Coverfox (IFC-40623)

Countries
  • India
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
C
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jan 31, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Glitterbug Technologies Private Limited
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 7.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jan 4, 2018

Disclosed by Bank Dec 18, 2017


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Project Description
The project involves equity investment of up to US$10 million in Coverfox, an online licensed insurance broker in India, established in 2013. The company has integrated with more than 30 insurers and offers more than 100 insurance policies in Motor, Life, Health and Term Life insurance. It currently operates in the B2C segment by providing customized real-time quotes directly to users, and providing timely and quality customer service from fulfilment to claim settlement. Coverfox also plans to ramp up its B2B2C segment by leveraging the existing insurance agent network to distribute insurance policies by providing a platform app called ‘Coverdrive’ to Point of Sales Persons (POSPs) who currently lack appropriate tools to manage their agent business.
People Affected By This Project
1. Improved accessibility of insurance to uninsured. This will improve market efficiency and increase the options available to individuals. 2. Improved transparency and quality as Coverfox allows for immediate comparability. It greatly reduces the time and effort of shopping for the best insurance product for consumers, leading to more informed decisions. 3. Improved efficiency for insurance agents who are mostly sole proprietorship or microenterprises, by providing access to wider choice of insurers, cross-selling opportunities and better CRM tool as well as customer support.
Investment Description
  • International Finance Corporation (IFC)
Private Actors
Contact Information
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