Premium| Listen to this article |
Insurtech startup CoverStack on Thursday announced a partnership with Spinny, a platform for buying and selling used cars, to provide insurance services for used cars at the time of sale.
Coverstack’s API integrations will act as a one-stop solution for Spinny providing them with a single platform where they can initiate an inspection, compare quotes between insurers as well as book a policy.
The process of renewing insurance policy in the used car space is manual and time-consuming for the majority of players and to bridge this gap, CoverStack developed a plug-and-play model which provides technological solutions and insurance infrastructure to banking, financial services, and insurance players.
“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 digitising the process through cutting-edge technology," said Sanjib Jha, CEO, Coverstack.
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. The hassle-free process will give end-to-end support from selling to buying and for seamless claiming.
“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," said Jha.