Online insurance broker Coverfox.com, has announced the launch of Coverdrive – a mobile app that allows insurance agents to sell insurance through its seller platform. With this app, Coverfox has opened the doors to its proprietary technology to almost 26 lakh insurance agents and potential micro-entrepreneurs.
Agents who wants to use this app will have to become sub broker with coverfox to distribute insurance policies.
Owing to the recent easing of regulations around the role of point-of-sale-persons in selling insurance as sub-brokers, IRDAI has now opened up the insurance distribution market. Anyone, who has received appropriate insurance training and certification from Coverfox would be able to solicit insurance business through Coverdrive app. Certification and training would also be available via the app. Available on all devices (desktop, tablets & mobile android app), Coverdrive’s platform and services are available to insurance agents absolutely free of cost.
By making both general and life insurance products available at the click of button on a single platform, Coverdrive will activate more than 15 lakh inactive insurance agents, claims the company.
In a press release, Premanshu Singh, Chief Executive Officer, Coverfox.com said, “We are excited to launch our sellers app, Coverdrive for insurance agents. In its beta stage, the app received extremely positive response from existing insurance agents. We are seeing a huge interest from the rural youth, women and small businessmen who are seeking to use Coverdrive and become micro entrepreneurs.”
He further added, “About 97% of all insurance is sold offline and about 26 lakh registered insurance agents sell insurance directly to consumers. However, the process of offline selling is cumbersome, involving paperwork, cheques and emails. These agents lack the technology and product to grow their business and serve their customers better. Coverdrive will empower these agents and generate employment opportunities for at least a million more, who can use the technology of Coverdrive for free to start earning as an insurance agent.”
“The app takes away all the pains of paperwork, fetching quotes from multiple insurers and tracking sales, and leaves the agents to do just one thing – growing their business,” says the company.
On the app, agents can sell insurance, keep a track of scheduled inspections / medical tests of their prospective clients, rewards earned and policies sold – all in the single interface of the app. The app also allows instantaneous issuance of policy online to the end user. Coverfox will also extend their insurance post-sale services to all the customers of Coverdrive.