Riskcovry’s insurance-in-a box platform Qorus Innovation in Insurance Awards 2023

India's insurance penetration is currently at a paltry 3.7% as of 2019 compared to a global average of 6.3%. We come with an egalitarian view that financial protection via insurance is everyone's right and not something that is just accessible to the few. No one actually enjoys buying insurance, it always needs to be “pushed”. So ‘why’ should insurance be enabled ‘anywhere’, is a natural question, right? Well, “Why not”, is what we intuitively respond to. Name a better financial construct that can protect us from all kinds of unforeseen risks, than insurance. But, there's a large trust gap to bridge owing to penetration and associated expenses, a lack of understanding & trust, and a gap in the claims process. Basically, we wanted to empower companies to enable insurance to their customers and democratise insurance for the larger good. So, we coined an Insurance-in-a-Box concept in the insurtech infrastructure space that we created. As an InsurTech Infrastructure company, Riskcovry is helping bring standardisation across the insurance industry value chain in India, on both the distribution and underwriting sides, with a unified API kit, so as to enable the end distribution of insurance easier for both underwriters and distributors. We’re here to ensure that insurance should be readily available to all end customers, in the form of offering the widest array of insurance products across the industry across any distribution channel. Why shouldn’t insurance be just as easy for enterprises to adopt/enable to their users, like, say, digital payments, by partnering with business models that look like “one-stop-shop” tech platforms? Riskcovry enables insurance anywhere by providing a powerful unified API that enables organisations to distribute insurance over multiple channels. Our vision is to 'enable insurance anywhere' by providing our enterprise customers with the necessary technology infrastructure to distribute insurance, seamlessly and holistically. We foresee a world where insurance is just as ubiquitous as digital payments and following the innovations brought out by way of payment gateways and processors, we have applied that to insurance distribution. Within four years of inception, Riskcovry has onboarded over 75+ partners from 12+ industries.