health-insurance">health insurance</keyword> initially, it has eventually expanded its portfolio to include travel and life insurance.</li><li>Coverfox is looking at scaling up volumes by penetrating into the Tier II and Tier III cities.</li><li>It plans to go global in the next 2-3 years.</li></ul> Mumbai-based insurtech startup Coverfox is aiming big. With an annualized revenue of upwards of $25 million, the startup is working towards achieving a 500% growth rate in the next financial year. And it’s hopeful of achieving this by addressing the needs of the millennials who are well-versed with the digi-tech platform. Since its launch in 2013, Coverfox has acquired over a million customers and is working towards simplifying the entire process of insurance buying. Coverfox also launched its seller platform Coverdrive in 2017 which was primarily launched as a digital assistant for new insurance agents. In September this year, Coverfox reported that the platform issued close to a million policies across the country and grew by 300% for FY 2018-19. In a recent conversation with us, <keyword id="1179507" type="PERSON" weightage="20" keywordseo="Premanshu-Singh">Premanshu Singh</keyword>, CEO, Coverfox.com walked us through the platform’s journey so far and the factors that have helped them grow at a healthy pace. Edited excerpts: Q) Coverfox was launched in 2013. How has the journey been so far for the platform? We started with a small team, acquiring one customer at a time and we now have a million customers. We have expanded over the years to cover nearly all cities and states in the country. From the time of inception till date, we have been simplifying the insurance-buying process. We are now one of the most trusted InsurTech platform in which you can compare, buy and manage insurance policies on your own. While using the proprietary technology and algorithm-based platform, the users can easily compare and choose from a variety of plans from top insurers, understand the main features and then buy a policy that suits one’s needs. As a step forward, we also handhold the customers through the tedious claims process. The journey has been exciting, and we are energized to take it to the next level. Q) What was your primary business idea when you had launched and how has Coverfox evolved since then? We had the vision to create a digital ecosystem for the distribution of insurance, at the time when insurance wasn't even driven by technology. We realized that in such a tech-deprived ecosystem, the call-centre model was prone to mis-selling, attrition, and lack of a consistent user experience. These issues lead to limited accountability plus immense dissatisfaction amongst customers. Thus, we stayed true to the intention of creating an unbiased online insurance distribution business model and a tech-driven platform with no human error. We have successfully achieved digitization to quite an extent with the bike insurance product. Now 100% of the bike insurance business is unassisted. Also, 80% of the customers insure their two-wheelers under 4 minutes. The objective has always been to make the process of buying and managing insurance fast, simple, transparent and 100% unassisted for the user. Q) What kind of growth has Coverfox witnessed in the past few years? What rate have you grown at? We are growing at 4X and have the best InsurTech platform in Asia-Pacific. Coverfox focused on motor and health insurance in the initial days, and eventually expanded its portfolio to include travel and life insurance as well. With heavy investment plans in place on our B2C (Coverfox) and O2O (Coverdrive) platforms, we plan to delve deeper into the existing categories such as health, motor and life, while exploring some newer categories as well. We're the second largest InsurTech platform in India, and the largest one in the O2O space. Q) Today, a lot of platforms are offering what Coverfox has to offer. How do you differentiate yourself from the clutter? The online insurance space has a very limited penetration, which is less than 4% in India. However, the penetration rate is growing at a whopping 90%. The current insurance ecosystem is large enough to absorb multiple players. No one has an InsurTech platform like us that simplifies the entire insurance buying process for the end-user with minimal assistance. This is what differentiates us from our competitors. Q) It’s been more than a year since you launched Coverdrive. What kind of growth, adoption and reception has the platform witnessed? Coverdrive was launched in September 2017. The platform currently has over 50,000 agents registered across India. It has issued nearly a million policies and has witnessed a 300% growth for FY 2018-19. In fact, over one-third of Coverfox’s total revenue between the time span January 2017 and June 2019 came from our Point of Sale agents. We were able to achieve this milestone by tapping the power of technology. Q) What kind of revenues have you been getting and what’s the total funding you have raised till now? We have an annualised revenue of upwards of $25 million. We have raised a funding of $50 million approximately so far and are in the advanced stages of raising another $50 million. Q) What will your key focus areas be for the next few quarters? We will scale up whatever we offer, thereby making the journey comfortable and fulfilling for the customer. Our efforts will always be directed towards incorporating and scaling new technology, and solving new problems. We have been working with most insurance companies in the ecosystem and have associated ourselves with a partner who knows technology well and places the user right at the centre of the system. We are running towards creating 100% unassisted online buying journeys for our customers, while completely automating the claims plus endorsement process to reduce the turnaround time. We are looking at scaling up volumes by penetrating into the Tier II and Tier III cities. As of now, we plan to go global in 2-3 years from now. Q) Going ahead what will be your growth strategy? We plan to grow by 500% in the next financial year. We want to cater to the needs of the millennials who are very well-versed with the digi-tech platform. We have our customers spread across the major cities of India. We have expanded to approximately 800 cities so far. We are building a long-term business structure that is here to stay. We will just keep simplifying the complex world of insurance for our customers. With 35+ insurers on the platform, we are completely neutral and provide unbiased expert advice to all our customers. Only after careful scanning and thorough comparison does a user choose a product that best suits their requirements. We plan to go the extra mile to insure the last person on this planet! We are looking at building a profitable and sustainable business model, and constantly striving for the best.

