The insurance industry is growing at a rapid pace with the support of technology. Bengaluru-based insurtech startup Covrzy has lately secured a direct broking (general) license from the Insurance Regulatory and Development Authority of India (IRDAI). It is a milestone success for them as it will enable the company to operate as a direct insurance broker in India. The company had raised $400,000 in its pre-seed round led by Antler, with additional support from Shastra VC (formerly Veda VC) in 2023.
Covrzy was founded by Ankit Kamra and Veera Thota. It has has positioned itself as a game-changer in the sector and particularly for the startups, small and medium enterprises (SMEs) as well as micro, small, and medium enterprises (MSMEs) in the country. Both the founders had envisioned to come up with such an insurance platform that should be accessible and customer-friendly as well. The duo are aiming to simplify the insurance buying for businesses of all sizes.
The digital-first approach of the startup is at the heart of its innovation. It is democratizing insurance distribution with the help of technology and easier for SMEs to access and manage insurance and claims support. It is an important service for businesses as they often find traditional insurance processes cumbersome and opaque. Its platform offers a streamlined, transparent as well as efficient way to navigate the complexities of business insurance.
Today’s Covrzy has onboarded more than 500 clients across India. Some of the notable clients in its list are Redcliffe Labs, Orange Labs, Karboncard and Schbang. The client roster is impressive and is a testament to its ability to meet diverse needs of modern businesses. Moreover, it has partnered with some of the leading insurance providers in the country such as ICICI Lombard, Bajaj Allianz and IFFCO Tokio.