Riskcovry: Insurance in a Box

The provoking factors for best ideas are problems & challenges. All the solutions are prompted to mitigate an issue or ease life. While technology is coming handy to build such solutions for everything we name under the sun, Fintech & Insurance Industry is also on the steady stride of adapting advanced innovations. In this context, Riskcovry was ideated to address several challenges existing in the insurance space by adding the essence of technology to it. The scenario in the space for Insurance Companies, Distributors & numerous methods of technology integrations is chaotic for navigating the supply side. They still struggle with manual processing & physical forms. They need a single solution that masks all the complexities, centralize risks across product/tech/ops/compliance. For this to hap-pen, Suvendu Prusty, Sorabh Bhandari who comes with over 40 years of cumulative experience in the insurance sector & Chiranth Patil a passionate professional; focused in Fintech, Investment Services and start up ecosystem together established Riskcovry in the year 2018.

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,
Digital Payment Portals, and Insurance Providers, Retailers to solve for unique insurance use cases associated with their customers with APIs.

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.

Suvendu Prusty, Vidya Sridharan, Sorabh Bhandari & Chiranth Patil,Co-Founders
Team Riskcovry

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.