With an aim of growing by 500% in the next financial year by catering to the needs of millennials, Coverfox plans to go global in the next 3 years

<ul><li>Paytm is reportedly in talks to acquire <keyword id="7716572" type="UNKNOWN" weightage="20" keywordseo="insurtech-startup">insurtech startup</keyword> <keyword id="2821957" type="PERSON" weightage="20" keywordseo="Coverfox">Coverfox</keyword> for $120 million. </li><li><keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword>, Paytm founder and CEO, had earlier in an interview with Business Insider said that they are looking at the <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> sector. </li><li>If closed, this could be one of Paytm’s biggest acquisitions. </li></ul>Paytm which has made its mark in the Indian digital payments space is reportedly looking at acquiring insurtech startup Coverfox for a whopping $120 million, reported <a href="https://tech.economictimes.indiatimes.com/news/startups/paytm-in-talks-to-acquire-coverfox/69625293">ET</a>. The reports say that the talks are in early stages, still. Paytm founder and CEO Vijay Shekhar Sharma had earlier told Business Insider in an interview of their plans to expand financial offerings. “This year, we plan to double down on payments to reach Tier 5 and 6 cities of India. We are also looking at expanding our financial services – Insurance is one of the sectors that we want to get into,” Sharma had told BI. There are over 142 insurtech startups in India according to Tracxn. Online insurance industry in India is <a href="https://trak.in/tags/business/2014/03/19/online-insurance-india-growth/">reportedly</a> all set to be worth ₹200 billion by 2020. If it is closed, this deal would be Paytm’s biggest acquisition so far, marking its grand debut into the insurance sector. It will then compete with the likes of Policybazaar, also funded by Paytm’s investor – Softbank. Paytm’s valuation is set to hit $18 billion, according to <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/paytm-raising-up-to-2-billion-valuation-may-soar-to-18-billion/articleshow/68606766.cms">reports.</a> However, when reached out, Coverfox said, "As a company policy, we do not comment on speculation." Coverfox, whose parent company is Glitterbug Technologies, was reportedly in the market looking for a fresh round of funding of $50 million. Its latest valuation is <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/coverfoxs-parent-company-glitterbug-is-out-to-raise-50-million-in-new-round/articleshow/68313619.cms">reported </a>to be around $150-$200 million. In its last funding round in April 2018, the insurance aggregator had raised $22 million in a Series C funding led by IFC, Transamerica and existing investors - SAIF Partners, Accel and NR Narayana Murthy’s private investment arm - Catamaran Ventures. Coverfox was started in 2014 by Devendra Rane and Varun Dua. Two years later, Dua had gone on to found another insurtech startup Acko General Insurance. See Also: <a href="https://www.businessinsider.in/facing-jio-paytm-founder-vijay-shekhar-sharma-plans-a-ticket-to-us/articleshow/69053166.cms">‘I want it all and I want it now’, says Paytm founder Vijay Shekhar Sharma as he plans a ticket to the US</a> <a href="https://www.businessinsider.in/binny-bansal-and-others-invest-65-million-in-insurtech-startup-acko-with-a-300-million-valuation/articleshow/68402912.cms">This Indian insurance startup may be worth $300 million in just over two years</a>

