Covrzy Secures Broking License from IRDAI, Aims to Transform Business Insurance for Indian MSMEs and Startups
- ByStartupStory | July 25, 2024
Bizcovr Insurance Broking Private Limited, operating under the brand name Covrzy, has been granted a direct broking (general) license by the Insurance Regulatory and Development Authority of India (IRDAI). This authorization enables Covrzy to operate as a direct insurance broker in India, offering comprehensive business insurance solutions. The license not only enhances the startup’s credibility but also empowers it to address the under-penetrated business insurance market in the country.
Covrzy, an insurtech startup co-founded in 2023 by Ankit Kamra and Veera Thota through Antler’s Residency Program, focuses on providing a seamless, customer-friendly insurance buying journey for startups and SMEs/MSMEs in India. Their web-based platform assists users in managing the entire insurance cycle, from product discovery to purchase, servicing, and claims.
Ankit Kamra, Co-founder & CEO of Covrzy, expressed his enthusiasm about this achievement:
“We are thrilled to receive the broking license from IRDAI – which serves as a testimony to Covrzy’s pioneering innovation and dedication towards revolutionizing the business insurance landscape in India. This significant compliance milestone enables us to serve and establish our credibility amongst a larger customer base and expand rapidly, thus propelling our mission to make business insurance simple, personalized, and accessible to millions of SMEs and MSMEs across India.”
Since its inception, Covrzy has attracted significant venture capital, including a pre-seed funding round of $400K led by Antler, with participation from Shastra VC (formerly Veda VC). Ankit Kamra, a 2X founder, previously played pivotal roles in Plum (Healthtech Startup) and Karbon Card (YC-backed). Veera Thota, CTO of Covrzy, brings over 13 years of experience from Razorpay, PayPal, and Amazon, where he built scalable systems and public-facing APIs.
Highlighting the startup’s mission, Kamra added:
“At the moment, only around 1% of Indian MSMEs are insured. With our flagship full-stack platform, we at Covrzy are poised to transform this scenario for the better, as we move ahead to accelerate and enhance insurance penetration within the segment and support these vital business ventures that form the backbone of our economy. In the long term, all of our efforts would be directed towards protecting the health and life of these businesses in the easiest possible manner, allowing the business owners to focus on growth rather than worrying about inherent risks.”
Covrzy is committed to solving India’s massive underinsurance problem for SMEs by offering simple, affordable, and flexible business insurance solutions. Their digital-first approach empowers SMEs with tailored insurance and claims support, democratizing insurance distribution in India.
To date, Covrzy has onboarded over 500 clients across India, including Redcliffe Labs, Orange Labs, Karbon Card, and Schbang. The startup has collaborated with renowned insurer partners like ICICI Lombard, Bajaj Allianz, and IFFCO Tokio to offer a wide array of insurance products, such as commercial general liability, fire and theft insurance, product liability, cyber insurance, stock insurance, and asset insurance. Covrzy aims to onboard and assist over 10,000 customers with their business insurance needs in the next 12 to 18 months and plans to secure over one million businesses in the coming years.
About Covrzy
Covrzy is an insurtech startup revolutionizing the way Indians buy business insurance. The company is building a digitally-native insurance business that transforms every step of the customer value chain to attract first-time business insurance buyers. In just a year since its inception, Covrzy has helped over 500 businesses understand and obtain the right business insurance.
Ankit Kamra (CEO) scaled Plum as a founding member and head of partnerships and led the 0-to-1 journey of building Karbon Card (YC-backed) as an operator. Veera Thota (CTO) has over 13 years of experience at Razorpay, PayPal, and Amazon, where he built scalable systems and public-facing APIs.
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