How a serial entrepreneur and a tech leader validated a billion dollar insurtech problem

How a serial entrepreneur and a tech leader validated a billion dollar insurtech problem

Antler India

November 16, 2023
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Ankit Kamra and Veera Thota are solving the tough problem of penetration of business liability insurance for millions of MSMEs and startups. With a fresh, product-led approach that turns the “push” sell into a “pull”, their full-stack platform and partnerships with market-leading insurers ensure best-in-class insurance solutions.

Ankit is a repeat entrepreneur and Veera previously built FinTech systems for scale. Together, they are now solving a billion-dollar Insurtech problem. This is the story of how Ankit and Veera (Co-founders, Covrzy) came together to build.

Opportunity and idea validation

Having built and been a core part of many successful startups such as Plum, Karbon Cards, Razorpay and Paypal, Ankit and Veera both wanted to build an organization for scale and impact. Brought together by the aspiration to build in FinTech, they solidified this Insurtech idea through experiments and iteration at the Residency. Here is a peek into what Covrzy's idea validation process looked like:

  1. Understanding in detail the market trends of formalisation and digitisation of businesses in India.
  2. Assessing the problem statement of how an ecosystem of over 20 general insurance companies results in over 300+ products to choose and aggregate from. Having the right insurance is now recognised as one of the most important pills to avoid pain! The discovery of the right insurance itself is a pain not yet solved.
  3. Arriving at the insight that the playbook of using a single metric like PAN or CIBIL score to deliver insurance quotes already exists in the Life Insurance Business. A similar playbook using GST ID is now possible. Power to the People - The solution helps bring siloed and disparate data in a comparable usable format reducing the price of discover.

Disagree and commit

Ankit and Veera took the personality assessment as a part of the program. With complementary personality types, ‘disagree and commit’ became one of the core values of their co-founder relationship. Understanding each others’ strengths and weaknesses through the course of the Residency helped them build an enduring dynamic.

Transforming the way liability insurance is sold

Currently, a small fraction of India's 6.33 crore MSMEs have business insurance. Covrzy’s full-stack platform and partnerships with market-leading insurers oers best-in-class insurance solutions tailored to the needs of customers. From meeting at the Residency, Ankit and Veera are now making liability insurance simple, personalized, and accessible for millions of businesses across India.

To know more about Covrzy, head here.

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