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07 Apr 2022

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

Mumbai, April 07, 2022: 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.

Mr. 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, Mr. 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."

About CoverStack:

CoverStack is a zero-code, ready-to-use, full stack platform for buying and servicing insurance digitally to enable mass distribution. It has partnerships with 15+ players across the BFSI, FinTech, NBFC and MFI sector. Few of its partners are 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.

For details, visit: www.coverstack.in

About ICICI Securities

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.

I-Sec operates www.icicidirect.com, India's leading virtual financial supermarket, meeting the three need sets of its clients- investments, protection, and borrowing. Through its four lines of businesses -- broking, distribution of financial products, wealth management and investment banking-- I-Sec serves customers ranging from the retail and institutional investors to corporates to high net-worth individuals to government.

I-Sec is listed on National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). For details, visit: www.icicisecurities.com

Contact:

Apurva Kaushik - apurva@coverfox.com

Rabin Ghosh - rabin.ghosh@icicisecurities.com