The Indian economy allows insurers to play a key role in its growth by co-creating and adapting their offers to the new digital environment and by orchestrating ecosystems. Yet, despite multiple options in terms of insurance investments, the lack of a single gateway to connect insurers to distributors makes a seamless insurance experience difficult. Riskcovry was designed to address this lack of infrastructure. The company is helping solve the insurance penetration problem in India by providing businesses with a digital infrastructure to deliver products to their end users.
Riskcovry wanted to apply the innovations represented by payment gateways and processors to insurance distribution, and enable corporate clients to distribute insurance to their end customers just as easily. As a technology platform supporting all insurance distribution use cases, Riskcovry provides a simple, seamless and secure experience for corporate clients to start and scale their insurance business, says Suvendu Prusty, co-founder, director and chief executive of the insurtech startup. “It enables companies to get its API-in-a-box product up and running in hours, while managing regulatory and compliance requirements, business insights, and AI through its infrastructure.”
As insurance industry veterans, co-founders Suvendu Prusty and Sorabh Bhandari identified a huge opportunity to distribute insurance to other channels and organizations. However, insurance companies were often not ready to expose their basic system or systems for the distribution of various products, which forced them to look for solutions to solve the problem.
Riskcovry wanted to solve this problem by developing a platform that served as an interface between insurance companies and distributors. With that in mind, they partnered with Vidya S and Chiranth Patil, who respectively brought technology and data security experience and startup experience.
Riskcovry is India’s fastest growing startup in the “Insurtech Infrastructure” space, which is defined as a single platform that can enable omnichannel distribution (DIY, assisted, integrated) for any business, across any insurance product (retail, micro group bag, etc.) & insurer category (health, general, life), Prusty claims. Over the past calendar year, it has grown by more than 100% in terms of premium and policy volume. This year, it expects to grow nearly 10x, having built the digital infrastructure needed to power most of India’s insurance distribution market.
Since its inception, the company has onboarded over 50 distribution partners in over 10 industries, and integrated over 75 products with over 32 insurers, including health, life and general insurance players. To date, the company has issued over 5,000 policies and enjoys an API call volume of over 150,000 per day. It closed a $5.3m Series A round in March 2021, led by Omidyar Network India, with participation from new investors such as Pentathlon Ventures and DMI Sparkle, as well as existing investors such as Bharat Fund, Varanium Capital and Better Capital.
A high degree of market fragmentation, both on the supply and demand side, bodes well for an insurance company like Riskcovry. The startup has also begun making inroads in its first international market and is eyeing opportunities in multiple markets, as its platform was designed to serve almost any insurance use case across any channel. , operator or product. Prusty says that with Covid-19’s growing awareness of the need for insurance, “we are committed to providing our channel partners with the best-in-class experience throughout the purchase lifecycle, management and complaints”.