Dear Valued Customers, Partners, and Stakeholders
We are happy to announce that BimaKavach has obtained a Direct Insurance Broking License from India's Insurance Regulatory and Development Authority (IRDAI). This allows us to further expand our services and provide comprehensive business insurance solutions to meet your evolving needs.
This license represents a significant step forward in our commitment to make business insurance simple, digital, and transparent. It also reinforces our position as a trusted partner in protecting what matters the most - your business.
The Story Behind The License
Led by our founder and CEO, Tejas Jain, the roots of what we do today were laid down by Tejas’s great-grandfather when he joined LIC in 1962. With an insurance legacy built up over four generations as employees and agents of insurance companies, BimaKavach is his foray into making a more significant impact in risk management. This broking license is the pedestal we stand on as we aim to disrupt how India buys business insurance.
What is an insurance broking company?
An insurance broking company acts as an intermediary for insurance buyers and providers, with an in-depth understanding of insurance products. Their major responsibility is to make sure that buyers receive the appropriate coverage for their personal or corporate needs. These firms discover appropriate insurance products and negotiate with several insurers to achieve the best cost by understanding the nature and risks of the business. Furthermore, these companies provide crucial claim assistance. A good insurance broking company will bring its knowledge, awareness of unique requirements, ability to discover the best coverage, negotiation abilities, and speedy claims support to the table.
Why did we need this license?
Obtaining an insurance broking license from IRDAI is a crucial regulatory requirement in India. It has been on our roadmap since we started BimaKavach and securing this license is simply our commitment to compliance coming true.
This license helps us expand our team of experienced risk professionals who have expertise and know what they are doing. It also strengthens our relationships with insurers so you can get more and better options to cover your business risks.
With a core focus on business insurance, the license will help us maintain our competitive advantage of expertise and compliance. We assure you that you will get the right coverage and thorough support during claims.
What does this mean for you?
With our newly acquired broking license, we are no longer reliant on partner brokers, enabling us to serve you more efficiently. It means that we can now provide a more holistic approach to business insurance and are ready to launch the full suite of business insurance products so you are protected no matter how your business evolves. Moreover, we are now bound by the rigorous compliance regulations enforced by IRDAI, ensuring our accountability. Rest assured, our primary goal remains unchanged: to simplify, expedite, and make business insurance transparent for you.
We are excited about this new chapter for BimaKavach and are confident that this license will enhance our ability to serve you better. Your trust and continued support have been instrumental in our growth. We look forward to further strengthening our partnership as we embark on this exciting journey together.
If you have any questions or would like to learn more about our insurance broking services, please do not hesitate to contact our dedicated team at support@bimakavach.com
Thank you for your unwavering support. We are grateful for the opportunity to continue providing you with exceptional insurance solutions.
Team BimaKavach
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