- BimaKavach secures the IRDAI license.
- It offers comprehensive, cost-effective, and expert-driven business insurance solutions.
- The license allows the company to actively market its range of insurance products.
- Aim to collect 100cr in GWP by FY – 2024-25.
India, 16th October 2023 – BimaKavach, the pioneer in business insurance, secures a direct insurance broking license from the Insurance Regulatory and Development Authority of India (IRDAI). This significant milestone signifies a crucial regulatory and compliance requirement met by BimaKavach, further empowering the company to serve Indian enterprises as a trusted and compliant partner for their business insurance needs.
BimaKavach’s direct insurance broking license from IRDAI provides a strategic advantage in the Indian insurance market. The license allows the company to actively market its range of insurance products and platforms tailored specifically to the needs of businesses across India. The acquisition of this license is not just a regulatory formality but a testament to BimaKavach’s commitment to offering comprehensive, cost-effective, and expert-driven business insurance solutions.
BimaKavach is the only platform that digitizes and provides instant quotes for even complex products like cyber and crime insurance to enable smoother online purchases and serviceability. With a strong emphasis on industry-specific products and technical underwriting support, it ensures that customers have access to expert guidance and tailored solutions, eliminating the call center approach common on other platforms.
The platform features 18 insurance products, broadly categorized into liability, asset, engineering, marine, and group health insurance. This wide array of products simplifies the insurance buying process for businesses, as they can access and manage all the necessary coverage options in one place, eliminating the need to engage multiple brokers.
It recognized the challenges businesses face in purchasing insurance policies designed primarily for larger enterprises. The company saw the need to simplify the process and provide clients with the right technical expertise, a void left by traditional brokers.
Speaking about securing the IRDAI license, Tejas Jain, the founder of BimaKavach stated, “We have always had a crystal clear focus on business insurance. This launch has been a three-year journey working with top insurance and reinsurance companies to create industry-specific products that include the required coverages and exclude unnecessary ones. We intend to remove misselling so each business can get the right coverages at the right price.”
“By securing this direct business insurance license, we aim to collect 100 cr 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” he further added.
As BimaKavach takes this pivotal step forward with its IRDAI license in hand, the company is poised to revolutionize the business insurance landscape in India, making it simpler, digital, and more transparent.
In 2022, BimaKavach raised $2 million in a seed round led by WaterBridge Ventures, with participation from Blume Ventures, Arali Ventures, and Eximius Ventures to be utilized for designing new-age business risk covers, investing in proprietary risk management technology, and scaling the business and teams. It is now planning for a series A fund-raise in 2024.
Based out of Bangalore, BimaKavach, India’s premier digital business insurance provider, was established in the year 2021 by Tejas Jain. With a mission to simplify the intricate process of obtaining business insurance, BimaKavach has transformed the landscape of the industry. Drawing from four decades of expertise, the company recognized and addressed the common challenges faced by clients, including excessive paperwork, confusing quote requirements, and a lack of transparency in policy acquisition. In 2022, BimaKavach raised $2 million in a seed round led by WaterBridge Ventures, with participation from Blume Ventures, Arali Ventures, and Eximius Ventures to be utilized for designing new-age business risk covers, investing in proprietary risk management technology, and scaling the business and teams.