The Bengaluru-based firm aims to address the low insurance penetration in India’s business sector by providing accessible and comprehensive insurance solutions.
Covrzy’s platform simplifies the insurance process for startups and small to medium-sized enterprises (SMEs).
It offers comprehensive services, including the discovery, purchase, servicing, and management of insurance claims.
Co-founder and CEO Ankit Kamra expressed his enthusiasm 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 remarked.
Founded in 2023 by Kamra and Veera Thota through the Antler Residency Program, Covrzy has already raised $400,000 in pre-seed funding. The funding round was led by Antler, with additional support from Shastra VC.
Looking ahead to the future, Kamra added, “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.”
Covrzy has already garnered over 500 clients, including prominent names 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 variety of products, including commercial general liability, fire and theft insurance, product liability, cyber insurance, and asset insurance.
The company aims to support over 10,000 customers in the next 12 to 18 months and secure insurance for more than 1 million businesses in the coming years.
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