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Key Developments
Covrzy, a Bengaluru-based insurtech startup, operating under Bizcovr Insurance Broking Private Limited, has secured a direct broking (general) license from the Insurance Regulatory and Development Authority of India (IRDAI). This license significantly enhances Covrzy’s credibility and enables it to expand its reach within India’s business insurance market, particularly targeting MSMEs and startups.
Innovative Approach and Market Impact
Covrzy aims to transform the business insurance landscape with its comprehensive, web-based platform that manages the entire insurance cycle, from product discovery to purchase, servicing, and claims. The startup, founded in 2023 by Ankit Kamra and Veera Thota, has already raised $400K in pre-seed funding and onboarded over 500 clients, including prominent names like Redcliffe Labs and Karboncard.
Ankit Kamra’s Statement: Co-founder & CEO Ankit Kamra expressed enthusiasm about the license, emphasizing Covrzy’s mission to simplify, personalize, and democratize insurance for millions of SMEs and MSMEs across India. Covrzy collaborates with major insurers such as ICICI Lombard and Bajaj Allianz, aiming to support over 10,000 customers in the next 12 to 18 months and reach one million businesses in the coming years.
Founders’ Backgrounds: Ankit Kamra, a 2X founder, previously led partnerships at Plum and played a crucial role in developing Karbon Card. Veera Thota, the CTO, has over 13 years of experience from Razorpay, PayPal, and Amazon.
Insurance Penetration and Digital Approach: With only about 1% of Indian MSMEs currently insured, Covrzy is positioned to address this gap with its full-stack platform. The company’s digital-first approach offers affordable and flexible insurance solutions, empowering SMEs with tailored support and democratizing insurance distribution in India.
Client Onboarding and Future Plans: The startup has onboarded over 500 clients and 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.
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