Riovic
| Riovic is a Peer Underwriting Platform that lets insureds source cover from a crowd of underwriters directly through their broker or P2P group. | |
| Founded | January 2015 |
|---|---|
| Headquarters | Sandton, |
| No. of locations | 2 |
| Industry | FinTech |
| Services | Insurance Crowdfunding, Risk Assessment, P2P Insurance |
| URL | http://riovic.com |
Riovic is a multinational FinTech company founded by Phiwa Nkambule.[1] It owns and operates an online platform that connects consumers with financial advice, investment opportunities, and insurance companies. Riovic Corporation was incorporated in 2015 and is headquartered in Sandton, South Africa.[2]
In September 2015 the company officially launched a money transfer service called RiovicPay to help people access cross-border money remittance services on holidays and after hours.[3] It then released the its on-demand platform for financial services, labeled the Uber of Finance in November 2015.[4][5][6] The platform provided financial advisers, crowd investing and Peer-to-peer insurance.[7][8]
In 2016 the company became the Lloyd's of FinTech and successfully launched this revised model to eliminate insurance brokers and companies in the underwriting process by directly connecting risk managers and risk underwriters.[9] Also labelled the "Uber of Insurance", Riovic pioneered "private investor backed insurance" where a private investor (or group of private investors) essentially steps into the financial shoes of the insurer, accepting a stream of certain cash flows in exchange for an uncertain future liability.[1]
Riovic has a collaboration with New Zealand’s PeerCover and was admitted into South African Rand Merchant Investment Holdings' (RMIH) incubator for next generation financial services companies (similar to Level39), which provides the company with working space.[10] It is also a member of Facebook's FBStart accelerator programme.[1][11]
In April 2016, it got nominated as the only insurtech company in the African FinTech Awards and also go listed on the African FinTech 100 list.[12][13][better source needed]
References
- ^ a b c Charlie Fripp. ""Uber of insurance" has big plans for South Africa's startups - htxt.africa". Htxt.co.za. Retrieved 2016-04-23.
- ^ "Riovic Corporation: Private Company Information - Businessweek". Bloomberg.com. Retrieved 2016-04-11.
- ^ "RiovicPay issued credit as part of its pre-launch campaign". Gsmenewsnetwork.com. Retrieved 2016-04-11.
- ^ "Female tech entrepreneur develops on-demand network for financial advice | | IT News Africa- Africa's Technology News Leader". IT News Africa. Retrieved 2016-04-11.
- ^ "Start-up unveils virtual financial advice service". ITWeb.co.za. 2015-11-27. Retrieved 2016-04-11.
- ^ "Female Techpreneur Naledi Mokoena Founded On-Demand Network For Financial Advice". Innov8tiv.com. Retrieved 2016-04-11.
- ^ "Riovic wants to be the personal financial advisor in your pocket – Ventureburn". Ventureburn.com. 2015-12-11. Retrieved 2016-04-11.
- ^ "Two is a couple, Three is a crowd… A rich crowd! |". Ceceliawrights.co.za. 2016-01-14. Retrieved 2016-04-11.
- ^ "The Uber of finance". Bizcommunity.com. 2016-04-01. Retrieved 2016-04-11.
- ^ "Startup of the Year 2015-2016 competition entry: Nkambule Ltd | Guardian Small Business Network". The Guardian. 2016-02-22. Retrieved 2016-04-11.
- ^ "Review: Pension Mistakes by Expats in Dubai". Retrieved 18 May 2016.
- ^ http://www.howwemadeitinafrica.com/swaziland-born-entrepreneur-introduces-crowdfunded-insurance/
- ^ "#AfriqueduSud – Riovic, une Insurtech en devenir – Techfoliance". Techfoliance.fr. 2016-04-07. Retrieved 2016-04-11.
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