Inrisk Labs: Transforming Climate Risk Management in India

Bessemer Venture Partners has invested in Inrisk Labs, an Indian insurtech company, recognizing a need for innovative insurance solutions as global climate risks intensify. Traditional indemnity-based insurance struggles to meet these challenges with its manual and drawn-out claims process. Inrisk Labs provides parametric insurance products, engaging in partnerships with insurers, government bodies, and corporations. Their technology triggers payouts based on precise indices such as temperature and rainfall, providing immediate compensation, thus addressing the uncertainty and protracted processes inherent in traditional insurance. The caliber of Inrisk Labs' founding team, consisting of experienced members like Malay Poddar and Siddesh, who have extensively worked with the Agricultural Insurance Company of India, is a key factor in Bessemer's investment decision. With the Indian crop insurance market alone generating $3.5 billion in premiums, the potential for growth is significant. This investment aims to foster a significant shift in climate risk management beyond India, with aspirations of creating a comprehensive global platform.