ICICIdirect, one of India’s largest financial products distributors, and CoverStack, a digital B2B platform for insurance services, today announced a partnership under which the entire customer journey on icicidirect.com for insurance products will be powered by CoverStack.
Using CoverStack, ICICIdirect’s customers can now search, customize, compare, and sbuy the most suitable insurance plans for health and motor insurance, by comparing quotes and features from multiple insurance firms easily.
CoverStack, that also operates Coverfox Insurance, 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 several life, general, and health insurance companies.
Kedar Deshpande, Head of Retail Distribution, ICICI Securities, said, “We at ICICIdirect have built a franchise comprising 7+ million customer base, which is growing by Rs 2 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.”
Commenting on the partnership and the potential of CoverStack, John Mayne, Executive Director, said, “CoverStack – a one-stop shop solution to buy insurance and manage claims digitally. Our vision is to eliminate the technological hassle which comes with setting up a digital insurance platform for our partners. In just a few clicks, customers of ICICI Securities can now fulfil their insurance requirements easily.”
