Riskwolf, a Zurich-based insurtech startup with an office in Singapore,  announced today it has completed its first external financing round of 750,000 Swiss francs (over US$800,000).

Led by Swiss business angel network SICTIC, the round was also joined by several unnamed angels and professional investors in Europe, the US and Asia.

Also Read: The future of insurance isn’t just digital — it’s efficiently digital

The startup will use this capital to expand its product line, turbocharge its real-time, data-driven technology platform and accelerate its growth while building out its remote-first team.

Started in 2020, Riskwolf is building a technology platform to deliver customised, parametric insurance to fill this significant protection gap and create innovative, untapped markets for the insurance industry. Its platform is capable of detecting internet outages, modelling the insurance risks and making payouts in real time.

“Riskwolf was founded at the beginning of 2020 to unlock large, innovative insurance markets built on the newly emerging digital economy risks,” said CEO Thomas Krapf, who co-founded the company with CTO René Papesch. “The idea is to bring parametric insurance to any insurer and give them the capabilities to underwrite internet downtimes and outages on a global scale.”

The insurtech firm said in a press note that it is currently piloting its first outage benefit product in Southeast Asia, in partnership with a leading global reinsurer.

Also Read: ‘Microinsurance will play a pivotal role in accelerating financial inclusion in SEA’: Raunak Mehta of Igloo

The team currently has members in Switzerland, Austria, Germany, Slovakia, the UK, Singapore, and India.

Jan Kastory, founding partner and LP at astorya.vc, a Paris-based insurtech VC fund, said: “When claim payouts are pre-agreed, objective and instant, the most ungrateful insurance process suddenly disappears. This is the beauty of parametric insurance. For the underinsured digital economy, the telco and internet outages are only umbrella use cases. Defaulting payment APIs, SaaS companies, telemedicine or e-learning platforms will follow. Riskwolf allows any (re)insurer to enter the space.”

Image Credit: Riskwolf.

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