Innovation is the key today and Covrzy is making waves in the business insurance sector. It is paving the path to revolutionize how small and medium-sized enterprises (SMEs) and startups insure themselves. The basic idea is to support the process with tech-driven solutions.
Covrzy is co-founded by Veera Thota and Ankit Kamra. Veera Thota is the CTO of the company and comes from a Computer Science and Engineering background from the National Institute of Technology, Warangal. She has worked with top companies like Amazon and PayPal for decades.
Ankit Kamra is the CEO of the company and comes from a Computer Programming background from Guru Gobind Singh Indraprastha University. His worked with Plum and identified major gaps in business insurance for SMEs.
SMEs contribute to more than 30% of India’s GDP. It is found that more than 85% of them are uninsured. Ankit has some experience from his previous startup Flashcash, which tried to simplify business insurance.
Veera and Ankit met at the Antler EIR program and thereafter decided to combine their skills as well as vision to create Covrzy.
Ankit noticed that retail insurance was improving India, but business insurance for SMEs was outdated as well as inefficient. SMEs were often left unprotected against financial risks. Hence, the Covrzy aims to address the issues directly. It is set to simplify the insurance process by enhancing customer experience. It will use content to boost awareness and provide quick policy recommendations.
Covrzy offers customized insurance products which are basically tailored to the needs of SMEs and startups such as Fintech and SaaS. The products range from Commercial General Liability to Cyber Insurance and Export Credit.
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.