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ICICI Securities Partners with Insurance Platform CoverStack to Provide Insurance

ICICIdirect has a large nationwide partner network and this partnership will enable them to now additionally sell insurance products to their customers.

ICICIdirect has a large nationwide partner network and this partnership will enable them to now additionally sell insurance products to their customers.

Using CoverStack, ICICIdirect’s more than seven million customers can now search, customise, compare, and buy the most suitable insurance plans

Financial products distributor ICICIdirect on April 7, Thursday, announced partnership with digital B2B platform for insurance services CoverStack. Under the scope of the partnership, the entire customer journey on icicidirect.com for insurance products will be powered by CoverStack.

CoverStack is a zero-code, ready-to-use, full stack platform for buying and servicing insurance digitally to enable mass distribution. Using CoverStack, ICICIdirect’s  more than seven million customers can now search, customise, compare, and buy the most suitable insurance plans for Health and Motor insurance, by comparing quotes and features from multiple insurance firms easily, the companies said in a joint press release.

CoverStack, which also operates Coverfox Insurance (coverfox.com), follows a plug and play model. The company provides 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.

“We at ICICIdirect have built a franchise comprising 7 plus million customer base, which is growing by two 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. As an organization obsessed with customer experience, this partnership will further enhance the experience of buying insurance products on our platform,” said Kedar Deshpande, Head of Retail Distribution at ICICI Securities.

“ICICIdirect has a large nationwide partner network and this partnership will enable them to now additionally sell insurance products to their customers. Also, given CoverStack’s plug-and play-model, we will be able to on-board future insurance principals quickly, thereby offering more choice to our customers,” the senior official added.

Commenting on the partnership and the potential of CoverStack,  John Mayne, Executive Director of the B2B platform, said, “CoverStack – a one-stop shop solution to buy insurance and manage claims digitally. Our vision is to eliminate the technology hassle which comes with setting up a digital insurance platform for our partners. We aim to provide innovative technological advancement into the InsurTech landscape so as to enhance insurance penetration and financial inclusion in the country.”

“The end-to-end integration of our customized tech stack with ICICI Securities will enable them to provide customized insurance solutions digitally to its customers, in a seamless and convenient way. In just a few clicks, customers of ICICI Securities can now fulfill their insurance requirements easily,” Mayne added.

CoverStack has partnerships with over 15 players across the BFSI, FinTech, NBFC and MFI sectors. Few of its partners includes Google Pay, Spinny, Arohan Financial Services and Satin Credit Care Network, where CoverStack is enabling their digital customers to receive seamless, consumer friendly insurance solutions.

ICICI Securities Limited (I-Sec) is a subsidiary of ICICI Bank Ltd. The company began its operation in May 1995 and continues to grow its operation through expanding its client base and providing different type of services.

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first published:April 07, 2022, 14:43 IST