Bengaluru's Covrzy Secures IRDAI License

Tags: National News

Covrzy, an Insurtech startup based in Bengaluru, Karnataka, has received a direct broking (general) license from the Insurance Regulatory and Development Authority of India (IRDAI).

An Overview of the News

• Founded in 2023 by Ankit Kamra, who previously founded Karbon Cards and Veera Thota, and has experience with PayPal, Razorpay, and Amazon.

• Raised $400,000 in May 2023 from Antler and Shastra VC (formerly Veda VC).

• Covrzy's platform helps manage the entire insurance cycle, including product discovery, purchase, servicing, and claims.

Growth and Milestones:

• Covrzy has onboarded over 500 clients, including Redcliffe Labs, Orange Labs, Karbon Card, and Schbang.

• The startup aims to onboard and assist over 10,000 customers within the next 12 to 18 months.

• Plans to secure over one million businesses in the coming years.

Insurance Offerings:

• Partners with renowned insurers like ICICI Lombard, Bajaj Allianz, and IFFCO Tokio.

• Provides a range of insurance products including commercial general liability, fire and theft insurance, product liability, cyber insurance, stock insurance, and asset insurance.

Future Plans:

• The new license enables Covrzy to expand its customer base and enhance credibility.

• Committed to making business insurance simple, personalized, and accessible to SMEs and MSMEs across India.