Walnut, a money management platform owned by Capital Float, has partnered with B2B2C InsurTech startup Riskcovry to facilitate insurance to its customers. Both startups are determined to help reduce the protection gap existing in India by increasing accessibility to insurance products.

As per Walnut, the new offering, called ‘Walnut Protect’ available on the Walnut App, will consist of a host of insurance plans provided by prominent insurance companies. Walnut Protect will facilitate health insurance, super top-up, mobile insurance, monthly accident policy, COVID-19 Insurance and more, with premiums starting from as low as Rs. 2 per day and covers being offered to an upper limit of Rs. 20 lakhs.

Speaking on the development, Amit Bhor, CPO at Capital Float, said,

“We have partnered with Riskcovry to aid our endeavour in ensuring that our valued customers are protected by wholesome insurance products. With the advent of the COVID-19 pandemic, we see a stark need for bespoke insurance products that will cater to each individual’s unique and diverse set of circumstances.”

Riskcovry, with its “Insurance-in-a-box” model, offers plug-and-play insurance infrastructure and technology to over 50 partner companies that distribute insurance products and services to their end customers.

As part of the deal, millions of Walnut customers will now have access to relevant and custom-built products designed specifically for their needs, stated Sorabh Bhandari, Co-Founder of Riskcovry.

Sorabh Bhandari said,

“Riskcovry is proud to be associated with Walnut, which is creating cutting-edge financial solutions for the Gen Z/millennial audience. We aim to simplify insurance for their customers. Millions of Walnut customers will now have access to relevant and custom-built products designed specifically for their needs.”

Started by Gaurav Hinduja and Sashank Rishyasringa in 2013, Capital Float is India’s leading BNPL (buy now, pay later) and credit platform serving the financial needs of salaried & self-employed individuals in India. In May 2021, the startup crossed Rs 2,000 crore of lifetime disbursals in BNPL, as well as two million lifetime credit customers. Capital Float claims that it has lent Rs 10,000 crore in digital credit to date.

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