Loading organizations...
Riskcovry provides an insurtech platform for enterprises to embed, manage, and scale digital insurance distribution. Its core is a digitally native, AI-first infrastructure, streamlining integration. Offerings include LendPro for credit-linked insurance, EmbedPro for digital journey integration, and RetailPro for cross-selling diverse products, all managed via an analytics console.
Founded in 2018 by Suvendu Prusty, Sorabh Bhandari, Chiranth Patil, and Vidya Sridharan, Riskcovry’s insight was to re-imagine insurance with core intelligence, beyond simple digitization. This addresses traditional distribution complexities, fostering more accessible, integrated market solutions.
Riskcovry serves clients like banks, non-banking financial companies, housing finance companies, insurance brokers, and carriers. Its vision is to be the foundational layer for embedded insurance, enabling partners to seamlessly offer products within customer journeys. The company aims for ubiquitous, intelligently integrated insurance across business ecosystems.
Riskcovry has raised $5.0M across 1 funding round.
Riskcovry has raised $5.0M in total across 1 funding round.
Riskcovry has raised $5.0M in total across 1 funding round.
Riskcovry's investors include Treasa Mathew, Bharat Innovation Fund, Lightspeed Venture Partners, DMI, Pentathlon Ventures.
Riskcovry has raised $5.0M across 1 funding round. Most recently, it raised $5.0M Series A in March 2021.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Mar 1, 2021 | $5M Series A | Treasa Mathew | Bharat Innovation Fund, Lightspeed Venture Partners, DMI, Pentathlon Ventures | Announced |
Riskcovry is a Mumbai- and Bangalore-based B2B2C insurtech startup founded in 2018 that provides an "Insurance as a Service" platform, enabling businesses like banks, NBFCs, brokers, fintechs, and tech startups to distribute insurance products seamlessly via APIs without building their own teams or integrations.[1][2][3] Its core products—Riskcovry Insurance-in-a-Box and Riskcovry SaaS—offer modular, carrier-agnostic capabilities including a proprietary Risk-O-Meter for real-time risk assessment, dynamic underwriting, and bundled policies (e.g., life, health, and employment loss coverage) issued digitally.[1][6] Serving over 50 clients, it facilitates 35,000-40,000 policies monthly, earning revenue from premium percentages, with 100% year-over-year growth driven by digital demand post-pandemic.[2]
Riskcovry was founded in 2018 by Suvendu Prusty, Sorabh Bhandari, Chiranth Patil, and Vidya S. in Mumbai (with operations in Bangalore), under the legal entity UMBO InsurDataTech Systems Private Limited.[1][3] The idea emerged to address the complexities of insurance distribution—such as building tech integrations with carriers and managing processes—by creating a simple API-based "insurance-in-a-box" model for businesses with large user bases.[1][2] Early traction came from enabling mainstream distributors (banks, NBFCs) and newcomers (retail, fintechs) to sell policies easily; pivotal moments include raising a $5 million Series A in March 2021 led by Omidyar Network India and hitting 50 clients amid pandemic-fueled digital insurance needs.[2]
Riskcovry rides the embedded insurance trend, where policies integrate into non-insurance products (e.g., loans via fintechs), fueled by digital adoption in India's growing insurtech market post-pandemic.[2][6] Timing aligns with rising demand for seamless B2B2C distribution amid low insurance penetration, regulatory support for tech, and AI-driven personalization.[1][5] Market forces like fintech proliferation and consumer shift to digital channels favor it, as it bridges insurers and distributors (e.g., banks, telcos).[2][4] It influences the ecosystem by accelerating product innovation—spotting gaps and co-developing with carriers—and enabling startups to enter insurance without heavy infrastructure.[2]
Riskcovry is poised for expansion as an AI-first insurtech infrastructure provider, leveraging its platform to capture more embedded insurance volume in India and potentially beyond, with trends like AI underwriting and regulatory digitization boosting scalability.[5][6] Next steps likely include deeper AI integrations, international pilots, and further funding to hit hypergrowth, evolving from distributor enabler to full insurtech backbone amid 100%+ YoY momentum.[2] This positions it as a key player re-imagining insurance intelligence, building on its "beacon of innovation" foundation.[1]
