ICICI Securities partners CoverStack to offer insurance on ICICIdirect platform
Premium- 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, by comparing quotes and features from multiple insurance firms easily.
ICICIdirect, a financial products distributor, and CoverStack, a digital B2B platform for insurance services, have announced a partnership to offer insurance products on the platform.
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, by comparing quotes and features from multiple insurance firms easily.
CoverStack, which also operates Coverfox Insurance (coverfox.com), follows a plug-and-play model, providing technological solutions and insurance infrastructure to banking, financial services, and insurance players. ICICIdirect is a registered corporate agent, offering insurance products from various life, general, and health insurance companies.
Kedar Deshpande, head of retail distribution, ICICI Securities, said, “We have built a franchise comprising more than seven million customer base, which is growing by around two lakh per month. Using our partnership with CoverStack, we will be able to provide appropriate insurance products to these customers based on their life stage and needs. As an organization obsessed with customer experience, this partnership will further enhance the experience of buying insurance products on our platform.
ICICIdirect has a large nationwide partner network and this partnership will enable them to now additionally sell insurance products to their customers.
Commenting on the partnership and the potential of CoverStack, John Mayne, executive director, said, “We aim to provide innovative technological advancement into the InsurTech landscape so as 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 provide customized insurance solutions digitally to its customers, in a seamless and convenient way. In just a few clicks, customers of ICICI Securities can now fulfill their insurance requirements easily."
