Housing.com partners with Riskcovry to offer embedded insurance, rent protect cover
The prop-tech platform Housing.com today announced a foray into the insurance distribution business by offering ‘Rent Protect Cover’ in collaboration with insurtech platform Riskcovry. The cover will provide a host of insurance benefits to its buyers at a premium of ₹99 per month.
Housing.com customers can avail of insurance with a click of a button at the time of completing online rental payments. The insurance will cover 15 critical illnesses up to ₹2 lakh, a personal accident plan of ₹1 lakh, and medical expenses of up to ₹60,000 in case of accidental hospitalization. The tenure of the insurance policy will be annual, though the premium can be paid monthly. The benefit claim amount can be used by customers to make due rental payments, which otherwise would have been at risk of default due to the above-mentioned instances.
The premium of the ‘Rent Protect Cover’ will be embedded into the monthly rent payments workflow for customers of Housing.com under its service ‘Pay on Credit’ which is part of Housing EDGE (Full stack rental & allied services platform). Through this partnership, tenants will be able to secure protection in case of accidental death, hospitalization, and critical illnesses.
Housing.com launched ‘Pay on Credit’ (Earlier known as Pay Rent) in the year 2020 and in a span of slightly over two years which has an average monthly user base of over 100K.
“A big part of ‘why insurance’, is to seamlessly deliver solutions that bridge that trust gap, in this case between our property owner and tenant communities,“ said Mr Dhruv Agarwala, Group CEO, Housing.com, Proptiger.com and Makaan.com.
“Combined use-cases of payments + credit + insurance are converging to where we see fintech + insurtech as complementary spaces converging faster than ever before. " said Mr Suvendu Prusty, Co-founder & Director, of Riskcovry.
“As a full-stack insurtech infrastructure platform, embedded insurance is our fastest-growing product category, driving nearly 70% of our volumes currently. We look forward to serving the group’s insurance distribution roadmap across products, insurers and consumer touch-points," added Mr Prusty.
As per industry reports, embedded Insurance is one of the fastest growing segments in terms of the market size in the fintech segment globally and is expected to expand to USD 700 billion in Gross Written Premium by 2030.