RuralNet is a digital, API-driven platform that provides insurance distribution and claims management, specifically designed to enhance access to affordable insurance for underserved Filipinos and SMEs. By partnering with local institutions, RuralNet streamlines the insurance process, achieving an average claims turnaround time of 33 days, which is 40-60% faster than traditional insurers.
Funding
$2.2M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many Filipinos, especially those in rural areas and SMEs, lack access to affordable and efficient insurance options due to traditional insurers' high overhead costs and slow claims processing. Existing insurance distribution models struggle to reach underserved populations, hindering financial security and business growth.
Solution
RuralNet offers a digital, API-driven platform designed to streamline insurance distribution and claims management, increasing access to affordable insurance for underserved Filipinos and SMEs. By partnering with local institutions, RuralNet digitizes the entire insurance process, from distribution to claims, resulting in faster turnaround times and reduced overhead. The platform enables partners to rapidly scale their insurance operations while maintaining data privacy and security. RuralNet's subsidiary, CashKO, provides microinsurance solutions focused on fast claims processing and high approval rates, as well as comprehensive insurance plans for SMEs.
Target Audience
The primary target audience includes underserved Filipinos, SMEs, and institutions that serve these populations, such as microfinance institutions and cooperatives.
Features
- Fully digital insurance distribution platform accessible via API
- Streamlined claims management system with faster turnaround times (average of 33 days)
- Cloud-based infrastructure, eliminating the need for server investments
- Data privacy compliance with the Data Privacy Act
- Separate cloud instances for each partner to ensure data segregation, encryption, and security
- Microinsurance solutions through subsidiary CashKO, focusing on fast claims processing
- Comprehensive insurance plans for SMEs to support business growth