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Insurtech startup Covrzy gets broking license from IRDAI

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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.