Tejas Jain launched the Indore-based business insurance platform, BimaKavach, in 2021, along with his father, R.K Jain, who is the COO of the startup.
Notably, one of the world’s biggest insurance marketplaces is in India. However, the SME (small and medium enterprises) sector remains unexplored, primarily in insurance penetration.
Tejas came from a long line of insurance professionals. It’s interesting to note that three generations of Tejas’ family have worked in the insurance business and contributed to expanding general and life insurance across the nation.
The young entrepreneur previously worked as an IRDA-licensed agent with Bajaj Allianz General Insurance. His main activities have been growing B2C and B2B insurance sales. He discovered the importance of meeting the insurance needs of startups and SMBs while working there.
So, he reached the point of launching an insurance startup that exclusively benefits startups and SMBs.
Tejas started the company by spending a few thousand to buy two computers. On the other hand, the actual investment was in the form of a market study. It made a great effort to convince partners and other insurance giants like ICICI, HDFC Ergo, and Tata AIG about the underwriting stuff.
Fascinatingly, SMEs and startups can choose from various business insurance options.
The insurance startup supports SMEs and startups, particularly with liability and asset insurance. It has designed numerous insurance products to protect companies from risks along their growth path.
The insurance plans offered by BimaKavach are created in three phases. They are,
Early stage: It is intended for “recently launched” startups and SMEs, and their insurance package includes product liability insurance, directors and officers insurance, fire insurance, and errors and omissions insurance.
Growth stage: It is an insurance type best suited for startups and SMEs with rapid growth. This package also offers early-stage insurance features and cyber insurance coverage.
Late Stage: This insurance coverage is the most effective option for SMEs and startups looking for stability, market expansion, and compliance with regulations. This package also includes early and growth features along with crime insurance.
Additionally, Tejas’ startup educates these business owners about the significance of insurance policies and how it won’t be a financial burden for them.
The 10-question insurance application process at BimaKavach is simple. They assist their customers with a personalised insurance strategy by comprehending their demands.
How can BimaKavach help you?
Business insurance, as opposed to health insurance, can shield your company from various risks and unforeseen difficulties, including monetary, strategic, reputational, liability, business interruption, and security risks.
As part of a comprehensive risk management programme and eventual claim settlements, BimaKavach assists customers in selecting the best commercial insurance plans to safeguard their companies from hazards.
Clientele and Margins
Clients include CoinDCX, CleverTap, FinBox, Wooly Farms, FamPay, ComSyn, Flexituff, Kriti Industries, PickRenew, KP Green Energy, Apollo Creations, Caprihans, Man Industries, Signet Industries, and Ujaas Energy, this insurance startup has a strong clientele.
With 350 firms now being served, the insurance company has doubled in size in a year. It intends to generate a gross written premium of Rs 20 crore for 2023–2024.
Within 12 months, the company hopes to attract 500 to 600 customers. In due course, they also hope to expand into Tier II and Tier III cities.