BimaKavach: Furnishing Reliable Cost Effective Solution for the Startups

Tejas Jain,Founder

Tejas Jain


Insurance industry in India has seen a major growth in the last decade long with an introduction of a huge number of advanced products. This had led to a tough competition with a positive and healthy outcome. Insurance sector in India plays a dynamic role in the wellbeing of its economy. It substantially increases the opportunities for saving amongst the individuals, safeguards their future and helps the insurance sector form a massive pool of funds.

BimaKavach began the journey in 2017 with major focus on large companies in Centre India and West India. After the business was established, the company also started a dedicated team within the organization focusing on Startups. Supporting the startups, with smaller business portfolio was not being addressed via the larger groups and the ones working with them had skewed offerings limited to just group health insurance, inexperience in understanding and consulting complex products to these businesses.

It not only made sense for the company to cater to the rapidly growing startups, but also loved the involvement of the young and energetic founding teams in the process exposing to various businesses and their challenges. It sometimes takes long periods to convert the startups into clients, but knowing the educating of the clients and the startup landscape was the bedrock to get success and deliver value to the clients.

Significantly, BimaKavach is a startup-centric insurance broking company with more than 40 years of cumulative insurance and risk management experience, catering to numerous startups across the board from seed funded startups to listed companies. The team gets involved in the smallest companies with 5-7 members at seed stage to big and established startups with 500+ employees. Unlike other startup-focused brokers, BimaKavach goes beyond regular insurance products like Group Heath Insurances and consults companies to opt in for business liability insurance and help in understanding the need of insuring the businesses along with the health risks of the employees.

Also, support them in procuring most competitive quotes for free and consults them as per their product and services. The company work with more than 200 VC-
backed startups and manufacturing companies across India and has received multiple awards from the insurance partners for being the key contributor to premium books.

Safeguarding the Future with Additional Protection and Better Service
Moreover, with startups focused on the businesses and day to day functions, the founders fail to anticipate and insure the assets due to any unforeseen circumstances. The legal and business teams of BimaKavach studies the businesses with the founders and share risk assessments reports that show the vulnerabilities of the business. With multiple needs of a business and limited offerings by a single vendor it becomes difficult for startups to manage the insurances.

With the holistic insurance coverage, the company has become one single vendor for finance teams and HR teams. The company simplifies and transparently lay out the T&C and coverage which get missed in the long papers and fine print so the founders and team are 100% aware at all times. To ensure that, the legal team mediate between the end user and the insurance partners who can understand the legal t&c and the clients' situations as well.

In case the users lose the data and reports the team gives them access to a digital repository that they can use anytime. The experience of purchase is just 10% of the entire process. What makes the clients come back is the experience provided during claims, turnaround time, availability, claim settlement, negotiating with insurance providers, digitally easing the process, the dedicated legal and claims team aims to make the services better each day.

Working with more than 20 insurance providers and relations built over numerous years the company tries to arrange most cost effective quotes with agreeable terms and conditions for the clients. The company protects IT Businesses from expenses arising from theft, errors, loss of data, breach of data privacy and omissions due to employee infidelity or dishonesty.

Bima Kavach simplifies and transparently lays out the T&C and coverage which get missed in the fine print

In Addition, BimaKavach team while working with a new client shares digital form with critical information about the business. Software generates a vulnerability report for the businesses with appropriate solutions. The legal team vets the report generated and shares it with the client providing training for the teams who will be the end user of the software and digital platform for the clients to raise claims and check the claimed status. At its core, team at BimaKavach believes that startups in the absence of fear, risk and uncertainty the products and services, can do amazing things to secure the future success.

The mission is to make insurance work better for businesses of all types and sizes. The company started in 2017 and was mostly insuring large manufacturing companies out of the Head Quarters in Centre and West India. After 2018,it created a dedicated team responsible to grow the SMB/Startup businesses across India but mostly in Bangalore, Delhi/NCR and Hyderabad. In over 3 years of time the growth has consistently been over 100%, even during the pandemic.

Bimakavach is looking forward to strengthen the digital prediction model platform to recommend the apt covers for the clients and desires to partner with different organizations who share the same vision as to cater to wider geographies. Step into retail segment by launching niche digital products to sell micro insurances, cattle insurance, and many more. The company wants to work with accelerators, investors with the sole focus on educating businesses on the need of insurances other than basic products like just Group Health Insurance.