Bengaluru-based Bizcovr Insurance Broking Private Limited, operating under the brand name Covrzy, has achieved a significant milestone by securing a direct broking (general) license from the Insurance Regulatory and Development Authority of India (IRDAI). This license allows Covrzy to operate as a direct insurance broker, greatly enhancing its credibility and expanding its reach within India’s business insurance market.
Covrzy, a rapidly growing insurtech startup, is set to transform the business insurance landscape for startups and SMEs/MSMEs in India. The company’s comprehensive, web-based platform facilitates end-to-end management of the insurance cycle, from product discovery to purchase, servicing, and claims.
Ankit Kamra, Co-founder & CEO of Covrzy, expressed excitement about the development, stating, “Receiving the broking license from IRDAI validates Covrzy’s innovative approach and commitment to revolutionising business insurance in India. This milestone allows us to broaden our customer base and advance our mission to make insurance simple, personalised, and accessible for millions of SMEs and MSMEs across the country.”
Founded in 2023 by Ankit Kamra and Veera Thota through Antler’s Residency Program, Covrzy has already made significant strides, including raising $400K in pre-seed funding in May last year. Ankit Kamra, a 2X founder, previously led partnerships at Plum and was instrumental in developing Karbon Card. Veera Thota, the CTO, brings over 13 years of experience from Razorpay, PayPal, and Amazon.
With only about 1% of Indian MSMEs currently insured, Covrzy is positioned to address this gap with its full-stack platform. It aims to increase insurance penetration and support these critical business ventures. Covrzy’s digital-first approach offers affordable and flexible insurance solutions, empowering SMEs with tailored support and democratising insurance distribution in India.
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The startup has already onboarded over 500 clients, including notable names like Redcliffe Labs, Orange Labs, Karboncard, and Schbang. Covrzy collaborates with major insurers such as ICICI Lombard, Bajaj Allianz, and IFFCO Tokio to provide a wide range of insurance products. Over the next 12 to 18 months, Covrzy plans to assist more than 10,000 customers and aims to reach one million businesses in the coming years.
