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CoverFox is an insurance technology company offering an online platform for managing insurance policies that is headquartered in Mumbai, Maharashtra, India and was founded in 2013 by Devendra Rane and Varun Dua. CoverFox is a subsidiary of GlitterBug Technologies, an India-based insurance service provider.
Introduction to CoverFox.
CoverFox offers insurance products for Indian customers across categories including health, automotive, life, bike, travel, investment, and home insurance. Their products include top insurance brands in India.
As of 2019, CoverFox began using artificial intelligence models to create their insurance platform. The algorithm-based policy discovery allows users to compare and choose from a range of plans to suit their budgets and needs. They also worked to integrate the process of policy issuance, endorsements, inspection and claims with insurance companies to make sales and post-sales service easier through their platform.
Part of their use of artificial intelligence is in their platform Coverdrive, which they offer for insurance sellers. Launched in 2017, Coverdrive is a digital assistant for insurance agents.
On April 24, 2015 CoverFox completed their series B funding round with $12 million in funding from SAIF Partners (lead investor), Accel (lead investor), and NuVentures.
On June 12, 2017 CoverFox completed their series C funding round with $22 million in funding from Transamerica Ventures (lead investor), IFC (lead investor), SAIF Partners, N.R. Narayana Murthy, and Catamaran Ventures.
