With the acquisition of a direct broking (general) license from the Insurance Regulatory and Development Authority of India (IRDAI), Bengaluru-based insurtech company Covrzy has experienced a notable uptick in growth. With this achievement, Covrzy is now able to provide a full range of business insurance solutions in India as a direct insurance broker.
Ankit Kamra and Veera Thota launched the business in 2023 with the goal of making insurance easier for new businesses, SMEs, and MSMEs. Focusing on the underserved business insurance market in India, Covrzy has created an intuitive platform that simplifies the whole insurance process, from product identification to claims.
Addressing the Insurance Gap
With less than 1 percent of MSMEs already covered, India’s business insurance market is still largely unexplored. Covrzy provides customized insurance solutions and top-notch client support in an effort to be a force for change. Through its partnerships with top insurers like IFFCO Tokio, Bajaj Allianz, and ICICI Lombard, the company is able to offer a wide range of products that cater to the changing needs of businesses.
Growth and Expansion
With a successful pre-seed funding round of $400,000, Covrzy is well-positioned for growth. The startup has already onboarded over 500 clients, including prominent names like Redcliffe Labs and Karboncard. Building on this momentum, Covrzy is targeting to onboard over 10,000 customers in the next 12-18 months and ultimately protect millions of businesses through its platform.
Redefining Business Insurance
Covrzy’s mission is clear: to make business insurance accessible, affordable, and hassle-free. By combining technology, expertise, and a customer-centric approach, the company is poised to reshape the insurance industry and empower businesses to focus on growth without worrying about unforeseen risks.
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