BimaKavach

In leadership, the stakes are high, and the risks are higher. Business leaders face immense pressure in today’s unpredictable world. From regulatory challenges to unexpected lawsuits, being unprotected can come at a significant cost. 💰📉 In this edition of Know Your Bima, we unpack the importance of D&O insurance in protecting your leadership. Learn the scope of coverage, uncover actionable insights, and gain the confidence to lead fearlessly. Check it out now! 👇 #insurance #india #leadership #newsletter

India is Digitising The World's Future In the 1990s, when India’s economy relied heavily on agriculture, the country needed a more productive sector to help it grow. The Indian government invested in the Information Technology sector to boost the economy, and the rest is history. India’s tech sector has gone beyond being just a global support center. It remains a leader in innovation by taking a very different approach from the West. In our latest edition of India Rising, we provide an overview of what India’s tech sector has been doing and what the future holds. Check it out now! 👇 #india #digitalindia #IT #itsector

We did a small pooja at our office in Indore to celebrate Diwali. It felt good to take a moment, reflect and start the festival with positive energy. Aap sabko Diwali ki dher saari shubhkamnayein. May this festive season bring joy and peace to all. 🪔🙏 #diwali #indore

Starting Diwali 2024 with BimaKavach's Bangalore team! 🪔 This morning, we welcomed Diwali with a small pooja at our office to invoke positivity, prosperity, and progress. Moments like these remind me that building a startup isn’t just about products, targets, or growth. It’s also about nurturing a culture where we get together to celebrate the small and big things in life. Grateful for this fantastic team that makes every day brighter and every challenge lighter. 🙌 Wishing everyone a Diwali filled with joy, success, and endless possibilities. Let’s continue building, learning, and celebrating – together! ✨ #diwali #startuplife #india

YourStory Media just featured us as one of Indore’s Rising Stars! 🌟 Indore isn’t just the cleanest city in India or the land of the best poha – it’s also the heart and home of BimaKavach. Here’s what Indore means to us: ✨ Where it all began: Tejas Jain and three generations before him built their insurance legacy here. ✨ Where we were born: BimaKavach was thought of, created, and continues to grow right here. ✨ Where our journey thrives: Indore gave us our oldest and most loyal customers. We’re proud to call Indore home and even prouder to give back to this incredible city in our own way. A heartfelt thank you to YourStory, Ryan Frantz, and Reeta Jose for the feature! 🙏 #yourstory #indore #insurance #india

78% of all property and liability policies from BimaKavach were purchased by SMEs who were new to insurance. They had no prior insurance purchase history. Why is this astonishing? Indian enterprises faced 5B+ cyber attacks in 2023. India Inc. incurred $9B in legal expenses in 2023. Earthquakes, floods and fires cause $8B in losses every year. Damage and revenue loss of this scale can put MSMEs out of business, even with one occurrence. Yet, 93% of such risk exposures are uninsured in India. Non-life insurance penetration is at 1%, way lower than the global average of 3.7%. Why do small businesses not adopt adequate risk transfer mechanisms? ❌ General business insurance is often inaccessible 👹 Lack of standardised risk assessment techniques leads to underwriting challenges on the part of insurers .. 🤕 .. making premiums expensive, where available Tejas Jain, founder of BimaKavach, hails from a family with three generations engaged in the distribution of insurance products. He had seen this problem widely prevalent in Tier 2/3 India, and decided to pounce on this opportunity. To address the asymmetric geographical location of SME clients, BK pioneered digital distribution, bypassing the need for physical presence. 90% of all its new clients today are digitally acquired. Asset-heavy businesses, often small in size and under the radar of traditional brokers, account for 77% of BimaKavach’s client base. >50% of BK’s client base is directly involved in manufacturing, engineering and construction activities. Sole proprietorships constitute more than 55% of the businesses insured. Premiums are no longer unaffordable - 🔥 Property and inventory, worth $200K, can be insured from damage by fire, for as low as $60 annually 🏢 Companies can protect all their Directors and officers from personal financial losses (arising from legal protection, lawsuit costs and settlements) of $100K at $200/ year 👨💻 $1M in damages associated with cyber attacks can be insured for $10K in premium 🚀 Today, BimaKavach issues 750+ policies to more than 250 new clients monthly, collecting $300K in gross written premium (GWP). So far, BK has insured 2,250+ clients with a 99.7% retention rate. Through BK, Sachin, who runs a garage and repair shop in Wadki, outskirts of Pune, recovered his inventory losses after a devastating fire destroyed his shop and goods worth $10K. Shrikant, a first-generation entrepreneur engaged in solar power EPC company, recouped a few thousand dollars from insurance when heavy rains in Raipur destroyed his solar panels. Tejas and his amazing team are helping not only the underinsured, but also the underbanked segment of the society safeguard their means of livelihood from all untoward incidents. As their first institutional backers, we wish them all the success in this journey! 🙌 Anjali | Manish | Ashish

AppsForBharat recently raised $18 million in funding. 💰 With this round, the company plans to expand its India and international operations, onboard more temples to the platform, launch new services and develop a tech stack for the devotion ecosystem. 👌 Providing our clients with a seamless process is one of our core goals. So, when they enjoy the process, it's extremely heartening: “I'd like to commend Bimakavach for their exceptional efforts in facilitating a seamless onboarding process for new employees. They have consistently been available to provide support whenever needed. Great work, Bimakavach!” – Debasish Sahoo We're very proud that we are protecting AppsForBharat and their employees while they grow to new heights. We cannot wait to see the big things they achieve! 🚀 Prashant Sachan Binita Agarwal #appsforbharat #insurance #india #funding

An Asian country has the second-largest road network in the world, right behind the USA, which is renowned for its world-class road network. If you are wondering if it's China, guess again. The correct answer is India. India with its newfound love for infrastructure projects has bolstered its road network to 60 lakh kilometres. However, India's logistics cost remains high—14% of GDP while the global average is 8%. What's the full story? Find out from the latest edition of India Rising. 👇 Subscribe for regular updates and insights on India—an emerging global superpower! 💙 #india #bharat #logistics #infrastructure

Are you a professional service or consultancy provider? Here's how Professional Indemnity Insurance (PII) can help: 1. Compensate clients for financial losses due to errors/delays in your services 2. Cover legal costs and fees if clients sue you for errors/delays in your services 3. Cover financial losses when an employee commits fraud while providing services 4. Cover financial losses for your company during errors/delays in services to clients 5. Cover legal costs when there is an infringement or breach of contract from your end Get started with a free risk assessment from IRDAI-certified experts before buying PII. Click on the link in the comments to get started. 👇 #insurance #india #businessinsurance #bimakavach

When your laptop fails, Office Package Insurance saves the day! 💪 Ask HR about your company's policy and its coverages. Note: The Mechanical and Electrical Breakdown clause is bought with fire and burglary under Office Package Insurance. It is not sold separately. #india #insurance #businessinsurance