Housing.com, Riskcovry partner to offer embedded insurance to its customers

New Delhi, Oct 11, 2022: Housing.com on Tuesday announced a foray into the insurance distribution business by offering a first-of-its-kind service, ‘Rent Protect Cover’ in collaboration with insurtech platform Riskcovry. The cover will provide a host of insurance benefits to its buyers at a reasonable premium of Rs 99 per month.

With the launch of this unique offering, ‘Rent Protect Cover’, which is a first-of-its-kind offering in the Indian proptech space, 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 Rs 2 lakh, a personal accident plan of Rs 1 lakh, and medical expenses of up to Rs 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 good on due rental payments.

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, the service has grown multi-fold with an average monthly user base of over 100K.

“Our vision is to deliver trustworthy experiences for Housing’s consumers that they will cherish for a lifetime. The keyword here is trust. 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  Dhruv Agarwala, Group CEO, Housing.com, Proptiger.com and Makaan.com. 

“This partnership symbolises a 360-degree view of the role embedded finance can play and how insurance can be the differentiating experience for a company and its customers. Combined use-cases of payments + credit + insurance are converging to where we see fintech + insurtech as complementary spaces converging faster than ever before. ” said Suvendu Prusty, Co-founder & Director, of Riskcovry. 

“With Riskcovry, our entry into the insurance distribution space is made easier. At Housing.com we intend to not only provide our customers with relevant health insurance products to cover against risks like accident and illness but also with an experience to purchase insurance which is as easy as making a rent payment through pay on credit,” said Sangeet Aggarwal, Head of Product & Design at Housing.com.