Coverfox Insurance overview

Coverfox provide an online platform that allows consumers to compare and buy bike, auto, term life, health and travel insurance products.The platform, up until recently, had primarily focused on auto and bike insurance, which made up to 50% of its revenues. 

Its online product offering provides paperless transactions and customisable add-ons to ensure users receive a personalised cover that can be completed in under ten minutes. Coverfox also offers free claims assistance, including 3-day guaranteed car repairs and more.

Coverfox has over 30 insurer partners, including Bajaj Allianz, Bharti AXA, Tata AIA Life and Aegon Life, amongst others.

In 2018, the company reported it had sold premiums worth $100 million through its platform and generated $22 million in revenue from a million completed transactions. The following year, it revealed that it was in talks to be acquired by Paytm for between $100-120m. 

Also in 2019, Coverfox announced it was planning to set up a new office in Hyderabad in early 2020. The new office will house 100 new technology support personnel and 400 new marketing team members. It will also look to appoint more brokers.

Co-founder and former CEO Varun Dua has gone onto found Acko, a general insurance company based in India, launched in 2017. New CEO Premanshu Singh was recruited from Practo, a healthcare platform, where he held the position of Vice President – Marketing.

The venture has received funding from Transamerica Ventures, AIF Partners and Accel Partners. 

During December 2022 the company closed its Point-of-Sale operations. The senior management announced the intention was to keep the company's focus on technology-lead insurance distribution.

Map showing the location of Coverfox Insurance

Mumbai, India

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Key people

Sanjib Jha CEO
Amit Upadhyay VP Engineering
Ruchika Sawhney Head Of Human Resources
Premanshu Singh Chief Executive Officer
Manish Sultania CFO