Mumbai-based online insurance broker Coverfox announced the completion of a 640 million rupee Series D funding round, with the International Finance Corporation (IFC), a member of the World Bank Group, as the investor. Previously, the company's business mainly covered the B2C insurance industry; with this latest funding, it plans to expand into B2B2C insurance.

        In fact, insurance practitioners currently lack tools to manage their agency businesses, and Coverfox uses its insurance agent network and a mobile app called "Coverdrive" to distribute various insurance products to its point-of-sale staff.

        Founded in 2013, Coverfox has partnered with more than 30 local insurers and offers clients advisory services on more than 100 motor, life and health insurance policies. Moreover, using its patented technology and an intelligent algorithm-based business platform, users can compare the policies of various insurers and then choose to buy the most affordable insurance product.

        In fiscal year 2016-2017, the company's revenue doubled, and its losses shrank thanks to cost control. Total revenue for the fiscal year grew from 26.4 million rupees in the previous fiscal year to 61.2 million, while net loss narrowed from 350.7 million rupees to 318.5 million rupees.

Source: Ebrun.com 2018-01-10