Paytm could be spending big money for its insurance debut

<ul><li>India's Finance Minister, <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword>, is on her way to get support for proportional assignment of tax on global tech giants at the upcoming <keyword id="42982" type="PERSON" weightage="20" keywordseo="G20-Summit">G20 summit</keyword> in Japan. </li><li><keyword id="6354886" type="PERSON" weightage="20" keywordseo="Ravi-Shankar-Prasad">Ravi Shankar Prasad</keyword>, India's IT Mininster, has stated that the Personal Data Security Bill will be one the first things on his docket as he embarks on his second-term.</li><li>Critics want PUBG banned in India as the addicted to the game is accused of causing heart attacks and disrupting marriages. </li><li><keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> is looking to enter the insurance market in India will reports of the company looking to Coverfox for $120 million. </li></ul> This Tech Insider's daily of <keyword id="35609" type="PERSON" weightage="20" keywordseo="tech-news">tech news</keyword> — everything that's happening in tech that you need know about today from Business Insider and its partner publications:

Today’s top tech news: India’s new government seeks higher taxes on tech giants, PUBG critics clamour for another ban

<ul><li>Shwetank Verma of <keyword id="11927726" type="General" weightage="20" keywordseo="indian-insurtech-association" source="Orion">Indian Insurtech Association</keyword> highlighted that the online insurtech segment would create 1 lakh direct jobs by 2025.</li><li>Shishir Mankad of <keyword id="4893676" type="General" weightage="20" keywordseo="praxis-global-alliance" source="Orion">Praxis Global Alliance</keyword> expects that 2.5-3 lakh employment opportunities, both direct and indirect, would be created by insurtech industry by 2024.</li><li>Auto, health and life are expected to continue to be a big chunk of online insurance sales in India.</li></ul>Online insurance sellers in India are expected to create 250,000-300,000 jobs in the next three years as the insurtech sector is at the cusp of breakthrough growth. Shishir Mankad, managing partner and head of financial services at Praxis Global Alliance, told Business Insider that this would include both direct and indirect employment opportunities across verticals — technology as well as functional roles in product design and analytics, customer journey design, automation as well as fulfillment roles in sales and distribution, claims processing and more. The segment is expected to generate part-time earning opportunities for another 2-3 million people in the same time frame, Mankad added. Meanwhile, Shwetank Verma, co-founder of Indian Insurtech Association and founder of investment firm <keyword id="6403908" type="General" weightage="20" keywordseo="leo-capital" source="Orion">Leo Capital</keyword>, in an email interaction with Business Insider said that the online insurance sellers in India are expected to double their premium by 2025 and create over a lakh direct jobs. “The insurance distribution in India has been changing in a very different way. There was a time when distribution was largely a feet on street model. LIC [Life Insurance Corporation] alone has roughly 1.5 million agents and the rest of the industry put together nearly another 0.5 million. There are a similar number of executives working as employees in the industry. However, over the past 5 to 7 years attempts, have been made to create digital distribution infrastructure. These efforts will increase in the next few years,” Sanjib Jha, chief executive of Coverfox said. Indian online insurance players include initial public offering (IPO)-bound <keyword id="696009" type="General" weightage="20" keywordseo="policybazaar" source="Orion">PolicyBazaar</keyword>, Digit Insurance, BankBazaar, Coverfox and others. ACKO General Insurance is one of the startups that issues their own insurance