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Indore-based BimaKavach caters to the business insurance needs of small and medium enterprises

BimaKavach was conceived in 2021 with the objective of transforming the way SMEs and startups obtain business insurance in India. In a year, it has catered to around 350 enterprises and has grown 2X times.

Indore-based BimaKavach caters to the business insurance needs of small and medium enterprises

Tuesday October 25, 2022 , 5 min Read

India is one of the largest insurance markets in the world. However, the penetration of insurance is more or less untapped in the SME (small and medium enterprises) sector. 

With the objective of tapping this underserved market, Tejas Jain, who hails from a family of insurance experts, started BimaKavach, a business insurance platform, in 2021. 

BimaKavach strives to simplify the way SMEs and startups avail themselves of business insurance. By pairing technology and insurance expertise, BimaKavach helps SMEs and startups set up insurance coverage customised to their needs. 

In a year, BimaKavach has catered to around 350 enterprises and has grown 2X. It is eyeing a gross written premium of Rs 20 crore in fiscal year 2023-24.

Tejas started BimaKavach in Indore, Madhya Pradesh along with his father R. K. Jain, the COO of the company. He had invested just a few thousand rupees in the venture, as all he required was two computers. The major investment was in the form of a market study and the effort put in to convince partners and insurance companies like ICICI, HDFC Ergo, and TATA AIG about underwriting.

Three generations of Tejas’ family were involved in the growth of life and general insurance in India. Before starting BimaKavach, Tejas had worked as an IRDA licensed agent with Bajaj Allianz General Insurance, where he was primarily engaged in sales development of B2C and B2B insurance. So, he understood the need to cater to the insurance needs of startups and small and medium businesses. 

“In India, nearly 95% of startups and MSMEs are uninsured. We want to fix commercial insurance from scratch by building suitable startup- and SME-focused insurance products,” says Tejas in an interaction with SMBStory.

Edited excerpts from the interview: 

SMBStory [SMBS]: What kind of services does BimaKavach provide to SMEs? 

Tejas Jain [TJ]: There is a wide array of business insurance available for SMEs and startups. 

BimaKavach helps SMEs and startups, especially with liability and asset insurance, and has curated different types of insurance to cover businesses from multiple challenges at various stages of their growth trajectory. 

Early Stage: This insurance package is designed for startups and SMEs, keeping real-life struggles and budget constraints in mind. This package includes errors and omissions insurance, directors and officers insurance, fire insurance, and product liability insurance.

Growth Stage: This insurance package is perfect for rapidly growing startups and SMEs. This package includes cyber insurance, plus early-stage insurance features. 

Late Stage: This insurance package is an optimal choice for startups and SMEs looking to maintain growth, expand in new markets, and meet regulations. This package includes crime insurance, in addition to features of the early and growth stages.

Small businesses usually refrain from taking up insurance and there are two reasons for it. Either they are not aware of the importance of insurance and consider paying premiums a burden or they find the process cumbersome and have a strong notion that insurance companies don’t compensate. At BimaKavach, we are trying to solve this challenge of SMEs and helping create awareness.

Our insurance application process is easy with just 10 questions. We are understanding the needs of our customers and helping them with a customised insurance plan. 

SMBS: How are the different types of insurance helping small businesses—logistically, financially, and capital-wise? What feedback and reviews do SMBs have about the services they receive? 

TJ: Unlike health insurance, business insurance can protect your organisation and safeguard it against various risks and unforeseen challenges, including financial risks, strategic risks, reputation risks, liability risks, business interruption risks, and security risks.

BimaKavach helps clients to get the right business insurance policies to protect their business from risks as part of the robust risk management programme and eventual claim settlements. 

Till date we have catered to 350 MSMEs and startups in a 60:40 ratio. Overall, small businesses have positive reviews about the insurance services they receive. They get to choose from different products, and also the products are thoughtfully designed at an affordable cost. At the end of the day, it provides them with the assurance that their businesses are protected while they are on a learning curve. 

However, the wake of the digital boom has disrupted the insurance landscape as well. Based on some feedback that we have received, we understand that there is an ongoing demand for online integration even in the insurance business where the entire process is comparatively simpler, self-directing, digital and something that one can access from the comfort of their homes or offices.

Companies, including CoinDCX, CleverTap, FinBox, Wooly Farms, FamPay, ComSyn, Flexituff, Kriti Industries, PickRenew, KP Green Energy, Apollo Creations, Caprihans, Man Industries, Signet Industries, and Ujaas Energy, have chosen BimaKavach as their business insurance partner. 

SMBS: How does BimaKavach stand out from competitors like New India Assurance, Bharti AXA, Bajaj Allianz, and HDFC ERGO?

TJ: These companies are our partners and not our competitors. At BimaKavach, we have co-created insurance products with different insurers to make the recommendation process less cumbersome for the decision-makers.

Usually, insurance companies do not approach the companies directly. They work with partners like us to distribute products among target SMEs and startups.

We have made business insurance digital, self-directing, and more transparent so that the business owners can easily understand the nitty-gritty of the insurance and the protection they will provide, and hence make an informed and prompt decision.

SMBS: What are the major challenges you face? How are you planning to expand?

TJ: Insurance is a ‘push’ product. You have to approach the customers and convince them about the benefits. Creating awareness is a challenge and we are trying to educate more SMEs on insurance. 

In terms of business, we are planning to onboard 500 to 600 clients in the next 12 months and, in due course of time, we are planning to penetrate Tier II and III cities as well.

Edited by Swetha Kannan