Online insurance marketplace Coverfox has appointed former Practo executive Premanshu Singh as chief executive officer, the company said in a press note.
Singh, who joined in April, replaces Coverfox co-founder Varun Dua, who moved out to set up Acko General Insurance Co. Ltd.
Singh, a management graduate from IIM Ahmedabad, was vice president of marketing at Practo in his last stint. He has held senior-level roles across strategic planning, marketing and sales at names like Johnson & Johnson, SMSGupShup, People Interactive, Shaadi.com, Webaroo Technologies and ITC Ltd. He co-founded a2zbaby.com in 2011, an e-commerce store for kids' products. He is also an active angel investor, Coverfox being one of his early investments.
At Coverfox, Singh will spearhead growth across strategic business planning and development, partner management and customer engagement.
“Insurance is still in its nascent stages in India but a market growing at a very fast pace with exponential growth prospects. Coverfox has set up newer benchmarks and milestones within the online insurance space with their service commitments, product portfolio, partnerships, ever-evolving technology and investment in creating customer experience,” he said.
Glitterbug Technologies Pvt. Ltd, which runs Coverfox, was founded in 2013 by IIT Bombay graduate Devendra Rane and MICA Ahmedabad alumnus Varun Dua. It offers health insurance, car insurance, home insurance and travel insurance online. Using its proprietary technology and an algorithm-based platform, users can compare and buy a range of plans across top insurance companies.
In June, Coverfox raised Series C funding from new and existing investors, including New York-based venture fund Transamerica Ventures, Infosys co-founder NR Narayana Murthy, through his family office Catamaran Ventures, and Infosys co-founder Senapathy Gopalakrishnan and Sudha Gopalakrishnan, through Pratithi Investment Trust, and others.
In May, Acko raised $30 million (Rs 195 crore) in seed funding from the same set of investors who backed Coverfox—SAIF Partners, Accel Partners, Murthy, Gopalakrishnan and NuVentures’ executives. Acko’s other investors included veteran investment banker Hemendra Kothari of DSP Blackrock, Arpwood Capital founder Rajeev Gupta, and Hexaware Technologies founder Atul Nishar.