policies instead of being a third-party seller. <keyword id="3067182" type="General" weightage="20" keywordseo="dexter-capital" source="Orion">Dexter Capital</keyword>’s founder Devendra Agrawal, in an email interaction with Business Insider, noted that the Indian insurtech segment is a very large subsector of fintech and is largely dominated by traditional companies. There is very little innovation and user friendliness in the current offering, but there is scope for greater innovation as more startups emerge in the segment. He added that the new insurtech segment is likely to focus on three things. First, new product launches. Second, a more user-friendly interface and processes. Third, newer models would be introduced when it comes to insurance selling. Shwetank Verma of Indian Insurtech Association reflected a similar view, highlighting that there is a lot of scope for innovation in the insurtech sector and new categories like cyber insurance, <a href="https://content.naic.org/cipr_topics/topic_parametric_disaster_insurance.htm">parametric insurance </a>— a non-traditional insurance product that offers pre-specified payouts based upon a trigger event — and would gain more traction this decade by 2030. “Most of the insurtech action has been in terms of distribution of policies and a couple of insurers who are digital-first. While these categories will certainly see growth, our view is that the sector is at a tipping point. We expect to see a lot more action on other parts of the insurance value chain, be it underwriting or risk management or claims processing, or product design such as micro-insurance or embedded products,” Mankad of Praxis Global Alliance said. Even as the Indian insurtech sector progresses, health, auto and life insurance will continue to be the major chunk of insurance sales both online and offline, as per industry experts. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/google-bans-eight-dangerous-crypto-apps-find-out-if-you-have-them-on-your-phone/articleshow/85553621.cms">Google bans eight dangerous crypto apps – find out if you have them on your phone</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/india-continues-to-lead-in-ipv6-expansion-with-a-61-23-adoption-rate-globally/articleshow/85554413.cms">India continues to lead in IPv6 expansion with a 61.23% adoption rate globally</a>

Online insurance sellers expected to create up to 300,000 jobs in the next three years

2015 has been a momentous occasion for the burgeoning Indian <a href="http://www.businessinsider.in/searchresult.cms?query=startups">startups</a>, and Prime Minister <a href="http://www.businessinsider.in/searchresult.cms?query=narendra+modi">Narendra Modi’s</a> <a href="http://www.businessinsider.in/searchresult.cms?query=startup+india">Startup India</a> initiative was the icing on the cake. 
 With policies devised especially keeping the need of <keyword id="6362513" type="ORGANIZATION" weightage="80" keywordseo="Startups">startups</keyword> in mind and with aid from founders of startups themselves, it’s a given that they should be happy and content at the moment. 
 
However, that’s not the case. 
 This could be blamed on the fact that a few of the policies announced at the <keyword id="3003094" type="UNKNOWN" weightage="80" keywordseo="Startup-India">Startup India</keyword> event were quite ambiguous, not to forget generic. Thus, founders have some additional expectations from Arun Jaitley’s <keyword id="2783177" type="UNKNOWN" weightage="100" keywordseo="Budget-2016">Budget 2016</keyword> so that their demands relating to their personal sectors are more or less met. 
 According to Rajiv Sharma, MD and co-founder of <keyword id="3186078" type="UNKNOWN" weightage="80" keywordseo="dPronto">dPronto</keyword>, a last-mile delivery and logistics company that was in the new for typing up with e-commerce giant Flipkart, the need of the hour is adequate budget resources allocated for the social sector. 
 
