Coverstack

Zero-code insurance infrastructure platform for digital distribution in India

Distribution & Sales Growth Series A

Overview

Coverstack is an insurance infrastructure and distribution platform for the Indian market, providing a zero-code SaaS stack that enables banks, NBFCs, brokers, fintech companies, and e-commerce businesses to offer insurance products to their customers. The platform integrates with 50+ insurance partners across P&C, Life, and Health lines, covering 80%+ of Indian pincodes.

The platform delivers modular products for point-of-sale agents, B2C digital storefronts, lending-embedded insurance, and group insurance programs. A built-in rule engine called RuleX lets insurance teams convert spreadsheet-based underwriting logic into production APIs without software development. Claims management, policy administration, digital issuance, and payout reconciliation are all included in the stack.

Founded in 2010, Coverstack has processed 10M+ customer acquisitions across its partner network, distributes USD 400 crore+ in Gross Written Premium annually, and handles 11,000+ insurance claims digitally per month. The company has raised USD 55.8M across 6 funding rounds from 14 investors including Accel, SAIF Partners, and Aegon.

Products & Services

POS/Agent Stack

Point-of-sale module for insurance agents and POS operators to manage insurance sales and service interactions from a single interface.

Key Features

Unified dashboard for policy issuance and customer management
Multi-insurer product access from a single login
Digital onboarding and KYC workflows

Target Users: Insurance agents, POS operators, field sales teams

B2C Stack

White-label digital insurance marketplace that businesses can deploy without technical development, enabling direct-to-consumer insurance sales under their own brand.

Key Features

No-code marketplace setup
Integration with 50+ insurance carriers
Quote, bind, and issuance in a single flow

Target Users: Banks, fintech companies, e-commerce platforms, aggregators

Lending Stack

Embeds insurance products into lending workflows, allowing NBFCs and banks to offer relevant coverage to borrowers at the point of loan origination.

Key Features

Automated insurance embedding in loan origination
Policy issuance linked to loan disbursement
Claims tracking for credit-linked products

Target Users: NBFCs, banks, lending institutions

Group Stack

Insurance management solution for group policies covering employees, communities, or customer segments, managed through a centralized dashboard.

Key Features

Group enrollment and policy management
Multi-insurer group plan access
Centralized reporting across group members

Target Users: Employers, associations, financial institutions with group customer bases

RuleX

Low-code/no-code API platform that converts spreadsheet-based business rules and underwriting logic into deployable REST APIs, eliminating the need for software development for policy configuration changes.

Key Features

Spreadsheet-to-API conversion
Version management for rule sets
Configurable without engineering involvement

Target Users: Insurance product managers, underwriting teams

Claims Management

Unified claims dashboard covering the full lifecycle from first notice of loss through settlement and payout reconciliation.

Key Features

Digital FNOL and claims intake
Status tracking from initiation to resolution
Payout reconciliation and reporting

Target Users: Insurance carriers, brokers, platform partners

At a Glance

Founded: 2010
Headquarters: Mumbai, Maharashtra, India
Employees: 51-200
Funding: Series A

Category & Focus

Category: Distribution & Sales
Subcategories: Embedded Insurance Digital Storefront Agent/POS Platform Insurance Infrastructure
Insurance Verticals: P&C Personal P&C Commercial Life & Annuity Health
Target Customers: Carriers, Brokers, Agents/Agencies