It promises to help customers buy insurance policies in minutes, but it took Coverfox over a year to sell its first policy from the time the founders started building the company. After tackling all the regulatory hurdles, the Mumbai-based startup finally got its IRDA Direct Broker licence in 2013. However, Coverfox is not complaining. In a chat with e27, Co-founder and CEO Varun Dua tell us why he’s actually happy about the strict guidelines in the sector. “Stringent regulations in the insurance sector create a moat around us because it takes people some time to get around and understand the regulations,” he says.