Technology taking over the claim process can cut down claim timelines

Suvendu Prusty, Co-Founder, Riskcovry

Riskcovry has an API-first, full stack product approach to a long-standing market gap in efficient insurance distribution. It caters to all distribution channel use-cases- assisted, DIY or embedded, and can serve 12+ industries. – The Insurance-in-a-Box model offers a one-stop-shop platform to cater to any business’ digital insurance needs. Nidhi Shail Kujur of Elets News Nation (ENN) spoke to Suvendu Prusty, Co-Founder, Riskcovry about how Riskcovry is different from other insurtech start-ups, growing exponentially.

Tell us about Riskcovry’s journey and funding details?
Riskcovry was founded in 2018 by our co-founders, Suvendu Prusty, Vidya Sridharan, Sorabh Bhandari, and Chiranth Patil. Piloted by our core leadership team, compromising our co-founders and our CTO Asif CH, we raised $1.2 million in our Pre-Series A funding led by Bharat Innovation Fund with joint participation from Varanium Capital and Better Capital in May 2020. By Oct 2020, Riskcovry crossed ₹53 Cr. in premium and achieved the milestone of selling 1 Lakh policies. We received $5.3 million in Series A funding led by Omidyar Network India, Pentathlon Ventures, and DMI Sparkle Fund and crossed ₹90 Cr. in premium annual in Mar 2021. By March 2022, our yearly premium grew to ₹163 Cr.
Within four years of its inception, Riskcovry has onboarded over 75+ partners from 12+ industries.

What technology innovations have you used to ensure seamless insurance penetration?
Our simplified, single unified API brings standardization across India’s insurance industry value chain on both the distribution and underwriting sides. – The insurance-in-a-box model combines technology, compliance, and insurance products in one place with a robust platform that enables businesses to offer insurance with a typically 50% faster go-to-market rate. – A single unified API for any business and insurance use case.

Tell us about your most recent product innovations?
Readily configured plug and play templates to white label the front-end platform of a client – Customize credit-linked insurances based on the borrower’s risk characteristics – Embed insurance packages with an invisible journey for insurance Here are some of the industry firsts Riskcovry achieved through our digital first approach-: – We enabled a media company to launch Covid 19 group insurance to their lock screen content app subscribers. – Enabled ICPI, an industry-first innovation and an open-API gateway for insurers to drop ship new product innovations to bring ready scale – No code product configurator enables distributors and insurers to customize group insurance products to generate real-time API code for omnichannel distribution use cases. – Enabled a gig economy to provide value-added services to its workforce by extending a switch-on/off daily benefit cover for untoward accidents on the job.

What trends are you noticing in the insurtech industry globally, and how will it affect India?
Embedded Insurance A remarkable tool for insurers to increase insurance penetration across rural or other underserviced regions of the country. – Hyper-personalized insurances Segregating users and providing insurance packages specific to their requirements enables insurance businesses to offer tailored insurance covers for the lowest price. – Use of technology for insurance underwriting the large amounts of data insurers process through ML can help underwrite with better precision and apply it to future models. Technology taking over the claim process can cut down claim timelines and grow their business cost-effectively.

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What sets you apart from other insurtech start-ups growing exponentially in the past few years?
Riskcovry has an API-first, full stack product approach to a long-standing market gap in efficient insurance distribution. It caters to all distribution channel use-cases- assisted, DIY or embedded, and can serve 12+ industries. – The Insurance-in-a-Box model offers a one-stop-shop platform to cater to any business’ digital insurance needs. – Being insurer/product/channel/device/compliance-license agnostic, it allows any business to use Riskcovry’s API and SaaS technology to enable insurance distribution business without the traditional overhead of building teams/tech/license/processes etc.

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