 "IRDAI")
BimaKavach has received a direct insurance broking licence from the Insurance Regulatory and Development Authority of India (IRDAI), enabling the firm to actively market its customised range of insurance products for businesses across India.
The company specialises in digitising and offering instant quotes for cyber and crime insurance, thereby facilitating online purchases and serviceability. Additionally, it provides tailored solutions and guidance.
With a portfolio of 18 insurance products divided into categories such as liability, asset, engineering, marine, and group health insurance, BimaKavach simplifies the insurance acquisition process for businesses. Companies can now manage multiple coverage options in one centralised location, obviating the need for multiple brokers.
Tejas Jain, founder of BimaKavach, commented on the milestone, saying, "With this direct business insurance licence, our goal is to collect Rs 100 crore in Gross Written Premium (GWP) by FY 2024-25. Our focus will be on easing the process for first-time buyers in the Small and Medium Enterprises (SME) sector and offering technology solutions to larger enterprises to better manage their insurance policies."
In 2022, the company secured $2 million in funding from WaterBridge Ventures, Blume Ventures, Arali Ventures, and Eximius Ventures. The funds are earmarked for developing new-age business risk covers, investing in proprietary risk management technology, and scaling the business. BimaKavach is also planning a Series A fundraising round in 2024.
