RapydCare - Accessible, Affordable and Fast - Life & Healthcare insurances


We created a small-ticket insurances platform for healthcare and life insurance products based on the needs of individuals and small businesses of developing countries.

What is it about?

India, a country with 1.3 billion people, has an insurance penetration of only about 35-38% for healthcare and life insurances. Our life experiences such as the below led us create a new insurance app that will help making healthcare and life insurances accessible, affordable and fast.

Experience 1 My father (god rest his soul) ran a successful small business in India. Around 40+ people worked under him making textile machineries in three shifts in his heydays. He took care of their medical bills through his personal tie-ups with a local clinic and a pharmacy sending them paychecks directly. This was 30 years ago.

In the year 2001, one of the employees, a family friend, had an accident operating a machinery in an unusual way at the workplace, and unfortunately passed. My father paid compensation to the family out of his pocket. But that was not it. The late employee’s son had to drop out of school to support the family and take up jobs. If there was something that ensured the financial security of the family at the time, the son may have had a different life, and a higher education.

Experience 2 My wife’s uncle owns a couple of commercial trucks transporting goods across states. Last year, he had to temporarily hire a driver for an one-time delivery job some 200+ miles away. The driver had a cardiac arrest while on the move, and breathed his last in the vehicle. My wife’s uncle paid compensation to the driver’s family.

The two events are around 20 years apart but show that nothing much has changed.

Several people go to work at small businesses / as freelancers / independent workers / unorganized sectors - and they go uninsured ending up facing medical costs and disruptions in their family’s lives.

The Problem

  1. Most Small businesses do not have any group insurance plans for the employees since the insurances may not be affordable and their employees may change jobs frequently, month-on-month basis. There are no coverages for part-time workers.
  2. Individuals often cannot purchase insurances in its full pricing, because they cannot afford it. They may be able to afford smaller payments weekly / daily.
  3. Independent workers such as housekeepers, carpenters, etc. do not see any incentive in buying an insurance paying an annual (or long-term) premiums since the costs are higher when compared with their daily labor wages.
  4. The traditional insurance paperwork, and the time-consuming claim process drive people away.

Today, if an individual or a business wants to employ a contract worker for a few days and insure the worker against any medical events at their place, there is almost no way for it.

Or, if an individual wants to buy an affordable insurance, and wants to make the payments in smaller intervals, there is almost no way for it.

Or, if a low-income individual wants to visit a doctor to get quality healthcare without worrying about medical bills, claims and timelines, there are hardly any way to do it

How is RapydCare different?

  1. Small-ticket health / life insurances . Buy small insurances at costs as low as Rs.25 (for comparison, a McDonalds plain veg burger costs Rs.100+) or as low as USD 1 weekly. Renew as necessary.
  2. Ability to pay weekly / daily based on the type of insurances.
  3. The Application takes a flat service fee and hence there is no incentive to reject any claim or for reduced payouts. (This is similar to Lemonade insurance’s business model).
  4. Quickly buy an insurance for yourself OR an employee / contractor in case you are a small business - and track it.
  5. Allow the partner doctors to raise a claim easily through the system by sharing the RapydCare Insurance ID so that the low-income patients do not have to worry about bills and claims.
  6. AI/ML based underwriting module decides the risk and price.
  7. No brokers selling the insurances giving us a cost advantage to sell the insurances at affordable prices. All the activities in the claim lifecycle would be automated to reduce the cost of operations.
  8. Decentralized Claim Reviews - with a community of Partner Doctors rather than relying on in-house teams.
  9. Anti-fraud algorithms - (Not available in the demo). (We were building a neo4j based graph database to build anomaly detection module for detecting fraud claims. But could not finish it before the deadline)
  10. Cashback rewards with the unclaimed pool of money . Mass payouts.
  11. Multi-language and Multi-country support.

Example Use Cases

  1. Insure a domestic help (housekeeper) for health / life as an individual employer.
  2. Insure a contract worker such as a plumber / electrician / construction worker during a temporary employment - Use worker compensation insurance.
  3. Insure your small business employees on a weekly basis. This may be a good perk for the employees.
  4. Insure a hired driver as part of a long distance journey.
  5. Insure yourself while you are on an adventure camping / sports activity.
  6. Insure yourself while you are about to undergo a complex medical procedure.
  7. As a hospital, insure your patient while the patient is about to undergo a complex medical procedure.

Our values

  1. We put our emphasis in fast claims . Life Insurance / Health insurance claims mean the claimants went through tough times recently. We want the RapydCare claim to be start of something positive in their lives, and we want it to happen fast.
  2. Automate every process we can with the use of technology. For examples,
  • Compare photo identity document with the user’s selfie for confirmation.
  • Read Medical report document images to understand and index the pricing so that they can be sent to anomaly detection algorithms.
  • Send the user’s video of raising a claim to AI models for sentiment analysis and emotion analysis to expedite the process.
  1. Let the community run the system - we believe in the system that we are all part of. Letting the community run the reviews minimizes the risk of frauds when there are proper controls in place through broadening the knowledge on practices and standards.

How are Rapyd APIs used?

  1. Rapyd Checkout - For buying an insurance.
  2. Rapyd Wallet to Wallet transfer - A flat percentage of service fee is moved from the insurance payment in primary account to an internal wallet. The primary account is used as the pool for claims.
  3. Create Beneficiary - Each registered user is required to update their card / bank information through My Profile. The beneficiary information is stored and maintained by Rapyd. This is necessary for a nominee or for any one who is raising a claim. The payouts are made to these accounts when a partner doctor completes a claim review or a claim disbursal happens.
  4. Rapyd Disburse (payout) - Payouts are made to Partner Doctors and Claimants. ’
  5. Create Customer - Integrated with backend for using it as part of Rapyd Checkout page creation calls.

For further information on how this is built and the roles in the system - please visit: RapydCare - digital health insurance | Devpost

To try out the prototype app: http://rapydcare.com/

We thank the Rapyd community, Rapyd and DevPost for this opportunity and enabling us create this system. This was really a great and worthwhile experience.

Here are the steps to test this application at the given URL - http://rapydcare.com

  1. Register as a new user. Note the RapydCare user ID under my profile screen.
  2. Choose the country in any of the pages where the country selector is available.
  3. For a proper and successful payment completion redirection by Rapyd, use India as the country. For US, the payment completion action redirects to rapyd.net by default in Sandbox.
  4. Buy insurances and test the flow for self. Upon successful payment a flat fee is collected into a wallet as service fee.
  5. Create another user ID and note the RapydCare user ID under my profile screen.
  6. Visit my profile in both IDs and set bank or card beneficiary. This will be used during claim disbursals. For a successful claim processing in Sandbox, please choose US as the country in country selector before setting the beneficiaries in my profile. Country India option doesn’t work well with Sandbox payouts.
  7. Use both of these user IDs to play the contractor and employee roles and buy relevant insurances.
  8. Use the mentioned partner doctor credentials above for review roles. On successful reviews, a fee is credited to their bank accounts / cards through Rapyd Disburse API.
  9. As part of Approver role, when the approver approves, a claim disbursal is processed through Rapyd Disburse API.