Covrzy, the brand name of Bizcovr Insurance Broking Private Limited, has been granted a direct broking (general) license by the Insurance Regulatory and Development Authority of India (IRDAI).
According to CIO News, this regulatory approval enables the insurtech start-up to offer a variety of business insurance products as a direct broker in the Indian market.
Covrzy’s platform is designed to streamline the insurance process for startups and small to medium-sized enterprises (SMEs). It provides end-to-end services, including insurance product discovery, purchasing, servicing, and claims management.
The company aims to tackle the low insurance penetration in India’s business sector, providing accessible and comprehensive insurance solutions.
Co-founder and CEO Ankit Kamra expressed optimism about the new license.
“We are thrilled to receive the broking license from IRDAI, which serves as a testimony to Covrzy’s pioneering innovation and dedication towards revolutionising the business insurance landscape in India. This significant compliance milestone enables us to serve and establish our credibility among a larger customer base and expand rapidly, thus propelling our mission to make business insurance simple, personalised, and accessible to millions of SMEs and MSMEs across India,” he said, as reported by CIO News.
Established in 2023 by Kamra and Veera Thota through the Antler Residency Program, Covrzy has already secured $400,000 in pre-seed funding. The investment round was led by Antler, with additional backing from Shastra VC.
Kamra, who has previously held roles at Plum and Karbon Card, brings significant entrepreneurial experience to the company. Thota, who serves as the CTO, has over 13 years of experience working with firms such as Razorpay, PayPal, and Amazon.
Kamra noted that insurance coverage among Indian MSMEs is currently around 1%, a figure Covrzy seeks to improve.
“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,” he said.
Covrzy has already attracted over 500 clients, including notable companies like Redcliffe Labs, Orange Labs, Karboncard, and Schbang. The start-up partners with insurers such as ICICI Lombard, Bajaj Allianz, and IFFCO Tokio to offer a range of products, including commercial general liability, fire and theft insurance, product liability, cyber insurance, and asset insurance.
Covrzy said its goal is to assist over 10,000 customers within the next 12 to 18 months and secure insurance for more than 1 million businesses in the coming years.
