ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Stock Market Outlook: Our dependence on US market limited now, next 10-15 years belong to India, says Anil Singhvi | Here's why
  • Toyota Hyryder Unveiled: Toyota India unveils new self-charging hybrid electric SUV in India; check details
  • Virtual Digital Assets: VDAs to attract 1% TDS from today; know what CBDT says about new norms
  • Gold Price Today: Yellow metal surges by over Rs 1000 as excise duty hiked to 12.5% - check gold rate in your city
  • Monsoon session of Parliament to begin on July 18; to end on August 12
Read in App
Business News » Personal Finance News

Coverfox.com CEO, Premanshu Singh EXCLUSIVE: We aim to grow 500% in next FY, enter new categories like cyber insurance

Things are changing with the advent of the internet and easy availability of information on various platforms, said Premanshu Singh, CEO, Coverfox.com, in an exclusive interview with Zee Business Online, as he revealed Coverfox's plans to grow by 500 per cent in the next financial year and enter new categories like cyber crime. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Coverfox.com CEO, Premanshu Singh EXCLUSIVE: We aim to grow 500% in next FY, enter new categories like cyber insurance
Singh said that only 4 per cent of India's $100 billion insurance market is digital, with massive potential to be tapped in. Source - Pixabay.

India is a country that continues to live dangerously, even in 2019. According to a report by actuarial and consulting firm Milliman, titled ‘Indian Life and Health Insurance Sectors’, only 44% of the 1.3 billion people in India had a health insurance policy as of 2017. When it comes to purchasing insurance products online, most buyers have doubts. But, all of this is changing with the advent of the internet and easy availability of information on various platforms, said Premanshu Singh, CEO, Coverfox.com, in an exclusive interview with Zee Business Online, as he revealed Coverfox's plans to grow by 500 per cent in the next financial year and enter new categories like cyber crime. Singh said that only 4 per cent of India's $100 billion insurance market is digital, with massive potential to be tapped in. Here are the edited excerpts of the interview - 

1. Indians have traditionally been apprehensive about buying financial products online. Do you see that changing?

Yes; from the past few years, people have wholeheartedly embraced the idea of buying financial products online. This has become possible due to the advent of the internet and easy availability of information on various broker, insurer and comparison websites. Armed with the correct information, people can now easily buy the best financial products online which suits their financial requirements from the comforts of their home or office.

Coverfox was started with the primary aim of digitizing insurance and making the insurance buying process simple for the consumers. The growth of Coverfox over the years is proof of shift to this buying pattern of the people. In the financial year 2018, Coverfox clocked a revenue of Rs. 12.42 crores which is a 2.7 X jump from the previous financial year.  

2. What are the trends that have led to this change?

The first and most important trend that led to this change is the penetration of the internet among masses. Affordable internet plans, free data has been the biggest booster for the e-commerce industry as a whole. Smart phones have also played a vital role in bridging the information gap, as the internet helped to get easy access to information. 

Insurers haven taken to this online marketing platform with great enthusiasm. They started developing products specifically for the online platform which are relatively cheaper than their offline counterparts. The customers are also able to avail almost all the product related services on the online platform for which previously they had to visit the branch of the insurer. Be it making changes or corrections in the financial product purchased or raising a claim on the product, almost all the services are now available online. 

3. How is mobile insurance helping the key players?

Mobile insurance has provided the key players with an opportunity to tap into the e-commerce market. The e-commerce market is flourishing with the millennial customers and near future may see millennials overtaking all customer segments. This market has a lot of potential and sellers can reach even the remotest corners of the country. The growth of this market is going to overtake all the traditional markets in the near future. 

Millennial customers have unique requirements like personalized products, customer focussed approach, tech-enabled platform and multichannel approach. Key players who can successfully capitalise on technological advancements like Internet of Things, Artificial Intelligence, Blockchain, Automation, Big Data Analytics would be easily able to develop and sell customized products to these millennials through the mobile and online platform. These technologies will help create personalized products which are simpler than traditional insurance products. Insurance Players who can capitalise on these technologies will soon be at the top position as this digital sales channel is set to grow by 20 times. 

4. Should buyers rely on third-party data while analysing health insurance premiums?

Yes, that is if the third-party data on health insurance premiums and other insurance-related products are sourced from the insurer. One key point to be noted here is that one should look for information about premiums rates only from licensed third-parties like online brokers, web aggregators, etc. 

Licensed third-party websites promptly display their license numbers received from IRDAI which helps customers identify them from other ordinary websites. Third-parties who are licensed from insurers receive the correct premiums along with prompt help on getting customized solutions for unique customer needs.  

5. How do you ensure that Coverfox has an upper hand over its competitors?

Indian insurance market is about $100 bn and just 4% of it is digital. We think it’s a huge, high growth market that is ready to be disrupted. In the long run, there will be 2-3 players having 80% market share. Coverfox is the gold standard for insure-tech in India and already a market leader in the category. Our focus on leveraging technology to drive a seamless user experience sets us apart from any other player in the market. While most competition relies on "push" as a sales strategy, we believe in creating a ‘pull’ for our business.

6. What are your expansion plans?

We plan to grow 500% in the next financial year. We have heavy investment plans on both Coverfox (B2C) and Coverdrive (O2O). While we will go deeper in existing categories like motor, life and health, we also plan to get into newer categories like cyber insurance. We have no plans to go international this year.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Personal Financeinsurance
Written By: Manas Tiwari
Updated: Thu, Jun 06, 2019
04:21 pm
New Delhi, ZeeBiz WebDesk
RELATED NEWS
Gold jumps Rs 1,088 amid import duty hike Gold jumps Rs 1,088 amid import duty hike
Gold Price Today: Yellow metal surges by over Rs 1000 as excise duty hiked to 12.5% - check gold rate in your city Gold Price Today: Yellow metal surges by over Rs 1000 as excise duty hiked to 12.5% - check gold rate in your city
PAN-Aadhaar Link: Don't know if your PAN linked with Aadhaar? Check steps here now or else pay double penalty from July 1 PAN-Aadhaar Link: Don't know if your PAN linked with Aadhaar? Check steps here now or else pay double penalty from July 1
Gold Price Today: Yellow metal set for worst quarter in five years as dollar gains strength – check gold price in your city Gold Price Today: Yellow metal set for worst quarter in five years as dollar gains strength – check gold price in your city
PAN-Aadhaar linking not done yet? Be ready to pay double penalty after 2 days or check how to link now PAN-Aadhaar linking not done yet? Be ready to pay double penalty after 2 days or check how to link now

LATEST NEWS

Petroleum products exporters ONGC, RIL, MRPL, Vedanta shares fall after government imposes cess on diesel, petrol; know what is triggering correction

Crisil cuts FY23 GDP growth estimate to 7.3%

Toyota Hyryder Unveiled: Toyota India unveils new self-charging hybrid electric SUV in India; check details

Monsoon session of Parliament to begin on July 18; to end on August 12

PACL case: Deadline for investors to submit original investment documents extended till Aug 31

WhatsApp: Here is why over 19 lakh Indian accounts banned in May

Oppo Reno 8 series India launch confirmed; likely to release on July 21 - Check details

Stock Market Outlook: Our dependence on US market limited now, next 10-15 years belong to India, says Anil Singhvi | Here's why

Dalal Street Corner: Market ends with marginal cuts this week; FMCG gains, Consumer Durables decline—What should investors do on Monday?

WhatsApp update: Time limit to delete messages to be extended soon !- Check all details

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV