CoverStack, a digital B2B platform for insurance buying and servicing, has announced a strategic partnership with Spinny, a used car buying and selling platform. The partnership will equip Spinny’s portal with cutting-edge insurance buying technology of CoverStack, allowing the them to access insurance services for used cars at the time of sale.
Coverstack, through its API integrations, will enable Spinny to provide seamless and effective insurance services, speeding up their used car selling process. This will act as a one-stop solution providing them with a single platform where they can initiate an inspection, compare quotes between insurers as well as book a policy.
India has witnessed a rapid increase in the used automobile market, especially post pandemic. However, the process of renewing insurance policy is manual and time-consuming for majority of players in the used car business. Spinny required a mechanism that will provide them with hassle free motor insurance renewals for used cars. In order to combat this gap, CoverStack, which also the tech stack that powers Coverfox Insurance (coverfox.com), developed a plug and play model which provides technological solutions and insurance infrastructure to Banking, Financial Services, and Insurance players. By partnering with Spinny, Coverstack will extend its insurance providing technology and enable a one-stop-shop for motor insurance. This hassle-free and time effective process will give end-to-end support to used car selling from buying upto seamless claiming.
Commenting on the partnership and the potential of CoverStack, Mr. Sanjib Jha, CEO, said, “While the used car market in India is logging a greater growth percentage than new cars, the insurance space has not fully penetrated into this market. CoverStack – a one-stop shop solution to buy insurance and manage claims digitally aims to bridge this gap by digitizing the process through cutting-edge technology. The vision with such partnerships is to eliminate paperwork hassle for such players, making the process of insurance while selling used cars, swift and uncomplicated. The ultimate expectation is to strengthen the InsurTech landscape by innovative technological advancement leading to financial inclusion and greater access to insurance across India. ”