Insurance for the Digital Age
The SmartCEO|October 2016

Accel & SAIF-backed Coverfox is making deft moves at keeping its platform digital-ready for the Millennial generation. It’s success strategies? Simplicity of product and platform which result in speedy navigation & transactions, and a paced foray into commercial car insurance for the Ubers & Olas of India.

Madhumita Prabhakar & Poornima Kavlekar

Can an insurance policy be issued online just as hotel and flight tickets are on MakeMyTrip and similar such websites? This was the premise on which Varun Dua and Devendra Rane built their maiden venture, Coverfox. The company, today, is positioned as an online insurance portal housing 200 employees, 28 car, bike, home, health and travel insurance companies (of the 30 in these categories across India), and recording a turnover of Rs. 100 crore in 2016 (calendar year) on its premium insurance segment alone.

While these numbers seem promising, a chat at length with its co-founder, Dua reveals that the journey was anything but smooth, what with the business being built in a highly regulated industry. 

A media & advertising graduate from MICA (Mudra Institute of Communications, Ahmadabad), Dua made an entry into the insurance industry by chance. “This was around 2001, when private players were just beginning to make a foray into India’s insurance industry and I had prepared a dissertation about how this move will impact the industry,” he recalls. The project got picked up by TATA AIG and soon enough he landed a plump job in its marketing division. Thereon, for the next five years, Dua moved from AIG to Franklin Templeton Investments, absorbing along the way valuable information about product innovation and early adoption and evolution of technology in the financial services and insurance industry. “In fact, this laid the foundation for me to learn nuances of this industry from ground-up; that too, at a time when it was witnessing drastic changes,” he adds.

Continue reading your story on the app

Continue reading your story in the magazine

MORE STORIES FROM THE SMARTCEOView All

Timely Recognition For Thejaswini

Mini Mathew, Publicity Officer, Coconut Development Board, Kochi-11 a model FPO for their farm and home activities

7 mins read
The SmartCEO
January - February 2018

Welding The Gap

While typical technical training institutes take about a year to upskill workers, Ankur Capital and Michael & Susan Dell Foundation-funded Skillveri has designed training simulators which can help welders pick up the skills within two or three weeks. With its R&D efforts focused on developing more such simulators in related fields, the founders are keen on taping India’s manufacturing sector with the hope that they can skill at least one lakh people for the 90 million jobs expected to be created in the next five years

4 mins read
The SmartCEO
January - February 2018

The Idea Issue

5 Rapidly Scaleable Business Ideas for the Entrepreneur in You

10+ mins read
The SmartCEO
January - February 2018

Making Cell Phone Towers In Space A Reality

Kepler Communications envisions building a satellite-to-satellite communications network in space in the next 20 years. In the road to this goal, it has adopted a handful of near-term and medium-term strategies such as building infrastructure for IoT applications and broadband backhaul apps.

4 mins read
The SmartCEO
January - February 2018

Are You Listening To Your Machines?

Augury Systems envisions taking predictive maintenance from large, niche market players to lower end markets by offering it as a SaaS-based solution. The company has developed two solutions, Auguscope Portable Diagnostics, and Halo Continuous Diagnostics, to diagnose machines based on the sounds they make.

3 mins read
The SmartCEO
January - February 2018

Anecdotes From This Investor-turned-entrepreneur

In an interview with Smart CEO, Bala Parthasarathy, serial entrepreneur and investor, takes us through the various stages of his professional life, the lessons he has learnt and unlearnt along the way and his plans for MoneyTap, a consumer credit, fintech startup

7 mins read
The SmartCEO
January - February 2018

The IPO Story

The journey of three entrepreneurs from the ideation phase to scaling up and, eventually, a listing in the public markets.

10+ mins read
The SmartCEO
October 2016

Insurance for the Digital Age

Accel & SAIF-backed Coverfox is making deft moves at keeping its platform digital-ready for the Millennial generation. It’s success strategies? Simplicity of product and platform which result in speedy navigation & transactions, and a paced foray into commercial car insurance for the Ubers & Olas of India.

5 mins read
The SmartCEO
October 2016

A Peek Into Chaayos' Strategy

Nitin Saluja and Raghav Verma, the founders of Tiger Global-backed Chaayos, give us a glimpse into their strategy and why attention to the finer nuances of operations is at the centre of their efforts

4 mins read
The SmartCEO
October 2016

Differentiating In The Cluttered World Of Fashion E-Commerce

UK-based online fashion brand, Koovs, wants to stand out amidst the ecommerce crowd by offering affordable western fashion sensibilities. The company’s CEO, Mary Turner, is clear that she’d have done well, if she occupies even 10 per cent of the Indian fashion ecommerce market, within a few years.

4 mins read
The SmartCEO
October 2016