BimaKavach, an insurtech startup, announced that it obtained a direct insurance broking license from the Insurance Regulatory and Development Authority of India (IRDAI). This license allows the platform to expand its insurance offerings for businesses.
BimaKavach specializes in selling corporate insurance products, primarily focusing on small and medium enterprises. They offer a portfolio of 18 insurance products, covering liability, assets, engineering, marine, and group health insurance.
In a statement, the Indore-based startup expressed its goal of achieving Rs 100 crore in gross written premiums (GWPs) by the fiscal year 2024-2025.
“By securing this direct business insurance licence, 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 launch has been a three-year journey working with top insurance and reinsurance companies to create industry-specific products. We intend to remove misselling so each business can get the right coverage at the right price,” Jain added.
This development coincides with when insurtech startups in India attract prominent investors, reinforcing investor confidence due to the sector’s strong growth. For example, the Delhi NCR-based insurtech startup InsuranceDekho recently secured $60 million in funding, with Mitsubishi UFJ Financial Group leading the round and participation from BNP Paribas Cardif and others.
In addition, another insurtech startup, Onsurity, raised $24 million just last week in a funding round, with the International Finance Corporation (IFC) taking the lead.
Notably, BimaKavach secured $2 million in a seed round last year, with WaterBridge Ventures as the lead investor. The company has revealed plans for another fundraising effort in 2024.
