Riskcovry – The Beacon of Innovation in Insurance Tech Space

RISKCOVRY

Riskcovry – is a B2B2 InsurTech startup based in Mumbai and Bangalore offering an “Insurance as a Service” for any distribution use case. Founded in 2018, by Suvendu Prusty, Sorabh Bhandari, Chiranth Patil and Vidya S., Riskcovry helps businesses with a large user base to enable insurance distribution seamlessly, saving them the traditional overhead of building teams, technology integrations with Insurance carriers and manage processes for Insurance distribution.

The company works closely with insurance companies to design products that cater to the needs of a broader population.
• Riskcovry offers an Insurance-as-a-Service technology platform for any use case.  To enable an “anyone can help insure” vision, building an Insurance-Distribution-Data-Tech platform, across industries.
• Platform consists of 2 inter-operable Technology Products: Riskcovry Insurance-in-a-box & Riskcovry SaaS. Our API’s are designed to meet the needs of both the physical and digital distribution of insurance.
• Modular set of platform capabilities that is agnostic of insurance carriers, products, channels, devices & customer segments, delivered via APIs
• Personalized customer experience (CX) across all digital touchpoints : buy, manage, claim

Risk-O-Meter

Risk-O-Meter (proprietary risk management engine of Riskcovry) enables consumers and businesses to assess their risks in real time based on the user inputs and secondary data scraping before they exploring the insurance product and price options . The API supports dynamic underwriting logic from insurers and displays the price based Risk-o-Meter score. For example, when a user is exploring a business insurance coverage, the Risk-o-Meter generates the cumulative risk score for the location from where the business is operating based on various risk exposures like Fire, Theft, Flood, Earthquake etc.

Loan Protect
Loan Protect is an industry first product that protects a borrower of a loan from death, critical illness and loss of employment and the lender from loan default. Riskcovry’s backend engine bundles 3 different products from multiple insuers i.e. death (life insurance), critical illness (health insurance) and loss of employment (general insurance) and into a single API. This API fetches information from the borrower in real time based on his/her loan details such as interest rate, term of the loan, and age. This in turn allows the lender to customize insurance covers for each customer giving the flexibility to the borrower as well. All policies are issued, managed and claimed digitally. Riskcovry’s solution is completely plug and play without disrupting the existing submission/disbursement workflows. The API’s can power any digital customer experience journey such as borrower opt-in or opt-out, umbrella consent, or transaction level consent.
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