Digital Insurance platform Riskcovry has reportedly closed its pre-Series A round on INR 9.3 crore ($1.2m).
Bharat Inclusion Seed Fund led the investment, with additional support coming from Varanium Capital and Better Capital, according to a report from LiveMint.
With the fresh funds, the InsurTech will bolster its product-market fit and look to reach more customers. Additionally, capital will be used to build out its technology, product, data science, sales and growth teams, the article claims.
The Indian InsurTech builds APIs to help insurance firms automate their omni-channel insurance distribution. Its technology is plug and play, empowering the client to simply integrate the tools they want.
Insurers can leverage Riscovry to offer health insurance, cancer care, item protection, renters cover, bill insurance, startup and retail business cover, and theft cover.
Bharat Inclusion Seed Fund principal Saras Agarwal told LiveMint, “Riskcovry brings a fresh approach to digital distribution for the insurance market. Their API-first approach helps enterprise customers get access to highly relevant insurance products, through a completely digital process of underwriting, policy issuance, claim settlement and compliance.
“This extends the reach for insurance companies and provides downside protection to many end-users of enterprise customers at a very reasonable price point,”.
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