Insurtech Startup Covrzy secures broking license from IRDAI

Mumbai, Jul 26: Bengaluru-based Bizcovr Insurance Broking Private Limited, operating under the brand name Covrzy, has been granted a direct broking (general) license by Insurance Regulatory and Development Authority of India (IRDAI) – the nation’s insurance sector regulator under Ministry of Finance, Government of India. This enables Covrzy to operate as a direct insurance broker in India, offering a full spectrum of business insurance solutions, while also parallelly enhancing the startup’s credibility.

Covrzy, a fast-growing insurtech startup, is dedicated to providing a seamless, customer-friendly insurance buying journey, particularly for startups and SMEs/MSMEs in India. Addressing the country’s under-penetrated business insurance market, Covrzy’s comprehensive platform – which is currently web-based – helps its users in managing their entire insurance cycle, from product discovery to purchase, servicing, and claims.

Speaking about the milestone, Ankit Kamra, Co-founder & CEO of Covrzy commented, “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 ''.

Cofounded in 2023 by Ankit Kamra and Veera Thota through Antler’s Residency Program, Covrzy has already attracted significant venture capital. In May last year, they raised pre-seed funding of $400K in a round led by Antler, with participation from Shastra VC (formerly Veda VC).Ankit Kamra, is a 2X founder. Before co-founding Covrzy, he was a founding member and head of partnerships at Plum (Healthtech Startup). He has also led the 0-to-1 journey of building Karbon Card (YC-backed) as an operator. Veera Thota (CTO) has 13+ years at Razorpay, PayPal and Amazon where he built scalable systems and public-facing APIs.

“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”, adds Ankit Kamra.

Covrzy is well-positioned to solve India's massive underinsurance problem for SMEs by offering simple, affordable and flexible business insurance solutions. Through its digital-first approach, Covrzy empowers SMEs with tailored insurance and claims support, democratizing insurance distribution in India.

Till date, Covrzy has on-boarded over 500 clients pan-India, including both MSMEs and startups, with Redcliffe Labs, Orange Labs, Karboncard, and Schbang being some of their prominent clients. The startup has also collaborated with various renowned insurer partners like ICICI Lombard, Bajaj Allainz, IFFCO Tokio, etc., in a bid to offer a wide array of insurance products such as commercial general liability, fire & theft insurance, product liability, cyber insurance, stock insurance, asset insurance, among others. Currently, the company is on track to onboard and help 10,000+ customers with their business insurance requirements during the upcoming 12 to 18 months. Whereas over the next few years, the company aims to secure over one million businesses through Covrzy.