CoverFox raises funding
Catamaran Venture, privately owned by Infosys founder N.R. Narayan Murthy, has provided funding to CoverFox, an online insurance selling portal.
Insurance is the least explored industry in India as of now. The awareness about insurance is very low. Where automobile insurance is compulsory by Government rules, people still are not much inclined about Health insurance, Life insurance Property insurance etc. Insurance in India is as low as 3 to 4 % and has been majorly purchased offline by insurance company’s agents until some online insurance compare and purchase portals like CoverFox, PolicyBazar, PolicyX have been launched in last few years. These online ventures are playing role of spreading awareness and selling the insurance online. about benefits of insurance and as well as providing one stop shop to compare and choose the best deal available in the market
According to a report by Boston Consulting Group and Google India, three in every four insurance policies sold by 2020 would be influenced by digital channels and insurance sales from online channels will touch INR 15,000 Cr by 2020, with overall Internet influenced sales at INR 300,000-400,000 Cr
CoverFox is an online Insurance venture that provides the one stop shop to compare and choose the best deal available in the market which best suits the consumers’ need and terms. CoverFox deals in Insurance from over 30 insurance companies and 100+ products including car, bike, health, travel and home insurance. Coverfox is also a TechSparks 2014 company and has around 500 K monthly website traffic and claims to double it by the next year to reach 1 million monthly visitors on their website.
CoverFox was started in May 2014 and since then has seen 5 times growth within short period of 1 year only. CoverFox is arm of Glitterbug Technologies that has raised series A round of $2 million followed by a $12 million. CoverFox
Competitors of CoverFox includes various online insurance compare and selling portals like policybazar, PolicyX, ICICI Lombard, and others. PolicyBazaar has raised close to $69.6 Mn funding altogether with $40 Mn Series D round in April this year.