Riskcovry raises $5 million

Mumbai-based ‘insurance-in-a-box’ provider Riskcovry has raised $5 million in a Series A round led by Omidyar Network India.

Founded in 2018, Riskcovry enables companies to offer digital insurance products and services to their end-customers. Through its “insurance in a box” value proposition, Riskcovry provides the necessary building blocks for its partners to offer insurance to their customers – underwritten products, technology to manage customer touchpoints and digital processes for policy issuance, management and claims. Its client base includes banks, financial technology companies, e-commerce firms, non-banking financiers, and supply chain-focused companies.

“The pandemic was an inflection point for us, with the insurance industry witnessing accelerated digital adoption, similar to the tailwinds that digital payments witnessed post demonetization. In the last fiscal alone we have enabled partners from 10+ industries to distribute insurance digitally – from traditional financial services to new-age digital businesses and startups, from traditional retail products to innovative group solutions, from assisted mode via sales-channel automation to completely invisible or bundled-insurance mode.  We will close the current fiscal with more than 200k policies sold by our 50+ enterprise customers powered by our technology. Our goal is to make insurance as ubiquitous as digital payments by powering digitization across the insurance value chain in India. We believe we can help serve a severely underpenetrated market like India and we’re very excited to partner with Omidyar Network India and all other investors in helping build a more inclusive insurance ecosystem in India.”

“The vast majority of the next half billion (NHB) consumers and MSMEs still lack access to basic insurance coverages. Hence, they are forced to rely on borrowings to tide over health emergencies, accidents and property damage which could be addressed through insurance. We believe that ‘embedded insurance’ could play a powerful role in creating new channels for insurance access, which will help improve the financial health of the NHB consumers and MSMEs. We are delighted to partner Riskcovry in building the digital rails that will make embedded insurance a reality in India.” – Treasa Mathew, Director, ONI.

“Riskcovry’s API-led approach allows their partners to embed insurance functionality to their process flow and offer relevant, affordable, and personalized insurance to their customer base, quickly, and at scale. We have been super impressed with the progress Riskcovry has demonstrated within a short span of time and are thrilled to be joined by global investors such as ONI and Pentathlon to take this journey forward.” – Saras Agarwal, Principal, Bharat Fund.

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