The license will allow the company to actively market its range of insurance products
BimaKavach has secured a direct insurance broking license from the Insurance Regulatory and Development Authority of India (IRDAI). This signifies a crucial regulatory and compliance requirement met by BimaKavach, further empowering the company to serve Indian enterprises as a trusted and compliant partner for their business insurance needs.
BimaKavach's direct insurance broking license from IRDAI provides a strategic advantage in the Indian insurance market. The license allows the company to actively market its range of insurance products and platforms tailored specifically to the needs of businesses across India. The acquisition of this license is not just a regulatory formality but a testament to BimaKavach's commitment to offering comprehensive, cost-effective, and expert-driven business insurance solutions.
BimaKavach digitizes and provides instant quotes for products like cyber and crime insurance to enable smoother online purchases and serviceability. With a strong emphasis on industry-specific products and technical underwriting support, it ensures that customers have access to expert guidance and tailored solutions, eliminating the call center approach common on other platforms.
Speaking about securing the IRDAI license, Tejas Jain, the founder of BimaKavach stated, "We have always had a crystal-clear focus on business insurance. This launch has been a three-year journey working with top insurance and reinsurance companies to create industry-specific products that include the required coverages and exclude unnecessary ones. We intend to remove misselling so each business can get the right coverages at the right price."