Mumbai and Bangalore based insurance tech start-up Riskcovry witnesses fastest growth rate in the “InsurTech Infrastructure” category with 6x CMGR growth in policy sales in FY21. The company crossed over 2.25 lakh policies in FY21 and covered more than 4 lakh people with a majority of the users being first time adopters of insurance.
The company helps businesses with a significant end user base to enable insurance distribution seamlessly, saving them the traditional overhead of building teams, technology integrations, compliance processes and distribution expertise. The company has integrated with 25+ insurers already across 70+ insurance products in their portfolio, with net revenues growing 22% MoM/CMGR in the aforementioned fiscal year.
Riskcovry is the leading full-stack insurance distribution platform in India’s domestic market today and covers the entire value chain of the insurance experience of end users of insurance – from buy and manage their policies to claim journeys. It enables companies with online-only customer engagement channels like digital start-ups, offline channels like BCs, Brokers and omni-channel establishments like Banks and Retailers as well. The platform offers flexibility to power any insurance distribution use-case for any company with “enable insurance anywhere” as their tagline.
Commenting on the announcement, Suvendu Prusty, co-founder & director, Riskcovry, said, “We believe in the duality of everyone deserving to be protected and insurance is the way to get there by being as ubiquitous as digital payments. As an insurtech infrastructure company, we enable this vision by standardising the value chain for our enterprise customers, one API at a time. We truly believe that by enabling necessary rails required to distribute insurance to end users seamlessly and holistically, we can bridge the gap for insurers, distribution partners and end users alike in sustainable and scalable manner”
The company works closely with insurance companies to not only enable broader distribution of existing products, but also design products that cater to the needs of a variety of customer cohorts with new and innovative products. “Consumption of insurance is getting on-demand and personalised. Riskcovry is not only enabling this current state but also building for a more connected world with a smart application of tools that are available to us as a startup”, added Prusty.
In FY21, the company also raised a total of $6.25M over 2 funding rounds led by Bharat Innovation Fund in May 2020 (Seed) and Omidyar Network India in Mar 2021 (Series A).