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XPCover Technologies

Simplified Insurance Distribution

India, Maharashtra
Market: Insurance
Stage of the project: Operating business

Date of last change: 30.08.2021
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Idea

Insurance Distribution platform where insurance sales and service journeys are configured to enable brokers, aggregators, fintech companies can insure their user base

Current Status

Our platform is live on production and 5 SME Banks are using our platform to sell insurance to their user base.
We are doing 30-35 policies everyday.
We intend to scale this to 100 policies everyday in next 1 month and also get into SME Insurance

Market

1. Banks- Bancassurance is Rs. 3000 cr business in India.
2. Aggregators- It can generate Rs. 1000 cr insurance business
3. FMCD companies- It can generate Rs. 800 cr insurance business
5. Brokers- It can generate Rs. 2000 cr business

Problem or Opportunity

Insurance Distribution is not simplified right now due to the lack of adoption of cloud technology by insurance companies. There are few tech companies that have developed cloud-enabled distribution platforms for selling and servicing insurance.

Solution (product or service)

We have a cloud-native Enterprise SaaS distribution platform for companies interested in selling and servicing insurance. We intend to add various ML algos to smoothen the whole process and reduce human dependency on the whole sales and service journey

Competitors

Riskcovery- less than 2% market share
Exegesis- around 10% market share
Covergenius- less than 1% market share
Ebaotech- less than 1% market share
ITMines- less than 10% market share

Advantages or differentiators

1. Instant setup of account for client
2. Completely cloud-native with scalability to manage huge volumes
3. Many ML algos to minimize the human intervention of processes
4. Easy to use with focus on customer experience

Finance

3-5% commission from each sale transaction

We expect to process Rs. 100 cr insurance from our platform in the next 1 year, which will generate approx Rs. 3-5 cr revenue for us.

Business model

We have a B2B2C model more we enable our partners to sell insurance and in turn, get a commission from each sale.
We have the following metrics
1. Number of registered clients,
2. Value of total insurance processed from our platform,
3. MAU
4. Amount of insurance cross-sold/ up-sold

Money will be spent on

Product
Sales
Marketing
Team

Offer for investor

Will discuss

Team or Management

Risks

1. Lack of talent for deep tech innovations
2. Lack of funds to grow in India and outside India
3. Lack of adoption from Targe Audience

Won the competition and other awards

No
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video