India faces a significant insurance protection gap, leaving hundreds of millions of Entrepreneurial Households and informal workers vulnerable. For these families, a single health emergency or accident can erase years of progress. The primary barriers have always been a lack of trust, complex products, and the high cost of distribution to reach them.
Coverfox is tackling this challenge with a tech-led, B2B2C platform. After a strategic transformation led by CEO Sanjib Jha, the company pivoted to a powerful distribution-as-a-service model. Instead of acquiring customers directly, Coverfox partners with trusted financial institutions like Microfinance Institutions (MFIs) that already have deep, last-mile reach.
Through its proprietary technology, Coverfox seamlessly embeds customized, affordable, and simple insurance products into the services these institutions already offer. This “phygital” model builds on existing trust to deliver protection at a fraction of the traditional cost. By co-creating relevant products with insurers – like policies covering snake bites, a real-world risk for its customers – Coverfox is building a new ecosystem for financial protection.
They are on a path to provide a financial safety net to millions of lives, fostering resilience and enabling Entrepreneurial Households to thrive.
The gig economy in India – spanning sectors such as retail, ride-hailing, and logistics – has experienced rapid transformation over the past two decades, driven by evolving consumer demand and technological innovation. Today, India’s gig economy is expected to engage approximately 23.5 million workers and contribute 1.25% to the country’s GDP by 2030.1 Over half of these gig workers are migrants who relocate to urban centers in pursuit of better income opportunities, yet they often face significant barriers: limited resources, dependence on intermediaries for job access, lack of community support, and weak bargaining power. These challenges restrict their access to essential services and undermine both their health and productivity.
Nia.one, founded in 2024, is committed to improving the lives of gig workers through its full-stack platform that addresses critical gaps in the current ecosystem. They provide value-conscious workers with verified jobs, affordable housing and meals, community and wellness services. Together, these services empower gig workers by enhancing their economic mobility, employability, health, and safety.
This improvement in the economic resilience of gig workers creates a ripple effect, benefiting both the workers and their families in rural areas and ultimately propelling growth for industrious communities.
India is at a crossroads on employability – a consistent increase in the percentage of youth choosing to pursue graduation courses, coupled with the lack of skilled faculty with relevant industry requirement based curriculum, continues to increase the unemployment rate among youths. Organizations need industry ready entry level employees to improve their productivity, especially in sectors such as Banking, Financial Services, and Insurance (BFSI), where sales representative driven awareness guides the financial choices customers make. This requires a bridge to augment the skills of our graduates, preferably by augmenting the colleges they are enrolled in.
FinX was founded in 2019 to address this need as a skilling platform for the employability of graduate/postgraduate students studying in non-premium undergraduate colleges in India. Through a mix of short term, long term, and certification courses, integrating internships and employment opportunities, they orient graduation courses toward making students industry ready. They also serve the development needs of the organizations, from a hire train deploy program to certifications and continuous learning programs, thus providing an ecosystem for upskilling.
Employability requires skills with hands-on experience and, hence a phygital model. By partnering with colleges, FinX ensures a synergy that allows the students’ learning to be optimal and their execution to be nimble. Over the next few years, their intervention will see entrepreneurial households find new breadwinners in the next generation.
