Getting IRDAI nod for business insurance is a timely booster for BimaKavach

BimaKavach is the only platform that digitizes and provides instant quotes for even complex products like cyber and crime insurance to enable smoother online purchases and serviceability. With a strong emphasis on industry-specific products and technical underwriting support, it ensures that customers have access to expert guidance and tailored solutions, eliminating the call centre approach common on other platforms

BimaKavach, the pioneer in business insurance, has secured a direct insurance broking license from Insurance Regulatory and Development Authority of India (IRDAI). This milestone signifies a crucial regulatory and compliance requirement met by BimaKavach, further empowering the company to serve Indian enterprises as a trusted and compliant partner for their business insurance needs.

BimaKavach's direct insurance broking license provides a strategic advantage in the Indian insurance market. The license allows the company to actively market its range of insurance products and platforms tailored specifically to the needs of businesses across India. The acquisition of this license is not just a regulatory formality but a testament to BimaKavach's commitment to offering comprehensive, cost-effective, and expert-driven business insurance solutions.

BimaKavach is the only platform that digitizes and provides instant quotes for even complex products like cyber and crime insurance to enable smoother online purchases and serviceability. With a strong emphasis on industry-specific products and technical underwriting support, it ensures that customers have access to expert guidance and tailored solutions, eliminating the call centre approach common on other platforms.

The platform features 18 insurance products, broadly categorized into liability, asset, engineering, marine, and group health insurance. This wide array of products simplifies the insurance buying process for businesses, as they can access and manage all the necessary coverage options in one place, eliminating the need to engage multiple brokers.

It recognized the challenges businesses face in purchasing insurance policies designed primarily for larger enterprises. The company saw the need to simplify the process and provide clients with the right technical expertise, a void left by traditional brokers.

Talking to Bizz Buzz, Tejas Jain, the founder of BimaKavach said, “We have always had a crystal clear focus on business insurance. While working in the insurance industry, I saw rampant misguided marketing when it came to business insurance products. This stems from the complexity of coverage and the lack of technical understanding of these complex insurance products. With our platform, we intend to remove this misselling so each business can get the right coverage at the right price. This launch has been a three-year journey working with top insurance and reinsurance companies to create industry-specific products that include the required cover and exclude unnecessary ones.”

He added “By securing this direct business insurance license, we aim to collect 100 cr in GWP by FY 2024-25. from Small and medium enterprises (SMEs) as it will focus on reducing difficulties for first-time buyers and providing tech solutions for larger enterprises to help manage insurance policies better.”

As BimaKavach takes this pivotal step forward with its IRDAI license in hand, the company is poised to revolutionize the business insurance landscape in India, making it simpler, digital, and more transparent.

In 2022, BimaKavach raised $2 million in a seed round led by WaterBridge Ventures, with participation from Blume Ventures, Arali Ventures, and Eximius Ventures to be utilized for designing new-age business risk covers, investing in proprietary risk management technology, and scaling the business and teams. It is now planning for a series A fundraiser in 2024.