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ICICIdirect— a financial products distributor — and CoverStack — a B2B digital platform for insurance services — have entered into a partnership whereby ICICIdirect’s customers can use CoverStack to search, customise, compare, and buy health and motor insurance.
CoverStack, which 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 a 7-plus million customer base, which is growing by around 2 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.
“ ... (with) CoverStack’s plug-and play-model, we will be able to on-board future insurance principals quickly, thereby offering more choice to our customers.”
John Mayne, Executive Director, CoverStack, said, “CoverStack is 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.”
“In just a few clicks, customers of ICICI Securities can now fulfill their insurance requirements easily,” he added.
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