ICICI Securities Partners with Insurance Platform CoverStack to Provide Insurance

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Written By Chris

Monetary merchandise distributor ICICIdirect on April 7, Thursday, introduced partnership with digital B2B platform for insurance coverage providers CoverStack. Below the scope of the partnership, the whole buyer journey on icicidirect.com for insurance coverage merchandise will probably be powered by CoverStack.

CoverStack is a zero-code, ready-to-use, full stack platform for getting and servicing insurance coverage digitally to allow mass distribution. Utilizing CoverStack, ICICIdirect’s  greater than seven million prospects can now search, customise, evaluate, and purchase probably the most appropriate insurance coverage for Well being and Motor insurance coverage, by evaluating quotes and options from a number of insurance coverage companies simply, the businesses stated in a joint press launch.

CoverStack, which additionally operates Coverfox Insurance coverage (coverfox.com), follows a plug and play mannequin. The corporate supplies technological options and insurance coverage infrastructure to Banking, Monetary Companies, and Insurance coverage gamers. ICICIdirect is a registered company agent, providing insurance coverage merchandise from a number of life, common, and medical health insurance corporations.

“We at ICICIdirect have constructed a franchise comprising 7 plus million buyer base, which is rising by two lakh per thirty days. Utilizing our partnership with CoverStack, we will present acceptable insurance coverage merchandise to those prospects based mostly on their life-stage and wishes. As a corporation obsessive about buyer expertise, this partnership will additional improve the expertise of shopping for insurance coverage merchandise on our platform,” stated Kedar Deshpande, Head of Retail Distribution at ICICI Securities.

“ICICIdirect has a big nationwide accomplice community and this partnership will allow them to now moreover promote insurance coverage merchandise to their prospects. Additionally, given CoverStack’s plug-and play-model, we will on-board future insurance coverage principals shortly, thereby providing extra option to our prospects,” the senior official added.

Commenting on the partnership and the potential of CoverStack,  John Mayne, Government Director of the B2B platform, stated, “CoverStack – a one-stop store resolution to purchase insurance coverage and handle claims digitally. Our imaginative and prescient is to eradicate the expertise problem which comes with establishing a digital insurance coverage platform for our companions. We goal to offer progressive technological development into the InsurTech panorama in order to reinforce insurance coverage penetration and monetary inclusion within the nation.”

“The top-to-end integration of our personalized tech stack with ICICI Securities will allow them to offer personalized insurance coverage options digitally to its prospects, in a seamless and handy method. In just some clicks, prospects of ICICI Securities can now fulfill their insurance coverage necessities simply,” Mayne added.

CoverStack has partnerships with over 15 gamers throughout the BFSI, FinTech, NBFC and MFI sectors. Few of its companions consists of Google Pay, Spinny, Arohan Monetary Companies and Satin Credit score Care Community, the place CoverStack is enabling their digital prospects to obtain seamless, client pleasant insurance coverage options.

ICICI Securities Restricted (I-Sec) is a subsidiary of ICICI Financial institution Ltd. The corporate started its operation in Might 1995 and continues to develop its operation by way of increasing its shopper base and offering completely different kind of providers.

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