Riskcovry: Insurance in a Box
The three founders ideated the company to personalize insurance experience for their end customers, by a channel of engagement and truncating manual processes with increased implementation speed. At present, Riskcovry is recognized as a Digital Insurance Partner for Insurance distribution and an InsurTech Solution to enable complete insurance lifecycle to customers seamlessly and holistically.
The B2B focused firm is revolutionizing Insurance for India's BFS & Retail industry. In all the segments of insurance from Auto, Life, Health, Home, and Business, there is no single insurance solution that addresses the problems of these distributors uniquely, across channels. The solutions they offer are not automated and give poor customer experience. Standing ahead among such solution providers, the startup brings together digital insurance distribution, automation, simplicity in user-experience together at one place using data and algorithms. It partners with Financial and Digital businesses like FinTechs, Banks,
With all this, Riskcovry is the first API-based SaaS InsureTech platform that solves risks arising out of commercial interactions with the consumers. Ultimately, it is a company that concentrates on the "Insurance-in-a-box" model offering a one-stop-shop platform to cater to any business's digital insurance needs. As a single plat-form that centralizes all the needs around insurance, it has built a modular-based APIs served as products. The product acts as various modules such as assisted mode, self-assisted and DIY, invisible insurance taking care of underwriting insurance premium calculation completely as a backend journey, and finally as a sachet module as well.
Sachet is a unique co-creation of smaller variants (either premium amount, coverage or duration) by un-bundling complex insurance products across Life, General, and Health categories that suit a distribution partners' customer base. This evolving insurance purchase behaviour is being increasingly preferred across demographics.
With this, Riskcovry helps with product recommendation, price discovery, enabling end-to-end omnichannel digital purchase journey. It differentiates it-self through its simplified workflow to discover unique risks, provide a personalized cover, and offer recover services with digital-first claims intimation and policy management tools.
While helping the clients with decision making, rec-ommendation & many other automated services, Riskcovry is being agile, responsive bringing flexibility in the entire ecosystem. The Company was shortlisted for Mumbai Fintech Awards and as part of the Accelerator, it was one among the top companies which won prize money. The company was also selected for IIM-Ahmedabad based CIIE incubator in 2019. Riskcovry has found its niche in financial services, retail and digital sectors. It is currently dealing with over 15 clients and aims to increase insurance penetration in India by easing all the operations.