Covrzy Secures Regulatory Nod to Disrupt Insurance Market

Bengaluru-based insurtech pioneer, Covrzy, has achieved a significant milestone by securing a direct broking license from the Insurance Regulatory and Development Authority of India (IRDAI). This authorization empowers Covrzy to function as a direct insurance broker within India, offering a comprehensive suite of business insurance solutions.

Financial Backing and Market Focus

In the preceding year, Covrzy successfully secured $400,000 in pre-seed funding from prominent investors, including Antler and Shastra VC (formerly known as Veda VC). The company’s founders, Ankit Kamra and Veera Thota, have cultivated a user-centric platform designed to simplify the insurance acquisition process for startups, small and medium-sized enterprises (SMEs), and micro, small, and medium enterprises (MSMEs).

Digital-First Approach to Insurance

Covrzy’s innovative digital-first approach empowers businesses by providing seamless access to insurance coverage and claims support. This groundbreaking model is reshaping insurance distribution in India by making it more accessible and inclusive.

Client Base and Partnerships

To date, Covrzy has garnered a substantial client base, exceeding 500 businesses across India, including a diverse range of startups and MSMEs. The company’s impressive clientele features prominent names such as Redcliffe Labs, Orange Labs, Karboncard, and Schbang. Furthermore, Covrzy has forged strategic partnerships with renowned insurance providers, including ICICI Lombard, Bajaj Allianz, and IFFCO Tokio.