In the competitive and ever-evolving world of startups, Covrzy stands out as a pioneer in business insurance. Founded by Veera Thota and Ankit Kamra, Covrzy aims to transform how small and medium-sized enterprises (SMEs) and startups secure comprehensive insurance coverage through a tech-driven approach.
Veera Thota, Covrzy’s Co-Founder and CTO, has a BTech in Computer Science and Engineering from the National Institute of Technology, Warangal. With over a decade of experience at top companies like Amazon, Samsung India, and PayPal, Veera brings a wealth of knowledge to Covrzy. Ankit Kamra, the Co-Founder and CEO, graduated in Computer Programming from Guru Gobind Singh Indraprastha University and has held significant roles at companies like Plum. It was during his time at Plum that Ankit noticed the complexities and low penetration of business insurance for SMEs. This realization, combined with his previous experience with Flashcash, inspired him to streamline and improve the insurance process for businesses.
Their paths crossed at the Antler EIR program, where they conceived the idea for Covrzy. Their shared vision and complementary expertise in addressing business insurance inefficiencies provided a strong foundation for their venture. Ankit observed that while retail insurance was making strides, business insurance lagged, particularly for SMEs, which contribute over 30% of India’s GDP yet remain largely uninsured. Covrzy was established to address this gap, focusing on enhancing the customer journey by simplifying the discovery and recommendation process. Leveraging content to boost awareness and enabling quick policy recommendations, Covrzy offers a full-stack solution that includes advisory, management, and claims processing.
Covrzy distinguishes itself with a wide array of customized insurance products tailored to SMEs and startups in various sectors, including Fintech and SaaS. Their offerings include Commercial General Liability, Fire & Theft, Product Liability, Professional Indemnity, Cyber Insurance, Directors & Officers Insurance, Export Credit, Stock Insurance, and Asset Insurance. Their partnership-led distribution model and high-quality advisory services set them apart in the competitive market. Covrzy’s personalized, non-pushy sales approach ensures businesses receive the coverage they need, particularly excelling in liability insurance.
The company’s organizational culture emphasizes a lean team structure that delivers maximum value. By promoting flexibility and self-accountability, Covrzy allows team members to take on multiple roles and maximize personal growth, fostering a healthy work environment and preparing employees for leadership roles. Currently operating on a limited scale, Covrzy is preparing to launch its product and expects to secure the necessary license within the next two months, paving the way for significant expansion.
With approximately $400K USD raised from Antler India and Shastra VC, Covrzy plans to extend its operations across various categories and cities in India. The startup faces unique challenges in the regulated insurance industry, needing to comply with the Ministry of Corporate Affairs (MCA) and the Insurance Regulatory and Development Authority (IRDA). They also address issues like customer awareness, product recommendation, and trust-building. Despite these hurdles, Covrzy is committed to success, working closely with regulators, insurance companies, and other key industry players.
Ankit Kamra advises aspiring entrepreneurs to focus on creating value for customers, keeping them at the center of every decision. Veera Thota highlights the importance of building a robust product and acquiring a diverse skill set necessary for the entrepreneurial journey. Prioritizing customer value in every aspect of the product and experience is essential.
Covrzy exemplifies innovation and dedication in the business insurance sector. Their tech-driven approach, customized solutions, and strong focus on customer experience position them to transform the insurance landscape for SMEs and startups. Through visionary leadership and a commitment to excellence, Covrzy is paving the way for a more secure and resilient future for businesses.