State-owned Oriental Insurance has for the first time tied up with a private online insurance broker, Coverfox, to sell its comprehensive motor insurance product for both four- and two- wheelers.
For Coverfox, which operates the online insurance portal coverfox.com, this is the first engagement with a public sector general insurer.
Currently, auto insurance is the largest selling category for Coverfox. Founded in 2013, Coverfox sells insurance online and offers car, health, home and travel insurance.
Talking about the partnership, Varun Dua, CEO and Co-Founder, Coverfox.com, said, “We are indeed thrilled by this partnership with Oriental Insurance, one of themost prestigious PSUs (public sector units) in the insurance sector today.
“We appreciate the trust that Oriental Insurance has placed in us through this collaboration. This broadens and gives much-needed depth of choice to our customers.”
Coverfox is the second-largest online auto insurance provider in India. It also sells health and travel policies.
It sells nearly 10,000 policies (auto, health and travel put together) a month and is witnessing steady growth of about 20 per cent month-on-month.
In March 2014, a new report by Boston Consulting Group (BCG) and Google India had estimated that three of every four insurance policies sold by 2020 would beinfluenced by digital channels during either the pre-purchase stage, purchase or renewal stages.
Insurance sales from online channels are expected to grow 20x by 2020, the study had said, adding that overall impact of internet-influenced sales would be ₹3-4 lakh crore.
Date: 26th May,2016
Source: The Hindu Business Line