Coverfox.com, an insurtech platform, said on Thursday that it had raised $22 million in a series C funding round led by IFC, a sister organisation of the World Bank, and U.S. insurance group Transamerica. Existing investors SAIF Partners, Accel and Infosys’ co-founder N.R. Narayana Murthy’s Catamaran Ventures also participated in this round. The company said it would use the funds to accelerate its geographic expansion and broaden its product portfolio. It would also use the investment to expand insurance coverage to tier-2 and tier-3 cities and focus on women. The firm said the insurance penetration in rural areas was 35% lower than urban areas in India and women’s insurance coverage was 40% lower than men. You have reached your limit for free articles this month. Register to The Hindu for free and get unlimited access for 30 days. Find mobile-friendly version of articles from the day's newspaper in one easy-to-read list. Enjoy reading as many articles as you wish without any limitations. A select list of articles that match your interests and tastes. Move smoothly between articles as our pages load instantly. A one-stop-shop for seeing the latest updates, and managing your preferences. We brief you on the latest and most important developments, three times a day. Not convinced? Know why you should pay for news. *Our Digital Subscription plans do not currently include the e-paper ,crossword, iPhone, iPad mobile applications and print. Our plans enhance your reading experience.
Indian Insurtech Coverfox has raised $22m in series C funding, led by IFC and Transamerica, along with participation from existing investors. The company plans to use the funds to speed up its geographic expansion and widen its product portfolio. Coverfox plans to expand insurance coverage to tier 2 and tier 3 cities, noting that insurance penetration in rural areas of India was 40% lower than in urban areas. It will also broaden its focus on women, noting that insurance adoption among female customers is 35% lower than for men.