InRisk Labs secured $27 million in a Series A funding round to enhance its AI-driven reinsurance platform EarthRe, the company announced on August 5. The round was co-led by Bessemer Venture Partners and Northpoint Capital. The fresh capital will support technology development and expansion into new insurance segments, alongside meeting regulatory capital requirements for EarthRe’s operations in India’s reinsurance market, valued at $10 billion, according to inc42.com.
Founded in 2024 by Aavrit Singhal, Siddesh Ramasubramanian, Shivakhumar R S, and Malay Kumar Poddar, InRisk Labs specializes in parametric insurance and reinsurance technology. The company plans to use the funds to strengthen underwriting, actuarial, catastrophe modeling, and AI capabilities. EarthRe, its subsidiary, recently received a reinsurance license from the International Financial Services Centres Authority (IFSCA), becoming the first incorporated reinsurer licensed at GIFT City, the startup said on inc42.com.
The funding and regulatory milestone position InRisk Labs to expand its footprint in the non-life reinsurance sector, focusing on natural catastrophe, climate risk, and property coverage. The company’s approach to parametric insurance automates payouts based on predefined events such as extreme weather, a growing trend in risk management. The $27 million round adds to the momentum in India’s insurtech space, where AI and data-driven underwriting are increasingly critical, according to livemint.com.
InRisk Labs will deploy the capital to build better technology and hire experts to improve risk assessment and pricing. The company also aims to develop event-based insurance products and expand EarthRe’s reach in India and other Global South markets. EarthRe’s reinsurance license from IFSCA marks a key regulatory achievement for the startup, as reported by livemint.com.