Riskcovry considers itself as a neo-insurer offering “insurance-in-a-box” answer, which permits any enterprise with a big captive person base to allow distribution of insurance coverage to their customers in an end-to-end trend. The firm has taken the cost gateway (PG) strategy of enabling insurance coverage as a monetary companies layer to any enterprise. Riskcovry permits the distribution of a number of insurance coverage merchandise throughout insurers (Health, General and Life) with plug-and-play infra to assist any distribution use-case, for current or new clients.
The startup was included in 2018 by Suvendu Prusty, Sorabh Bhandari and Chiranth Patil. In an announcement, they stated, “We serve our distribution partner community by being that unified solution for them to do anything insurance. This round will help us scale on our product-market fit, and serve more enterprise customers across segments that enable both mainstream and alternative insurance distribution. We look forward to building out our technology, product, data sciences, sales and growth teams.”
In an announcement, Saras Agarwal, Principal at Bharat Inclusion Seed Fund stated, “Their API-first approach helps enterprise customers get access to relevant insurance products, through a digital process of underwriting, policy issuance, claim settlement and compliance.”
Riskcovry falls into the “financial infrastructure” bucket, primarily, a startup house that permits the ‘rails’ or ‘pipes’ that join varied payers throughout the business’s worth chain by way of APIs (Application Programming Interfaces) with the intention to seamlessly work together with one another.