ICICI Securities partners with insurtech platform CoverStack to offer insurance on ICICIdirect platform

ICICIdirect, one of India’s largest financial products distributors, and CoverStack, a digital B2B platform for insurance services, today announced a partnership under which the entire customer journey on icicidirect.com for insurance products will be powered by CoverStack.

Using CoverStack, ICICIdirect’s 7+ million customers can now search, customize, compare and buy the most suitable insurance plans for Health and Motor insurance, by comparing quotes and features from multiple insurance firms easily. CoverStack, that also operates Coverfox Insurance (coverfox.com), follows a plug and play model, providing 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.

Kedar Deshpande, Head of Retail Distribution, ICICI Securities, said, “We at ICICIdirect have built a franchise comprising 7+ million customer base, which is growing by ~2L 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.

“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.”

Commenting on the partnership and the potential of CoverStack, John Mayne, Executive Director, 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.”