Bengaluru-based Bizcovr Insurance Broking Private Limited, known as Covrzy, has secured a direct broking (general) license from the Insurance Regulatory and Development Authority of India (IRDAI). This approval enables Covrzy to operate as a direct insurance broker in India, offering comprehensive business insurance solutions and enhancing its credibility.
Covrzy, a rapidly growing insurtech startup, focuses on providing a seamless, customer-friendly insurance buying journey for startups and SMEs/MSMEs in India. Addressing the country's under-penetrated business insurance market, Covrzy's web-based platform manages the entire insurance cycle from discovery to purchase, servicing, and claims.
Leadership and Vision
Co-founder & CEO Ankit Kamra remarked, "We are thrilled to receive the broking license from IRDAI, a testament to Covrzy’s innovation and dedication to revolutionizing business insurance in India. This compliance milestone allows us to expand our customer base rapidly and enhance our mission to make business insurance simple, personalized, and accessible to millions of SMEs and MSMEs across India."
Founded in 2023 by Ankit Kamra and Veera Thota through Antler’s Residency Program, Covrzy has already attracted significant venture capital, including a $400K pre-seed funding round led by Antler with participation from Shastra VC. Kamra, a 2X founder, previously worked at Plum and Karbon Card, while Thota brings 13+ years of experience from Razorpay, PayPal, and Amazon.
Addressing Underinsurance
Kamra highlighted, "Currently, only around 1% of Indian MSMEs are insured. Our full-stack platform aims to transform this scenario by increasing insurance penetration and supporting vital business ventures." Covrzy addresses India's underinsurance problem for SMEs with simple, affordable, and flexible business insurance solutions, democratizing insurance distribution through its digital-first approach.
Client and Partner Network
To date, Covrzy has onboarded over 500 clients across India, including Redcliffe Labs, Orange Labs, Karboncard, and Schbang. The startup collaborates with renowned insurers like ICICI Lombard, Bajaj Allianz, and IFFCO Tokio, offering various insurance products such as:
- Commercial General Liability
- Fire & Theft Insurance
- Product Liability
- Cyber Insurance
- Asset Insurance
Covrzy aims to onboard over 10,000 customers in the next 12 to 18 months and secure over one million businesses in the coming years.
Source: Bizz Buzz