InsurTech firm Riskcovry has recently raised funds in its Series A round led by Bharat Inclusion Seed Fund. The round also saw contribution from Varanium Capital and Better Capital. The startup was founded in 2018 by Suvendu Prusty, Sorabh Bhandari and Chiranth Patil.
Riskcovry counts itself as a neo-insurer as it provides all insurance solutions digitally. It considers itself as “insurance-in-a-box” service as it allows any business with wide user base to enable distribution of their users in an end-to-end fashion. They have taken a Payments Getaway (PG) perspective of allowing insurances as a financial services layer to any business. The company enables the distribution of multiple insurance products like Health, General and Life across insurers with plug-and-play infra to support any distribution use-case, for existing or new customer.
The company released a statement saying,
“We serve our distribution partner community by being that unified solution for them to do anything insurance. This round will help us scale on our product-market fit, and serve more enterprise customers across segments that enable both mainstream and alternative insurance distribution. We look forward to building out our technology, product, data sciences, sales and growth teams.”
Saras Agarwal of Bharat Inclusion Seed Fund told in a statement that the company’s API-first (Application Programing Interfaces) approach helps their users to get the relevant products through an entirely digital process of underwriting, policy issuance, claim settlement and compliance.
The startup comes into the “financial infrastructure” category, which is basically a startup that connects the various payers within the industry via APIs to make a seamless communication channel.