Mumbai | 25th March 2020: In a move to turbocharge the next phase of growth, Coverfox, one of the fastest-growing digital-first insurance distributors in India, has announced the appointment of Mr. Sanjib Jha as the acting CEO of the company. Sanjib an industry veteran and Co-Founder of Avaana Capital (one of the investors in the company), has been deputed for this role on the request of Coverfox board and shareholders. Other big appointments announced by Coverfox include, Mr. Piyush Ranjan (CTO) and Mr. Manish Sultania (CFO).
Coverfox is looking to expand its footprint across the country by launching new and innovative products to enable customers make informed choices while purchasing insurance plans. The online insurance-aggregator has established its name in the industry as a distinctive service provider with the use of cutting-edge technology and customer-first approach. The new appointments on the company’s board is part of the organization’s vision to change the way insurance products are sold and bought in the country.
As the acting CEO of Coverfox, Mr. Jha’s role on the board of the company would be to mentor the mid and senior-level leadership of the firm, and spearhead its operations to initiate the firm’s next level of growth. Mr. Jha will also be responsible for optimising and streamlining company’s resources to ensure that the insurance-aggregator further strengthens its leadership position in the market, creating value for all the stakeholders.
Mr. Ranjan, newly appointed CTO comes with deep experience in product and technology. He has worked with Ola, DoorMint and BrowserStack in the past. At Ola, he worked on launch of many key features on the app including UPI & Card Payments, Ola Pass, etc. that are widely used by consumers today. As the CTO of Coverfox, he will be responsible for overseeing the technological implementation, product strategy and ensuring that the technological needs of the company are aligned with the company’s business goals.
Mr. Sultania, as the CFO of the firm will provide strategic leadership to the company through performance management and big data and analytics
Speaking on the appointments, Subrata Mitra from Accel (significant shareholder in the company), said, “Coverfox is creating value for our customers through tech-driven, new-age approach towards the insurance sector. Over the last 7 years, it has revolutionized the way insurance is sold in India. By having industry experts like Sanjib, Piyush, and Manish on board, we are confident that their leadership will prove immensely helpful in advancing our objectives and building a full-stack profitable model. The board members and investors are supportive of the decision and have confidence that this will create significant value for all the stakeholders.”
Commenting on the developments, Varun Dua, founder of Coverfox and Acko said “I believe India needs a much bigger and holistic tech play on insurance. While we have seen online insurance models succeed, this is only a first step. I am confident that with Coverfox’s technology, resilience and rock-solid team, we will be able to scale newer heights”
Founded in 2013, Coverfox has established its position as a prominent insurance aggregator in India. So far, the Mumbai-based company has secured over $55 million in funding from investors like International Finance Corporation (IFC), Avaana Capital, Transamerica, SAIF Partners, Accel and Catamaran Ventures – the family office of Infosys founder Narayan Murthy.
Since its launch, Coverfox has acquired over a million customers. The firm provides its proprietary technology and algorithm-based platform to enable customers to compare and choose from a variety of plans from top insurers on their own. In the journey of a customer’s purchase of an insurance plan, Coverfox plays the role of a trustworthy assistant. The firm also handholds the customers in the process of insurance claims.
