CXOToday has engaged in an exclusive interview with Mr. Sanjib Jha CEO & Executive Director Coverfox Group.
- Why the shift from B2C InsurTech?
Ans. We are very much active with our B2C model with Coverfox Insurance, but we have expanded our Coverfox Group, leveraging our technological expertise as well as our customer-first product approach in creating what we know today as ‘CoverStack’.
Our B2B platform, CoverStack, is a zero-code, ready-to-use, full-stack platform for buying and servicing insurance digitally to enable mass distribution.
To understand why we did so, it is important to understand our vision for the insurance industry. In 2019, the new management and I were working towards creating a sustainable business model for Coverfox Insurance, our broking arm, with the aim to become the largest Insurance Ecosystem aggregators in the country.
While we managed to bring the company on the right track, we realised that solely following the sales model or feet-on-street model will have limited penetration capability. Leveraging the superior technology built over the years by deeply integrating with other digital distributors was then decided as a solution to further penetrate into the Indian insurance market.
We understood that we don’t have to sell everything alone but also help other industry players migrate to technology-backed insurance distribution platform to ensure accessibility of insurance products. The overall aim of our strategy is to make insurance a demystified product that is accessible and uncomplicated for the masses.
Today, CoverStack stands integrated with 22+ players across the BFSI, Car Resellers, Logistics Marketplace players with many other players in the pipeline. Few of our partners are ICICI Securities, Google Pay, Spinny, Arohan Financial Services and Satin Credit Care Network, where we have enabled their digital customers to receive seamless, consumer-friendly insurance solutions.
- How is the technology being used for better customer experience in the InsurTech Sector
Technology has proved to be revolutionary in the Insurance Industry. Bridging the gap between insurers and consumers, today people have the option to choose from a bouquet of insurance products and are able to take advantage of competitive pricing. This technological transformation of insurance industry has provided the consumers with seamless customer experience, choice, security and efficiency.
- Role of technology Stack in higher penetration of InsurTech/ Embedded Insurance
Coverstack’s vision is to create ample accessibility for insurance so that a customer can buy insurance – Whenever, Wherever! Our belief is that empowering BFSI players in creating new channels for mass distribution of insurance, with the use of technology, will ultimately result in higher penetration of insurance products, coupled with industry level growth.
Embedded Insurance has led to ease of buying insurance at the time of a primary product purchase, thus reducing the hassle of going through another customer journey. The provision of real time bundling, and sale of insurance has appealed to the customer behaviour. InsurTechs are thus focusing on using technology solutions, AI, IoT across value chain to derive innovation.
- How-to manage call centre and customer grievance better using technology
Running a call centre effectively and utilising resources judiciously is something we believe in. We do not think that haggling a customer 100 times a day is a productive way of business. To ensure that the calling agents are providing the customers with the right kind of support, we, at Coverstack, have developed a lead scoring model, using ML. Through our model, our partners get to understand the psyche of the consumers by analysing their journeys and thus, can better serve them.
With this approach, we are not only able to utilise our call -centre resources effectively but also produce the desired results. Even before a customer can raise an issue, we have transparency and understanding of the problem they might be facing and hence we are better equipped to solve their grievance.
- How can tech bridge the gap of customers wanting traditional agents to solve their queries.
Tech based solutions are changing the way traditional agents are conducting their business. Agents prefer using InsurTech platform and Apps through which they can provide insurance solutions to their customer base, digitally. These platforms not only solve the paperwork hassle but also help the agents reconcile their commissions and payments.
Coverstack has developed a product, Agent Stack, which provides end to end support to the agents, empowering them to digitally sell insurance and manage their customers’ portfolios effectively.
