Inrisk: Revolutionizing Insurance with Parametric Solutions

Bessemer Venture Partners has invested in Inrisk Labs, an insurtech company innovating parametric insurance solutions tailored to climate risks in India's agriculture sector. Faced with the challenge of increasing weather-related losses, Inrisk Labs is transforming insurance by delivering rapid, parameter-based payouts using climate data and technology. Traditional indemnity-based insurance models, with manual assessments and delayed responses, fall short of the swift action needed. Inrisk Labs partners with insurers, government entities, and corporations to deliver solutions that promise reliability and speed — crucial for sectors like agriculture which are vulnerable to climate disruptions. At the helm are industry veterans like Malay Poddar of the Agricultural Insurance Company of India and Siddesh with their deep actuarial insights and extensive experience. The market scope in India is significant, with a single crop insurance scheme generating $3.5 billion in premiums, reflecting the burgeoning emphasis on tech-driven parametric solutions. This venture echoes Bessemer's commitment to fostering resilience through innovative data-driven solutions on a global scale.