Insurtech Startup Covrzy Receives Broking Licence from IRDAI

Current Context: On 25th July 2024, Bengaluru-based Covrzy was awarded a direct broking (general) license by the Insurance Regulatory and Development Authority of India (IRDAI).

• This license allows Covrzy to function as a direct insurance broker in India, offering a comprehensive range of business insurance solutions.
• The startup aims to simplify the insurance buying process, particularly for startups, small and medium-sized enterprises (SMEs), and micro, small, and medium enterprises (MSMEs) in India.
• Their web-based platform helps users manage their entire insurance cycle, from product discovery to purchase, servicing, and claims.
• Co-founder & CEO Ankit Kamra expressed excitement about this milestone, emphasizing their mission to make business insurance simple and accessible to millions of SMEs and MSMEs across India.
• Currently, only around 1% of Indian MSMEs are insured, and Covrzy aims to enhance insurance penetration within this crucial segment of the economy.

Question:

1 Which company has recently been granted a direct broking (general) license by IRDAI?

• A) Covrzy
• B) Antler
• C) Shastra VC
• D) IRDAI

Answer: A) On 25th July 2024, Bengaluru-based Covrzy was awarded a direct broking (general) license by the Insurance Regulatory and Development Authority of India (IRDAI).