Insurtech Startup Covrzy Secures IRDAI Broking License

Bengaluru-based insurtech startup Covrzy has recently achieved a significant milestone by obtaining a direct broking (general) license from the Insurance Regulatory and Development Authority of India (IRDAI). This license permits Covrzy to function as a direct insurance broker, allowing it to offer a comprehensive range of business insurance solutions across India.

Company Background

Co-founded by Ankit Kamra and Veera Thota, Covrzy focuses on simplifying the insurance buying process for startups, SMEs, and MSMEs. The startup raised $400K in a pre-seed round led by Antler and Shastra VC in May last year. Covrzy aims to democratize insurance distribution with its digital-first approach, enhancing insurance accessibility and support for Indian businesses.

Growth and Clientele

Covrzy has onboarded over 500 clients, including notable companies like Redcliffe Labs, Orange Labs, Karboncard, and Schbang. The company has established partnerships with leading insurers such as ICICI Lombard, Bajaj Allianz, and IFFCO Tokio.

Strategic Vision

With only about 1% of Indian MSMEs currently insured, Covrzy plans to address this gap with its full-stack platform. The startup’s goal is to increase insurance penetration among MSMEs, aiming to assist more than 10,000 customers in the next 12 to 18 months and reach one million businesses in the coming years.

Leadership Insights

Ankit Kamra, Co-founder & CEO of Covrzy, expressed enthusiasm about the new license, emphasizing that it validates the company’s innovative approach. Veera Thota, the CTO, brings extensive experience from Razorpay, PayPal, and Amazon, further strengthening Covrzy’s leadership.

Future Plans

Covrzy intends to continue expanding its reach and capabilities, leveraging its broking license to provide affordable, flexible insurance solutions tailored to the needs of Indian SMEs and MSMEs.