The Insurance Regulatory and Development Authority of India (IRDAI) has allowed Bengaluru-based insurtech startup Covrzy to operate under a direct broking (general) license.
Due to this, Covrzy is able to function in India as a direct insurance broker and provide a wide range of business insurance options.
The startup raised $400K in May of last year in a pre-seed round led by Antler and including participation from Shastra VC (formerly Veda VC).
Ankit Kamra and Veera Thota co-founded Covrzy, which offers a simple, user-friendly insurance purchasing process, especially for Indian startups, SMEs, and MSMEs.
By putting digital first, Covrzy democratizes insurance distribution in India by providing SMEs with insurance and claims assistance.
Redcliffe Labs, Orange Labs, Karboncard, and Schbang are just a few of the well-known clients that Covrzy claims to have on boarded over 500 clients throughout India to date, encompassing both MSMEs and startups.
Additionally, the startup has worked with a number of well-known insurance partners, including IFFCO Tokio, Bajaj Allainz, and ICICI Lombard.
