Mumbai based InsurTech Platform startup, Riskcovry, has closed their Pre-Series-A round led by Bharat Inclusion Seed Fund, which also saw participation from Varanium Capital and Better Capital.
Riskcovry considers itself as a neo-insurer providing "insurance-in-a-box" solution, which allows any business with a large captive user base to enable distribution of insurance to their users in an end-to-end fashion. The company has taken the payment gateway (PG) approach of enabling insurance as a financial services layer to any business. Riskcovry enables the distribution of multiple insurance products across insurers (Health, General and Life) with plug-and-play infra to support any distribution use-case, for existing or new customers.
The startup was incorporated in 2018 by Suvendu Prusty, Sorabh Bhandari and Chiranth Patil. In a statement, they said, “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 a statement, Saras Agarwal, Principal at Bharat Inclusion Seed Fund said, “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, essentially, a startup space that enables the 'rails' or 'pipes' that connect various payers within the industry’s value chain via APIs (Application Programming Interfaces) in order to seamlessly interact with each other.
Riskcovry considers itself as a neo-insurer providing "insurance-in-a-box" solution, which allows any business with a large captive user base to enable distribution of insurance to their users in an end-to-end fashion. The company has taken the payment gateway (PG) approach of enabling insurance as a financial services layer to any business. Riskcovry enables the distribution of multiple insurance products across insurers (Health, General and Life) with plug-and-play infra to support any distribution use-case, for existing or new customers.
The startup was incorporated in 2018 by Suvendu Prusty, Sorabh Bhandari and Chiranth Patil. In a statement, they said, “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 a statement, Saras Agarwal, Principal at Bharat Inclusion Seed Fund said, “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, essentially, a startup space that enables the 'rails' or 'pipes' that connect various payers within the industry’s value chain via APIs (Application Programming Interfaces) in order to seamlessly interact with each other.
Get Unlimited Access to The Economic Times