“While it is important to boost the confidence to global investors by way of structural reforms and find a way to achieve the fiscal deficit target of 3.5 per cent in FY17, there shoudl also be high focus on inclusive growth and adequate measures to ensure upliftment of the rural sector, creation of more employment opportunities, and enriching the lives of women, children, senior citizens and people below the poverty line,” he believes. 
 
However, for Varun Dua, CEO and co-founder of <a href="http://www.businessinsider.in/searchresult.cms?query=coverfox">Coverfox,</a> a one of a kind online insurance portal, the key priority remains in deregulation and allowing<a href="http://www.businessinsider.in/searchresult.cms?query=FDI"> FDI</a> in fintech. “Most fintech businesses like payment banks / insurance have heavy dependence on domestic capital which is mostly risk averse and thus scarce.” 
 
The Budget should also consider relaxation in structures which make private secondary transactions more liquid from a tax or complication perspective, Dua adds. 
 
Then, there’s Pankaj Vermani, the CEO of <a href="http://www.businessinsider.in/searchresult.cms?query=CLOVIA">Clovia</a>, an e-commerce website which focuses on lingerie, who believes that it should be seen that the boom experienced by the e-commerce industry in 2015 should continue, at any cost. 
 
“To ensure that the growth continues the <keyword id="6360189" type="COMPANY" weightage="80" keywordseo="Union-Budget">Union budget</keyword> needs to provide greater tax clarity especially related to jurisdiction / taxability issues. We are also hoping for a positive clarification for the Central Sales tax on transactions such as cash on delivery, which involve inter-state movement of goods.In addition, today every region has different laws for eCommerce. To govern the sector better one needs better definition of the category and a centralized law," he signs off. 
 
Image credit: Indiatimes

Budget 2016: This is what startups are expecting. Are you listening, Arun Jaitley?

The growing start-up culture has certainly grabbed the attention of investors across India and overseas. But it is these beneficiaries that have generously become the patrons of many budding entrepreneurs. BI India lists down the top four investors, who have helped several start-ups and new firms to realise their dreams. 
	 
	<keyword id="6360722" type="PERSON" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword> 
	 Ratan Tata, chairman emeritus of Tata Group, turned a patron for start-ups in India in early 2014 when he invested in Boston based wind energy firm Altaeros Energies. He then went on to invest in several Indian eCommerce firms such as online jewellery retailer Bluestone, etailer Snapdeal, online lifestyle store Urban Ladder, online payment solutions <keyword id="6357120" type="UNKNOWN" weightage="20" keywordseo="PayTM">Paytm</keyword> and online car retailer <keyword id="2702185" type="UNKNOWN" weightage="20" keywordseo="CarDekho-com">Cardekho.com</keyword>. 
	 
	The 77 year old private equity investor has also invested in social welfare firms such as Swasth India, Grameen India that focuses on microfinance, education and healthcare among others that caters to the lowest rung of the pyramid. 
	 
	<keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword> 
	 
	This tech titan has set up a investment firm called Premji Invest in 2006 that invests his personal wealth in both listed and non listed companies including startups. The investment arm has preferred to remain low key and has never made its investments public. However, the firm did make investments in Snapdeal, Big Basket, Amagi Media among several others. 
	 
	NR Narayan Murthy 
	 
	The Infosys founder’s investment firm, Catamaran Ventures, has been encouraging startupreneurs by funding their companies. He feels that India’s future lies with the budding entrepreneurs. His investment firm has invested in startups such as Innoviti Payment Solutions, an online payment company, and Coverfox, an online insurance portal. 
	 
	<keyword id="249393" type="PERSON" weightage="20" keywordseo="Rajan-Anandan">Rajan Anandan</keyword> 
	 
	Search giant Google India’s MD, Rajan Anadan, is an angel investors for many startups. He primarily invests in technology startups and invested in 14 startups in 2014. Do we need to say more? 
	 
