Riovic is an on-demand insurance platform founded by Phiwa Nkambule. It works like Uber and Airbnb. Consumers who do not have insurance policies can buy protection where and when they need it without the assuming of responsibility to pay monthly premiums that comes with insurance policies.
Instead of paying monthly insurance premiums you can’t afford which also cover when protection is not needed, you can simply get protection when you need it. The insurance product is instantly accessible when you need protection. There are no unnecessary waiting periods between requesting a quote, getting a response, making your payment and signing your policy involved.
The policy is built by you as the customer. You choose the risks you need to cover for that period and only get charged for them.
It released its on-demand platform for financial services, labeled the ‘Uber of Finance’ in November 2015. The platform provided financial advisers, crowd investing and peer-to-peer insurance.
In 2016 the company became the Lloyd’s of FinTech and successfully launched this revised model to eliminate insurance brokers and companies in the underwriting process by directly connecting risk managers and risk underwriters. Also labelled the “Uber of Insurance”, Riovic pioneered “private investor backed insurance” where a private investor (or group of private investors) essentially steps into the financial shoes of the insurer, accepting a stream of certain cash flows in exchange for an uncertain future liability.
Riovic had a collaboration with New Zealand’s PeerCover and was admitted into South African Rand Merchant Investment Holdings’ (RMIH) incubator for next generation financial services companies which provides the company with working space. It is also a member of Facebook’s FBStart accelerator programme.
In April 2016, it got nominated as the only insurtech company in the African FinTech Awards and also got listed on the African FinTech 100 list.
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