Financial products distributor ICICIDirect on Thursday, April 7, announced a partnership with a digital B2B platform for insurance services Coverstack. Within the scope of the partnership, the entire customer journey on icicidirect.com for insurance products will be driven by Coverstack.
Coverstack is a zero-code, ready-to-use, full stack platform for buying and servicing insurance digitally to enable mass distribution. Using Coverstack, ICICIDirect’s more than seven million customers can now search, customize, compare and buy the most suitable insurance plans for health and motor insurance, easily compare quotes and features from multiple insurance firms, The companies said in a joint press release.
CoverStack, which also operates Coverfox Insurance (coverfox.com), follows a plug and play model. The company provides technical solutions and insurance infrastructure to banking, financial services and insurance companies. ICICIDirect is a Registered Corporate Agent, offering insurance products from several life, general and health insurance companies.
“We at ICICIDirect have built a franchise which comprises of over 7 million customer base, which is growing at the rate of two lakh per month. Using our partnership with Coverstack, we will be able to provide these customers with suitable insurance products based on their standard of living and needs. As an organization passionate about customer experience, this partnership will further enhance the experience of buying insurance products on our platform,” said Kedar Deshpande, Head of Retail Distribution, ICICI Securities.
“ICICIdirect has a large nationwide partner network and this partnership will enable them to now sell insurance products to their customers. In addition, given Coverstack’s plug-and-play-model, we will be able to quickly on-board future insurance principals, giving our customers more choices.”
Commenting on the partnership and potential of Coverstack, John Mayne, Executive Director of the B2B platform, said, “Coverstack – a one-stop shop solution for buying insurance and managing claims digitally. Our vision is to eliminate the hassle of technology. Which comes with setting up a digital insurance platform for our partners. We aim to provide innovative technological advancements in the InsurTech landscape to enhance insurance penetration and financial inclusion in the country.”
“The end-to-end integration of our customized tech stack with ICICI Securities will enable them to offer digitally customized insurance solutions to their clients in a seamless and convenient manner. With just a few clicks, customers of ICICI Securities can now meet their insurance needs with ease.”
Coverstack has partnerships with over 15 players across the BFSI, FinTech, NBFC and MFI sectors. Some of its partners include Google Pay, Spiny, Aarohan Financial Services and Satin Credit Care Network, where Coverstack is enabling its digital customers to access seamless, consumer-friendly insurance solutions.
ICICI Securities Limited (I-Sec) is a subsidiary of ICICI Bank Limited. The company commenced its operations in May 1995 and continues its operations through expanding its customer base and providing a variety of services.
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