Riskcovry: A Platform for Enabling Insurance Anywhere Using AI

Riskcovry: A Platform for Enabling Insurance Anywhere Using AI – Insurance is a vital service that protects people and businesses from various risks and uncertainties. However, the traditional insurance distribution model is often inefficient, expensive, and inaccessible for many customers, especially in emerging markets like India. That’s why Riskcovry, a Mumbai-based insurtech startup, is on a mission to enable insurance anywhere, anytime, and for anyone.


Details of the startup:

  • CITY : Bengaluru
  • STATE : Karnataka
  • STARTED IN : 2018
  • FOUNDERS : Chiranth Patil, Sorabh Bhandari and Suvendu Prusty.

You can find their website here.

Riskcovry is a platform that provides a unified API that enables organizations to distribute insurance over multiple channels, such as web, mobile, chat, voice, and email. Riskcovry also offers a comprehensive insurance product basket, covering life, health, and general insurance, from over 40 insurers. Riskcovry’s platform is powered by AI, which helps to automate the entire insurance lifecycle, from sourcing, screening, and matching the customers, to facilitating the payments, claims, and renewals.

We will explore some of the features and benefits of Riskcovry, and how it is transforming the insurance landscape in India.

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How does Riskcovry work?

Riskcovry works in three simple steps:

  • Connect: Riskcovry connects with the organizations that want to offer insurance to their customers, such as financial institutions, fintechs, retail, and e-commerce platforms. Riskcovry integrates with their systems using a single, easy-to-implement API, which enables them to access the insurance products and services from Riskcovry’s platform.
  • Customize: Riskcovry customizes the insurance products and services according to the needs and preferences of the organizations and their customers. Riskcovry allows the organizations to choose from a variety of insurance products, such as group, sachet, retail, and combo products, and to create their own packages using a no-code configurator. Riskcovry also enables the organizations to customize the user interface, the branding, the pricing, and the commission of the insurance products and services.
  • Distribute: Riskcovry distributes the insurance products and services to the customers through the preferred channels of the organizations, such as web, mobile, chat, voice, and email. Riskcovry provides a seamless and engaging user experience, which includes smart recommendation, interactive assessment, instant policy issuance, digital document verification, and online payment. Riskcovry also supports the customers throughout their insurance journey, such as providing reminders, notifications, feedback, and claim assistance.
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What are the benefits of Riskcovry?

Riskcovry has many benefits for both the organizations and the customers. Some of the benefits are:

  • For the organizations:
    • Riskcovry helps them to access a large and untapped market of insurance customers, especially in tier 2 and tier 3 cities, where the insurance penetration and awareness are low.
    • Riskcovry reduces the cost and complexity of offering insurance, as it provides a one-stop-shop platform that takes care of the technology, compliance, and insurance products, without the need for building teams, tech, license, or processes.
    • Riskcovry improves the customer loyalty and retention, as it enables them to offer value-added services, such as insurance, to their customers, and to provide them with a personalized and convenient user experience.
    • Riskcovry enables them to scale up their insurance distribution, as it provides a scalable and robust platform that can handle multiple products, insurers, channels, and customers simultaneously, and provide real-time data and analytics.
  • For the customers:
    • Riskcovry helps them to discover and access various insurance products and services that match their needs, preferences, and aspirations, without any hassle or expense.
    • Riskcovry empowers them to make informed decisions, as it provides them with transparent and relevant information about the insurance products and services, such as the features, benefits, exclusions, and premiums.
    • Riskcovry enhances their convenience and satisfaction, as it provides them with a fast, easy, and secure way to purchase and manage their insurance policies, and to register and settle their claims online.
    • Riskcovry supports them throughout their insurance journey, as it provides them with regular updates, reminders, notifications, feedback, and guidance to improve their insurance awareness and experience.
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Who are Riskcovry’s clients?

Riskcovry has partnered with some of the leading organizations in various sectors, such as banking, lending, payments, e-commerce, logistics, and healthcare, to enable insurance distribution to their customers. Some of the examples are:

Riskcovry has also received recognition and funding from various prestigious organizations, such as Y Combinator, Bharat Inclusion Initiative, Omidyar Network India, and Dvara Trust. Riskcovry has also won several awards and accolades, such as the ET Startup Award 2020, the India FinTech Award 2020, and the Insurtech100 2020.

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Riskcovry is a platform that uses AI to enable insurance distribution for any organization, any product, and any channel. Riskcovry’s unified API connects the organizations with the insurers, and provides a comprehensive insurance product basket, covering life, health, and general insurance. Riskcovry’s platform also automates the entire insurance lifecycle, from sourcing, screening, and matching the customers, to facilitating the payments, claims, and renewals.

Riskcovry is a part of the digital India initiative, and aims to create a positive impact on the lives and livelihoods of millions of people in the country. If you are an organization looking for a fast, easy, and effective way to offer insurance to your customers, or a customer looking for a convenient and affordable way to access insurance, you should definitely check out Riskcovry and make use of its services.

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