India’s leading full-stack proptech platform Housing.com today 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.
- Tenants can get a host of benefits for just Rs 99/month
- Customers get rent protection in case of accidental death, hospitalization, and critical illnesses
With the introduction of ‘Rent Protect Cover,’ a first-of-its-kind solution in the Indian proptech market, Housing.com users can now obtain insurance with the press of a button while making online rental payments.
The policy would cover 15 essential illnesses up to Rs 2 lakh, a personal accident plan of Rs 1 lakh, and medical expenses up to Rs 60,000 in the event of an unintentional hospitalization.
The insurance coverage will be renewed annually, however, the premium can be paid monthly.
Customers can use the benefit claim amount to make up for past-due rental payments that would otherwise have been at risk of default due to the aforementioned circumstances.
The ‘Rent Protect Cover’ charge will be incorporated into the monthly rent payment workflow for Housing.com clients via its service ‘Pay on Credit,’ which is part of Housing EDGE (Full stack rental & allied services platform).
Tenants can obtain protection in case of an accident, hospitalization, or critical illness due to our collaboration.
Housing.com introduced ‘Pay on Credit’ (formerly known as Pay Rent) in 2020, and the business has grown multi-fold in a little over two years, with an average monthly customer base of over 100K.
Housing.com is the go-to platform for home buyers, homeowners, renters, landlords, developers, brokers, allied service providers such as movers & packers, and property managers for offerings that cover the entire home buying/renting journey.
Discovery enables insurance anywhere by providing a powerful unified API that enables organizations to distribute insurance over multiple channels quickly and effectively.
“Our vision is to deliver trustworthy experiences for Housing 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 Mr. Dhruv Agarwala, Group CEO, Housing.com, Proptiger.com, and Makaan.com.
Over the past few years, we have diligently executed our strategy that is focused on providing best in class consumer experience on our platform that will eventually make us the most preferred destination that offers complete stack services in the residential real estate space, catering to the needs of home buyers / sellers / renters and allied service providers,added Mr. Agarwala.
“This partnership symbolizes 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 Mr. Suvendu Prusty, Co-founder & Director, of Riskcovry.
“Riskcovry has facilitated our entry into the insurance distribution space. At Housing.com, we intend to provide not only relevant health insurance products to cover against risks such as accident and illness, but also an experience in which purchasing insurance is as simple as making a rent payment via pay on credit “Mr. Sangeet Aggarwal, Housing.com’s Head of Product & Design, stated
“Timely future rental payments are a significant source of anxiety for property owners. Unforeseen accidents and illnesses to tenants who may end up requiring hospitalization can unexpectedly lead to default and delay in rental income. That makes buying a future rent protection product almost a matter of hygiene. However, delivering such a product can be tricky as it could be seen as disruptive to the consumer experience on a platform like ours. That’s where embedded insurance enables the experience effortlessly by seamlessly bundling the insurance purchase with the rent payment experience”Mr. Sangeet Aggarwal added.
“With Housing.com’s one-stop approach, enabling insurance to their user communities adds immense value across their ecosystem. As a full-stack insurtech infrastructure platform, embedded insurance is our fastest-growing product category, currently driving nearly 70% of our volumes. We look forward to serving the group’s insurance distribution roadmap across products, insurers, and consumer touch-points,”added Mr. Prusty.
According to a recent industry analysis, insurancetech is one of the fastest-growing subsectors in terms of market size in the fintech segment, with a fourfold increase from USD 87 billion in 2022 to USD 339 billion in 2025.
Non-life insurance covers health, education, vehicles, and other sectors and will drive insurtech growth in the coming years.
According to industry reports, embedded insurance is one of the fastest growing areas in market size in the fintech segment globally, with a projected Gross Written Premium of USD 700 billion by 2030.
Housing.com is India’s leading full-stack prop-tech platform for homeowners/home seekers, landlords, developers, and real estate brokers, founded in 2012 and bought by REA India in 2017.
In India, the organization provides listings for new homes, resale homes, rentals, plots, commercial spaces, and co-living spaces.
The company’s professionals provide full real estate services to consumers, including advertising and marketing, sales solutions for real estate developers, tailored search, virtual viewing, AR&VR content, house loans, and post-transaction services.
REA India (formerly known as Elara Technologies Pte. Ltd.) is a subsidiary of Australia’s REA Group Ltd. (ASX: REA) (“REA Group”).
It owns Housing.com, Makaan.com, and PropTiger.com and is the country’s premier full-stack real estate digital platform. With 17 locations across India, REA India has a nationwide presence, with its corporate office in Gurugram, Haryana.