PriyaPatel
TLDR:
- Insurtech startup Riskcovry is building digital infrastructure for insurance distribution in India.
- They are focusing on standardizing digital communication rails across the industry to create seamless digital user experiences for insurance products.
Insurance in India is undergoing a digital transformation, with fintech startups revolutionizing payments, investments, and lending. However, the insurance sector has yet to experience a significant technological leap akin to UPI in payments. Recognizing this gap, Riskcovry is working towards creating a common digital infrastructure for insurance distribution in India. By offering white-labeled modules for direct-to-customer digital distribution and assisted-sales platforms for insurance brokers and banks, Riskcovry is addressing the needs of various industry players. With a unique API-first approach and focus on creating seamless digital experiences, Riskcovry has integrated with over 35 insurance companies and offers more than 170 insurance products through its platform. The company has seen significant growth, processing a whopping Rs 1,500 crore of insurance premium in 2023 and is projected to double its growth in FY25. Despite the challenges in funding, Riskcovry has raised over US$ 8 million in 2024 to further enhance its platform and address distribution gaps in the Indian insurance market.
