Technology Platform For Insurance Distribution

In a world where insurance has traditionally been a staid business, Riskcovry InsurTech set out to create a ripple. Chiranth Patel, Co-founder and Director of Riskcovry InsurTech, recognised the need for innovation and customer-centricity and harnessed the power of technology and data to reshape insurance into a more accessible, trustworthy and indispensable service.

With its groundbreaking platform and strategic partnerships, Riskcovry is poised to transform the insurance landscape, positioning itself as the catalyst for change in an industry ready for a revolution. In a recent interview, Patel shed light on the challenges before the insurance sector and the transformative role that technology can play in reshaping the industry, ushering in a new era of customer experience and accessibility.

A High-Trust Game

Patel emphasises that insurance is a high-trust game, where customers are more likely to purchase policies from sources they trust the most. “The challenge lies in building trust and ensuring that customers understand the value of insurance. So, there is a need for innovation in the space, particularly in a country like India where insurance penetration rates remain low despite being the most populous nation on earth. So, our vision was not to become just another digital distributor like Policybazaar or its equivalents. Instead, we aimed to empower any enterprise to become a policy bazaar and enable them to distribute insurance products to their customers seamlessly,” says Patel.

Technology & Data

To address the challenges of the insurance sector, Riskcovry leveraged technology and data to simplify insurance distribution. “By using a B2B2C model, we offer a one-stop-shop solution for enterprises that wish to distribute insurance to their large consumer bases. Our platform acts as a technology intermediary between insurance distributors and companies, akin to a payment gateway for accepting digital payments. This approach allows any enterprise to become a trusted distributor of insurance, making the products more accessible and customer-centric,” says Patel.

A key technological advancement pioneered by Riskcovry is the standardisation of Underwriting, Technology, and Insurance (UTI) where they have developed a common software that allows any distributor to plug and play, instantly initiating insurance distribution. “This streamlines the process, reduces costs, and saves time for distributors who no longer need to manually discover multiple products and insurers. Riskcovry's platform also offers better end-to-end customer services and ensures compliance with regulations, providing a seamless and efficient experience for both distributors and customers,” says Patel.

Democratising Distribution

Another core mission of Riskcovry is democratising the distribution of insurance. It believes that insurance should be as ubiquitous as payment services, available anywhere and anytime to manage the risks that surround us. “By democratising insurance through technology, Riskcovry aims to bridge the gap between the vast capital resources available in the insurance industry and the under-penetrated market in India. Our goal is to make insurance a valued and essential part of people's lives,” says the Co-founder of the company.

Success story

Patel shares success stories of Riskcovry's solutions that have empowered alternative distribution partners. One notable example is the company’s collaboration with housing.com, a proptech platform. “In the case of housing.com, their primary objective is to bridge the trust gap between landlords and tenants. Often, there is a lack of trust between these parties, especially when rental payments are not made on time. Tenants may face unforeseen circumstances such as accidents, critical illness, property damage, or unemployment, which can lead to payment defaults. This trust deficit between landlords and tenants prompted housing.com to approach us with a request for insurance coverage to address these risks. We custom-designed an insurance product by collaborating with multiple insurers and integrated various components to offer a seamless experience to housing.com's large subscriber base of two lakh payment users. Now, during the process of making their rental payments, tenants have the option to choose an insurance product that provides coverage for potential challenges they may encounter.”

Achievements and Growth

Riskcovry has achieved remarkable success since its inception with its relentless striving to be the best in the category. “As the fastest-growing startup in the insurtech infrastructure space in India, Riskcovry has raised nearly $10 million and covered over 1.5 million lives through our distribution partners. By partnering with banks, brokers, fintech companies, consumer internet companies, and others, we have created a robust ecosystem that caters to various distribution channels,” says Patel. He says the company has so far built connections with 44 of the 58 insurance companies in India, positioning itself as a comprehensive technology platform for insurance distribution.

About its vision for the future, Patel emphasises that it is just scratching the surface of what technology and data can achieve in the insurance industry. Patel sees a long road ahead in truly democratising insurance and making it more customer-centric. With a favourable regulatory climate and an increasing focus on digital solutions, the possibilities of enhancing the customer experience are vast.