The Indian financial system is permitting insurers to play a key position in its progress by co-creating and adapting their choices to the brand new digital setting and by orchestrating ecosystems. But, regardless of a number of choices by way of insurance coverage investments, the dearth of a single gateway to attach insurers with distributors makes a seamless insurance coverage expertise elusive. Riskcovry was conceived to cater to this lack of infrastructure. The agency helps remedy India’s insurance coverage penetration downside by offering corporations with digital infrastructure to supply merchandise to their finish customers.
Riskcovry wished to use the improvements represented by fee gateways and processors to insurance coverage distribution, and make it as simple for enterprise prospects to distribute insurance coverage to their finish prospects. As a know-how platform supporting any insurance coverage distribution use case, Riskcovry is enabling a easy, seamless and safe expertise for enterprise prospects to start out and scale their insurance coverage enterprise, says Suvendu Prusty, the insurtech startup’s co-founder, director, and principal officer. “It permits corporations to go reside inside hours with its API-in-a-box product, whereas additionally managing the regulatory and compliance necessities, enterprise insights and AI by means of its infrastructure.”
As veterans of the insurance coverage business, the co-founders—Suvendu Prusty and Sorabh Bhandari — recognized an enormous alternative to distribute insurance coverage to alternate channels and organisations. Nonetheless, insurance coverage corporations had been typically not prepared to reveal their system or core programs for distribution of assorted merchandise, making them search for options to deal with the difficulty.
Riskcovry wished to resolve this by growing a platform which acted as an interface between insurance coverage corporations and the distributors. With this in thoughts, they joined palms with Vidya S and Chiranth Patil, who introduced in know-how and knowledge safety data expertise and startup expertise, respectively.
Riskcovry is the quickest rising startup in India within the ‘Insurtech Infrastructure’ area, which is outlined as a one-stop platform that may allow omni-channel distribution (DIY, assisted, embedded) for any enterprise, throughout any insurance coverage product (retail, micro group sachet, and many others.) & insurer class (well being, normal, life), claims Prusty. Within the final calendar 12 months, it grew by greater than 100% by way of each premium and coverage quantity. This 12 months, it expects to develop almost 10x, having constructed the mandatory digital infrastructure to energy most of India’s insurance coverage distribution market.
Since its inception, the corporate has onboarded 50+distribution companions throughout 10+industries, in addition to built-in over 75 merchandise with 32+ insurers together with well being, life, and normal insurance coverage gamers. Up to now, the corporate has issued over 5 lakh insurance policies, and enjoys a 150k+ API name quantity per day. It closed a $5.3-mn Collection A spherical in March 2021, which was led by Omidyar Community India, with participation from new buyers like Pentathlon Ventures and DMI Sparkle, in addition to current buyers comparable to Bharat Fund, Varanium Capital and Higher Capital.
A excessive diploma of fragmentation in markets each on the provision and demand facet bodes nicely for an insurance coverage infra firm like Riskcovry. The beginning-up has additionally begun making inroads into its first worldwide market and is eyeing alternatives in a number of markets, since its platform has been engineered to serve nearly any insurance coverage use case throughout any channel, service, or product. Prusty says that with Covid-19 growing consciousness of the necessity for insurance coverage, “we’re dedicated to offering our distribution companions with the best-in-class expertise throughout the lifecycle of purchase, handle, and declare.”