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Insurtech startup Covrzy gets broking license from IRDAI

Entrackr

Entrackr · 1y ago

Insurtech startup Covrzy gets broking license from IRDAI

Bengaluru-based insurtech startup Covrzy has been granted a direct broking (general) license by Insurance Regulatory and Development Authority of India (IRDAI). This enables Covrzy to operate as a direct insurance broker in India, offering a full spectrum of business insurance solutions. In May last year, the startup had raised $400K in its pre-seed round led by Antler, with participation from Shastra VC (formerly Veda VC). Co-founded by Ankit Kamra and Veera Thota, Covrzy provides an easy, customer-friendly insurance buying journey, particularly for startups, SMEs and MSMEs in India. Through its digital-first approach, Covrzy empowers SMEs with insurance and claims support, democratizing insurance distribution in India. Till date, Covrzy claims to have boarded over 500 clients pan-India, including both MSMEs and startups, with Redcliffe Labs, Orange Labs, Karboncard, and Schbang being some of their prominent clients. The startup has also collaborated with various renowned insurer partners like ICICI Lombard, Bajaj Allainz, IFFCO Tokio, among others.

Related News

Insurtech startup BimaKavach gets IRDAI licence for corporate insurance

Economic Times

Economic Times · 1y ago

Insurtech startup BimaKavach gets IRDAI licence for corporate insurance

Insurtech startup BimaKavach has been granted a direct insurance broking license by the Insurance Regulatory and Development Authority of India (IRDAI). This license will allow BimaKavach to expand its insurance offerings for businesses, particularly small and medium enterprises. The startup aims to collect Rs 100 crore in gross written premiums by the fiscal year 2024-25. BimaKavach currently offers 18 insurance products ranging from liability to group health insurance. The company plans to focus on eliminating misselling and providing appropriate coverage at competitive prices.

With the new IRDAI license, Policybazaar eyes re-insurance market

The Arc Web

The Arc Web · 1y ago

With the new IRDAI license, Policybazaar eyes re-insurance market

PB Fintech, the parent company of Policybazaar and Paisabazaar, has obtained a Composite Insurance Broker license from the IRDAI. This new license will allow PB Fintech to enter the re-insurance broking market and introduce technology-driven innovations. Reinsurance broking offers a highly profitable business model with lower capital requirements. PB Fintech reported a net profit of Rs 4 crore for the nine months ending in December 2023, marking a substantial improvement from the previous year. The company's share price has risen, and investors have begun to realize profits.

CASHe Buys Hyderabad-Based Centcart Insurance To Enter Insurance Broking Space

Inc42 · 1y ago

CASHe Buys Hyderabad-Based Centcart Insurance To Enter Insurance Broking Space

CASHe has acquired Centcart Insurance Broking Services, a Hyderabad-based firm, enabling them to enter the insurance broking arena. With an IRDAI-approved license, CASHe can now sell insurance products from all Indian insurers, targeting its existing 50 million users, particularly in rural and semi-urban markets. This move comes after CASHe's expansion into wealth management in 2022, with expectations that the Indian insurance market will reach $200 billion by 2027.

InsuranceDekho, Renewbuy in talks to merge in $1 billion deal

The Arc Web

The Arc Web · 10m ago

InsuranceDekho, Renewbuy in talks to merge in $1 billion deal

InsuranceDekho is set to merge with RenewBuy in a cash-and-stock deal, creating a combined entity valued at over $1 billion. This merger aims to compete with PolicyBazaar and Turtlemint, focusing on insurance distribution, especially in smaller towns. InsuranceDekho, which began as a distributor under CarDekho, now has extensive insurer partnerships and received a composite insurance broking license from IRDAI in July. The deal’s specifics are still under discussion.

Crypto exchange CoinSwitch gets into stock broking with Lemonn

Economic Times

Economic Times · 1y ago

Crypto exchange CoinSwitch gets into stock broking with Lemonn

PeepalCo, the parent company of Coinswitch, is launching a stock broking app called Lemonn. The app aims to simplify stock discovery and investments for first-time investors. Lemonn will have its own management and operational teams. It plans to offer zero trading brokerage for the first three months and introduce a flat broking fee structure later on. The platform currently supports equity investments and plans to introduce mutual funds and investments in IPOs. Lemonn app holds a stock broking license and plans to utilize previously raised funds by PeepalCo for its growth.

American insurer Lockton gets IRDAI nod for Arihant’s insurance arm acquisition

VCCircle

VCCircle · 10m ago

American insurer Lockton gets IRDAI nod for Arihant’s insurance arm acquisition

US insurer Lockton has gained approval from the Insurance Regulatory and Development Authority of India (IRDAI) to fully acquire Arihant Insurance Broking Services, a subsidiary of the Arihant Capital Group. The acquisition will allow Lockton to expand its operations in the Indian market and tap into opportunities in risk consulting and management services. Lockton aims to enhance its presence in emerging markets and provide comprehensive risk management and insurance solutions to clients. The deal was completed on 24 October, with Lockton becoming the sole owner of Arihant Insurance.

With new licence, Policybazaar targets reinsurance market

The Arc Web

The Arc Web · 1y ago

With new licence, Policybazaar targets reinsurance market

PB Fintech, the parent company of Policybazaar and Paisabazaar, has obtained a composite insurance-broker license from IRDAI, allowing it to enter the reinsurance broking segment. This move will enable PB Fintech to provide reinsurance coverage, protecting insurers from customer claims. PB Fintech aims to introduce technology, process control, and data analytics-based innovation in the reinsurance capacity. The reinsurance sector is currently dominated by global giants such as Munich Re and Berkshire Hathaway. PB Fintech reported strong financial results for the nine months ending December 31, 2023, with revenues rising by 39% and a net profit of Rs 4 crore.

Neobanking startup Jupiter gets RBI nod for mobile wallet licence

Economic Times

Economic Times · 1y ago

Neobanking startup Jupiter gets RBI nod for mobile wallet licence

Bengaluru-based neobank startup Jupiter has received a prepaid payments instrument license from the Reserve Bank of India. The license will enable the company to offer digital wallets to its users for UPI payments, fund transfers, and bill payments. Jupiter, backed by Tiger Global and Peak XV Partners, plans to introduce prepaid account facilities and build new use cases on its app. The startup has raised $165 million so far and was valued at $654 million as of June 2023. This license marks the second major approval for Jupiter after receiving an NBFC license last year.

Kenko Health Founder Alleges IRDAI Red Tape To Blame For Shutdown

Inc42 · 9m ago

Kenko Health Founder Alleges IRDAI Red Tape To Blame For Shutdown

Kenko Health's cofounder, Aniruddha Sen, has accused regulatory hurdles at the Insurance Regulatory and Development Authority of India (IRDAI) as the reason behind the startup's failure. According to Sen, the company was made to go through a lengthy and fruitless process to obtain an insurance license from IRDAI. In addition, he hinted at involvement from an undisclosed Indian family office that contributed to Kenko Health's downfall. No further details regarding this claim were provided.

Startups in queue for insurance licence face stricter norms

Economic Times

Economic Times · 1y ago

Startups in queue for insurance licence face stricter norms

The Insurance Regulatory and Development Authority of India (Irdai) is taking a closer look at venture-funded startups seeking to become insurance companies. Following recent financial irregularities in new-economy firms, Irdai is implementing stricter guidelines for granting insurance licenses. It is expected that companies seeking a license will have to eliminate holding company structures and secure investor funding directly. The regulator also prefers applicants to have backing from a large domestic investor and for the promoter to have a substantial net worth. The move comes after 19 companies applied for an insurance manufacturing license by the end of 2023.

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