India’s leading Housing finance company uses Riskcovry’s LendPro to achieve:

End-to-end digital Insurance workflows
Reducing policy issuance TAT to zero-day from T+3 days
Reducing remittance TAT to 24 hours
Increase in loans processed

About the Client

India’s leading housing finance company, in operation for over 12 plus years, has disbursed loans to 50,000+ customers across 65+ cities via 110+ branches. They have over 6000Cr+ gross loan assets till date.


Housing finance loans are typically long-tailwind products with loan tenures going up to 25 years and ticket sizes to cater for home renovation to purchasing entire property projects. Therefore, housing financing companies have ensured that the loan applicant is secured with relevant insurance to enable the financial protection of the customer and reduce non-performing assets. Such initiatives are vital to the financial entity’s operation as they cover the impact of default in an unforeseen event.

As a part of their existing solution for insurance attachment to Asset loans, our client was offering multiple combinations of general and life insurance products through a manual process.

Problem statement

The current set of offline onboarding had multiple manual interventions resulting in a lag for getting insured member details, processing the case with Insurer, and getting clarity in case medical underwriting is required. Even after the case was cleared from underwriting policy issuance, sharing the policy copy with the insured required substantial effort. This led to customer dissent and a bad experience with respect to their insurance purchase.

The ratio of proposals logged in vs policies issued was consistently low giving rise to lesser proposals being processed.

The branch RMs facing customers needed clarification about the medical and financial underwriting process from the insurer side. There was no way of tracking the status of a policy that was under medical consideration.

Policy remittance viz cancellation tracking is a manual activity.

Major blocks on life issuance due to changing reinsurance conditions.

Long lags in the policy issuance process.

The partner’s expectations from Riskcovry

Riskcovry was tasked with digitising its platform, to minimise TAT for policy issuance. Another aim was to reduce the remittance TAT, which is essentially the time taken to disburse the premium by the lender to the Insurer, so that policy issuance happens instantly without the need for the lender to maintain a float amount with the Insurer.

Riskcovry’s Solution for the Partner

The team started with the aim to solve for B2B insurance distribution in India, by creating an API-powered solution that enabled essential tech on a single platform.

Riskcovry integrated a plug-and-play solution made especially for Lenders, our LendPro module, with the partner’s LOS with a fast GTM and minimal tech effort from them. The module enabled:

  • Digital workflows with auto-filled information, real-time data sharing and digital customer forms.
  • Realtime status updates for all proposals pending under underwriting streams.
  • Three-click instant policy issuance.
  • Two-way communication regarding policy issuance and underwriting with both customer and housing finance company
  • Trackable cancellation vis remittance and UTR number details were also made available.

Riskcovry’s system is currently integrated with 40+ insurers and integrations with over 130+ insurance products.

The Endgame

  • The deployment of this module gave the partner increased operational efficiency by automating the remittance process and reducing remittance timelines to 24 hours.
  • The shift to zero-day policy issuance from T+3 days in the past was a big change and drove the immediate adoption of the module.
  • Establishing complete transparency around the movement of each insurance case was a major problem solver for the partner and its ground fleet staff.
  • Win-win for both insurers and the Housing finance company, as faster turnaround time led to increased volumes for both life and general insurers.

Way ahead

As the partnership moves forward, we’re focused on expanding our client’s partnerships with new insurance companies and integrating new insurance products. Additionally, continuous business process reengineering will help the client to sharpen its processes and provide better service to its clients. The successful deployment of the LendPro module is a testament to the team’s commitment to driving innovation and delivering value to its clients.

Sorabh Bhandari

Co-Founder and Director

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