PriyaPatel
TLDR:
- Indian InsurTech Covrzy has received a broking license to offer business insurance products in India.
- The platform aims to simplify insurance processes for startups and SMEs and has already raised $400,000 in funding.
Key Elements:
Indian InsurTech firm Covrzy has obtained a broking license from the IRDAI to provide business insurance products in India. The company, founded in 2023, has raised $400,000 in funding and aims to simplify insurance processes for startups and small to medium-sized enterprises (SMEs). Covrzy collaborates with insurers like ICICI Lombard, Bajaj Allianz, and IFFCO Tokio to offer various products such as commercial general liability, cyber insurance, and asset insurance. The company has already onboarded over 500 clients and plans to support over 10,000 customers in the next 12 to 18 months and secure insurance for more than 1 million businesses in the future.
Co-founder and CEO Ankit Kamra expressed excitement about the new license, emphasizing the company’s dedication to revolutionizing the business insurance landscape in India. The approval enables Covrzy to expand rapidly and cater to a larger customer base, focusing on making business insurance simple, personalized, and accessible to SMEs and MSMEs across India. The platform offers services including discovery, purchase, servicing, and management of insurance claims.
Looking ahead, Covrzy aims to enhance insurance penetration in the business sector and protect the health and life of businesses by focusing on growth and reducing inherent risks. The company’s mission is to support vital business ventures that form the backbone of the Indian economy. With notable clients like Redcliffe Labs, Orange Labs, Karboncard, and Schbang, Covrzy is poised to transform the insurance scenario in India and support a wide range of businesses with comprehensive insurance solutions.
