PriyaPatel
TLDR:
- Insurtech platform Riskcovry is creating digital infrastructure for insurance in India
- Riskcovry is focused on a technology-led overhaul of the insurance industry to standardize digital communication
Insurance in India is on the cusp of a digital transformation, and Riskcovry is at the forefront of creating the necessary digital infrastructure. The fintech sector in India has seen success in payments, investments, and lending, but insurance is yet to have its ‘UPI moment’. Riskcovry is aiming to change that by building an industry-scale digital infrastructure for insurance distribution in the country. Their platform, which is integrated with over 35 insurance companies, offers more than 170 insurance products through Unified APIs, catering to various stakeholders in the insurance ecosystem.
Riskcovry’s technology stack, based on an API-first approach and micro-services architecture, aims to provide a flexible and adaptable platform for digital distribution of insurance products. The platform has found favor with various insurance distributors, including banks, wealth management firms, insurance brokers, and NBFCs, due to its ecosystem-first approach and unique offerings like LendPro and EmbedPro.
Founded in 2018, Riskcovry has recorded significant growth and success in creating a common digital infrastructure for insurance distribution. The company processed Rs 1,500 crore of insurance premium through its platform in 2023, with projections for a 2x growth in FY25. With funding of over US$ 8 million in 2024, Riskcovry aims to further strengthen its platform and address distribution gaps in the Indian insurance market.
Overall, Riskcovry’s phygital approach, offering both direct-to-customer digital distribution and assisted-sales platforms, is resonating with various industry players and is poised to drive the digital transformation of the insurance industry in India.
