Covrzy, the trading 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). This development allows Covrzy, an emerging player in the Indian insurtech sector, to directly offer a diverse range of business insurance products.
According to CIO News, this regulatory endorsement empowers Covrzy to operate as a direct broker in the Indian market, addressing the country’s substantial gap in business insurance coverage.
What is Covrzy?
Covrzy’s platform is engineered to simplify the insurance experience for startups and small to medium-sized enterprises (SMEs). It delivers comprehensive services, including insurance product discovery, purchase, servicing, and claims management.
The company is committed to addressing India’s low insurance penetration in the business sector by providing accessible and tailored insurance solutions.
Co-founder and CEO Ankit Kamra expressed his enthusiasm about the new license. “We are delighted to receive the broking license from IRDAI. This recognition underscores Covrzy’s innovative approach and commitment to transforming the business insurance landscape in India. This significant milestone enhances our credibility and enables us to reach a broader customer base, thereby advancing our mission to make business insurance simple, personalized, and accessible for millions of SMEs and MSMEs across India,” Kamra told CIO News.
Covrzy Secures Pre-Seed Funding
Founded in 2023 by Kamra and Veera Thota through the Antler Residency Program, Covrzy has successfully raised $400,000 in pre-seed funding. The investment round was led by Antler, with additional support from Shastra VC.
Kamra, who has previously worked with Plum and Karbon Card, brings extensive entrepreneurial experience to Covrzy. Thota, the company’s Chief Technology Officer, has over 13 years of experience with companies including Razorpay, PayPal, and Amazon.
Kamra highlighted that insurance coverage among Indian MSMEs is currently around 1%, a statistic Covrzy aims to improve. “With our comprehensive platform, we are set to significantly enhance insurance coverage within this segment. Our long-term objective is to protect the health and longevity of these essential business entities, allowing owners to concentrate on growth without the burden of inherent risks,” he said.
Covrzy has already onboarded over 500 clients, including prominent companies such as Redcliffe Labs, Orange Labs, Karboncard, and Schbang. The start-up collaborates with insurers like 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.
The company aims to assist over 10,000 customers in the next 12 to 18 months and secure insurance for more than 1 million businesses in the coming years.
