The Insurance Regulatory and Development Authority of India (IRDAI) has granted instant insurance trading to the insurtech startup BimaKavach. The license will allow the platform to increase the number of business insurance products it offers.
Selling corporate insurance services, BimaKavach primarily targets small and medium-sized businesses. 18 insurance products make up its current portfolio, which is broadly divided into liability, resource, engineering, underwater, and group health insurance.
“By securing this direct business insurance license, we aim to collect Rs 100 crore in GWP by FY 2024-25 from small and medium enterprises (SMEs) as it will focus on reducing difficulties for first-time buyers and providing tech solutions for larger enterprises to help manage insurance policies better,” Tejas Jain, the founder of BimaKavach, said in the statement.
This development occurs at a time when Indian insurtech startups are luring high-profile investors to their secure table, reiterating investor confidence in the sector’s robust growth. For instance, the insurtech business InsuranceDekho, centered in Delhi NCR, recently raised $60 million in a funding round that was co-led by Mitsubishi UFJ Financial Group and included, among others, BNP Paribas Cardif.
BimaKavach is a customer-focused business that specialises in commercial insurance.
They think it should be easy, quick, and transparent for businesses to purchase insurance. Your exact coverage needs are met at the best price thanks to their team of knowledgeable risk professionals.
WaterBridge, Arali, Blume, and Eximius Ventures are their financial backers. They serve both simple and complex risks and have four decades of insurance experience.