	Image Credit: Indiatimes.com

These investors have turned patrons for startups in India

<ul><li><keyword id="18635" type="ORGANIZATION" weightage="100" keywordseo="Amazon">Amazon</keyword> led a new round of funding for <keyword id="4943836" type="LOCATION" weightage="20" keywordseo="Acko">Acko</keyword>, a digital insurance startup.</li><li>Acko’s main competition comes from sites like PolicyBachat, PolicyBazaar and Easypolicy. </li><li>Flipkart, Amazon’s primary challenger in the Indian market, has its own insurance portal called Sabin Advisors. </li></ul>After losing out on its offer to buy 60% stake in Flipkart, Amazon continues undeterred with its investments in India. The company is restarting its efforts by investing in Acko, a digital insurance startup based in the country. In its new round of funding, Acko managed to raise ₹809 million ($12 million) and also brought on a new investor, Ashish Dhawan, the founder of a private equity firm called ChrysCap. Reports of the US retail giant backing the startup have been <a href="https://tech.economictimes.indiatimes.com/news/internet/amazon-may-back-online-insurance-startup-acko/62322035">brewing</a> since January this year. Earlier, it was speculated that Amazon would come on board as a part of a new financing round of a total of ₹1 billion ($15 million). The actual amount may not be the complete billion, but it does bring Acko’s grand total up to ₹2.8 billion ($42 million). Not to mention, it’s the <a href="https://tech.economictimes.indiatimes.com/news/startups/amazon-leads-12m-funding-round-in-acko/64342454">first</a> investment by Amazon in India’s insurance sector. Founded by <keyword id="3064929" type="ORGANIZATION" weightage="20" keywordseo="Varun-Dua">Varun Dua</keyword>, one of the co-founders of Coverfox (an insurance comparison site), Acko’s main <a href="https://www.owler.com/company/ackogeneralinsurance#competitors">competition</a> comes from sites like PolicyBachat, PolicyBazaar, Easypolicy and PolicyX.com. At this point, they’re all generating more revenue than Acko. To its credit, it did <a href="https://www.owler.com/reports/acko/acko--ola--acko-partner-to-create-in-trip-insuranc/1522914840916">partner</a> with <keyword id="6354720" type="PERSON" weightage="20" keywordseo="ola">Ola</keyword> in April earlier this year to provide an ‘in-trip insurance’ program. Regardless of whether users chose to ride a cab, auto or e-rickshaw, users could opt-in for insurance that would cover the loss of property, medical expenses, ambulance transportation cover etc. The company claimed it was the first of its kind. In the future, it’s <a href="https://tech.economictimes.indiatimes.com/news/startups/amazon-leads-12m-funding-round-in-acko/64342454">possible</a> that Amazon is looking to bring those financial products to retail consumers as well. That’s probably one of the reasons why Flipkart was <a href="https://www.thenewsminute.com/article/amazon-talks-invest-rs-100-crore-online-insurance-startup-acko-technologies-74073">interested</a> in investing in Acko as well, but the deal seems to have landed in Amazon’s lap instead. That isn’t to say that Flipkart isn’t getting into insurance as well. The company was recently acquired by <keyword id="80487" type="ORGANIZATION" weightage="20" keywordseo="walmart">Walmart</keyword>, and had earlier <a href="https://www.thehindubusinessline.com/info-tech/flipkarts-bansals-diversify-kick-off-new-venture-sabin-advisors/article10007641.ece">set up</a> its own insurance business and venture capital funding called ‘Sabin Advisors’ in December, last year. Acko already has backers like Catamaran Ventures, Hemendra Kothari of <keyword id="83987" type="ORGANIZATION" weightage="20" keywordseo="DSP-Blackrock">DSP Blackrock</keyword> and Accel Partners, among others. The plan is that the company’s interface will completely be online, but for insurance claims there will operate offline centres.

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With an aim of growing by 500% in the next financial year by catering to the needs of millennials, Coverfox plans to go global in the next 3 years

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