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Compare & Buy Online Insurance Policies Through Coverfox.com

With a proprietary technology and algorithm-based platform, people can compare and choose from a range of insurance plans across insurance companies, understand key features and buy policies instantly and safely.

Photo Credit : Devendra Rane & Varun Dua,

Compare & Buy Online Insurance Policies Through Coverfox.com
Compare & Buy Online Insurance Policies Through Coverfox.com

Founded in 2013 by Varun Dua and Devendra Rane, Coverfox.com is an online insurance player that allows a user to easily compare and buy insurance from a range of products from all top insurance brands in one go.

The company has received funding from Accel India, Accel US, SAIF Partners of $14 million over 2 rounds. Narayan Murthy's Catamaran ventures has also invested in the firm.

It started from an apartment, and now the team has grown into a 200+ people company, and also attracted some of the best talent from all over India.

Varun Dua, CEO & Co-founder, Coverfox.com Spoke To BWDisrupt’s Sujata Sangwan

How did the entrepreneurial bug bite you for Coverfox?

Devendra and I were toying with the idea of setting-up Covefox during, what was the period of, insurance mis-selling. Phone numbers were mandatory across all insurance websites and insurance agents would call their customers 20 times a day. We were convinced that the archaic methods of selling insurance had to change; fear and insecurity could no more be the cashing grounds for buying and selling insurance. We wanted it to be a more fun and involving decision rather than just a task in your “To-Do” list. We were clear in our approach of creating a platform, where not only buying but also comparing different policies would be an easy and simple process. Once we were sold on a shared idea, there was no looking back. Thus, Coverfox.com was formed in May 2013, with a clear goal of making insurance quicker, easier and transparent.

How does Coverfox Work?

Coverfox is an insurance portal that allows a user to easily compare and buy policies from a range of products from all top insurance brands. With a proprietary technology and algorithm-based platform, people can compare and choose from a range of insurance plans across insurance companies, understand key features and buy policies instantly and safely. Once a policy is bought, Coverfox handholds and helps customers through the tedious claims process.

What is your Product or Service / Offerings to Customer?

Coverfox has a license from IRDA that makes us unbiased towards any particular insurer and churning results as per a customer’s requirement. We offer the best technology and seamless experience to buy insurance and are gearing to evolve into an “Insurance Intelligent Engine”, one that profiles risks based on customer behaviour on the website or in his/her interactions with Coverfox. We currently provide insurance across different categories – Auto, Travel, Health & Term life insurance.

We root for our customers. We strongly believe that we can be successful if our customers are truly delighted by their engagement with us, be it in the experience on the website, in the service or even in the perception of the company itself and how relatable and approachable we are to them.

What are the special key features of Coverfox?

The most distinguishing features of Coverfox.com are as follows:

1) The proprietary tech platform that we have built in-house that makes comparison easy and intuitive. Technology at Coverfox is completely developed in-house using open-source technologies. The complete platform which includes the website, the data analytics and mining engine, the customer advisory system and user information is hosted on cloud servers.

2) The clean UX/UI that makes important information required to aid your decision clear and easy to understand.

3) A dedicated trained support and services team which helps their customers in the claims procedure. We have dedicated toll free numbers for different insurance type where one can reach us around the clock. In case of a dis-satisfactory service you can also email us on various addresses provided on our website.

4) Unlike other players in the space, we are not a web aggregator but an IRDAI licensed broker that works on a standard commission from all insurance companies. This allows us to be neutral and unbiased. It also gives us the authority and qualification to advise you on your insurance decisions.

5) We are also trying to build a network to enable quicker insurance issuance for the used car market both individually and via used car dealers.

What were the challenges while setting up this startup?

There were several challenges that we came across, the primary one being the dynamics and sensitivity of the segment that we were getting into. Not many companies were selling insurance online and most people already had the mindset of insurance being tedious, complex, intimidating and boring. There was lack of trust in insurance sellers and the industry is marred by cases of mis-selling, misunderstood products and opaque dealings. The major challenge was of bringing about the paradigm shift in the way people think.

What are the challenges for startup companies setting up shop in India?


The first step is to find a customer problem that you are passionate enough about solving. And then, you need to find how you can solve it better than the others in the market. It’s a challenge to find a team that shares your passion, believes in your vision as a founder and is willing to work collectively towards that vision. As a founder you have to get on board your team as well as your investors with your vision.

While working towards achieving that vision, you tend to digress too. The challenge lies in doing something different, in evolving and yet not losing sight of the larger goal.

How is your business model different from the existing ones?

Most online financial service players today either already are, or are graduating to become horizontal players – insurance, loans, card, and mutual funds. However, we wish to focus only on insurance. The reason for this is that we strongly believe there’s tremendous potential and depth within this industry. We have not even scratched the surface yet.

We work on standard commission across insurance players mandated via the broking license we hold. This helps us to be pro customers through and through. We can also help them through the claims process a lot more intimately.

Who are your clients? How do you look at expanding?

We are targeting the young working professionals/entrepreneurs in the age bracket of (25-40), who use internet for several purposes but buying insurance. As this consumer segment wants to plan and take control of their finances and look forward to convenience in everything, Coverfox helps them to choose the best insurance plan in least possible time with complete security.

As far as expansion is concerned, for now the emphasis is on improving our technology further, brand building through mass media advertising, bringing on board new insurance products, and scaling up customer service unit. We are also trying to build a network to enable quicker insurance issuance for the used car market, both individually and via used car dealers. We are constantly innovating and experimenting with technology to add value to consumer experience and make the platform quicker and convenient to use.

Your Marketing Plans so that world knows you..


As a company we believe in constantly innovating to provide the best to our customers. The same is the case with our marketing techniques too. In a short span of time we have achieved the task of becoming the second largest online insurance player in the auto category.

Instead of using traditional social media advertising, we use Facebook Carousel ads to ensure more quality website traffic. Website Custom Audiences, Lookalike Audiences and carousel ads helped us reach the right people with relevant content. We tested multiple versions of our creative and used conversion tracking to consistently optimize the campaign for online conversions. When people visited the website, but didn’t make an insurance enquiry, we used website Custom Audiences to retarget them with a tailored ad linking to a specific landing page. We consistently look for ways to spend efficiently and get better traction.


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Coverfox.com indian startups online insurance players

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