Insurance protects you from unforeseen costs: Premanshu Singh,

Premanshu Singh

Premanshu SinghAny asset, including life, has its risks and has to be insured. It is important to get yourself insured so that you can ensure your current lifestyle is not affected by events beyond your control, says Premanshu Singh, CEO of, in an interview with Rashi Aditi Ghosh of Elets News Network (ENN).

  1. Why do you call an Insure-tech platform?

We always keep our user in the centre. Keeping them as the focal point, we direct all our effort towards helping them buy insurance as per their convenience. There are lots of ways of targeting the user, and we, at Coverfox, use both product and technology to help him make the right choice. Additionally, there are a plethora of post-sales services that string along. Our core DNA is to solve everything with technology. Our website, CRM, Content Management System and analytics solutions are all built in-house with the sole purpose of simplifying insurance through technology. We have deep API integrations with insurers and an ecosystem of partners that collectively provide a superior user experience.


  1. Why is it significant to get yourself insured? What should be the apt age of getting insurance?

Any asset, including life, has its risks and has to be insured. It is important to get yourself insured so that you can ensure your current lifestyle is not affected by events beyond your control. Insurance protects you from unforeseen costs that may arise due to accidents, hospitalization, and, in the worst-case scenario, loss of income to the family due to death or disability. It’s a small cost to ensure the financial stability of your family.

It’s illegal to drive without motor insurance, thus, mandatory to buy insurance if you own a vehicle. For Life insurance, you should get a policy as soon as you have any dependents to take care of. Term Life, the purest life insurance plan, is an income-replacement product. If you have anyone in your family who is dependent on your income, you should have a Term Life plan with you. Likewise, you need to buy health insurance to keep your family and you covered from the rising medical expenses.

  1. Your firm offers over 100 products and with 35 insurers. Which segment is the most challenging one in the insurance domain?

Our firm offers a plethora of products from over 40 top insurers. We give the users ample choices through numerous plans. Challenges have been a part of parcel of the journey, but have never gripped us by the neck. While it’s tough to pin the nail on a specific segment, different factors, both environmental and external have had their influences in the insurance domain as such. We have always taken every challenge with the right stride and have only emerged stronger and better. If we had to pick one, I’ll say our Health product has been the toughest one to create and is the best in the industry. However, each category is unique in its own way. While a user, who wants to purchase motor insurance, prefers a quick process of getting insured, those looking for health and term insurance prefer doing thorough research before getting insured.

  1. What new technologies have you deployed to streamline your products?

Besides constantly introducing minor fixes and dealing with tweaks for the improvement of the user journey, we have a few technology-driven solutions that we are proud of, some of which are:

  • We were the first insurance broking firm to have an end-to-end online purchase journey for insurance products. We are proud of our website where each feature is designed to help our customers with their purchase decision.
  • We have our homegrown CRM and CMS that helps us run an efficient marketing and sales engine. This helps us grow our business with lesser head-count.
  • We launched a seller app, Coverdrive, a couple of years back to digitize the insurance selling and management process for insurance agents. It’s been a great success for us with more than 60,000 insurance agents using it to earn their livelihood.
  • Our front-end is extremely optimized for user experience even on low bandwidth.
  • The application is deployed on the cloud to auto-scale up and down depending on the load. This ensures very high uptimes while making sure that, even during peak loads, customers do not experience any lag.
  • We have developed a streaming analytics setup in-house, which is able to give actionable dashboard at almost real-time.
  1. What innovations have you planned for 2020?

The year 2020 should continue to witness a strengthened user experience. We plan to scale up both horizontally and vertically. While we would like to open up to cyber insurance and the likes, we would also want to delve deeper into the existing products to provide a superior user experience. This would include enhancing the post-sales experience for end-users. We would like to cater to the millennials in particular. They are well-versed with technology and digital platforms. While we have a huge customer base in the major cities, we would want to expand across the length and breadth of the country to cover as many cities as possible. We also plan to co-create products with our insurance partners that are simplistic in nature and appeal to the millennials.

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