{"id":"karn-saroya","title":"Karn Saroya","content":"**Karn Saroya** is a technology entrepreneur and the co-founder and CEO of [Re Protocol](https://iq.wiki/wiki/re-protocol), a decentralized reinsurance platform. He is also known for co-founding the insurtech company Cover and the mobile e-commerce platform Stylekick, which was acquired by Shopify. [\\[2\\]](#cite-id-kWYTuuUtDAsgqnSk) \n\n## Education\n\nSaroya earned a Bachelor of Commerce from Queen’s University. He later continued his education in the United States, obtaining a Master of Finance from the Massachusetts Institute of Technology (MIT). [\\[8\\]](#cite-id-QDfpIoxDyXG6nnZF) \n\n## Career\n\nSaroya began his career in finance with a winter practicum internship in venture capital at Fairhaven Capital in 2011. He later worked as a consultant in the financial services sector at Oliver Wyman from 2011 to 2013. In 2013, he co-founded the mobile e-commerce platform Stylekick, which allowed users to browse and purchase items from curated fashion lookbooks. The company was acquired by Shopify in 2015, after which Saroya joined Shopify’s research and development office and led a mobile product team focused on experimental applications until 2016.\n\nIn 2016, Saroya co-founded the insurance technology company Cover, where he served as chief executive officer. Cover initially launched as a mobile-first application that enabled users to obtain insurance quotes by submitting photos and videos of items they wished to insure, operating at first as a lead-generation platform for insurance carriers. The company later transitioned into a national insurance brokerage and subsequently developed underwriting capabilities as a managing general agent in order to improve policy issuance and pricing through the use of financial and behavioral data. In 2022, the company reduced most of its workforce and began winding down operations. In 2023, Saroya co-founded [Re Protocol](https://iq.wiki/wiki/re-protocol), a blockchain-based insurance protocol, where he serves as chief executive officer. [\\[9\\]](#cite-id-AN2OdMUAxlqpgwCB) \n\n## Interviews\n\n### Building InsureTech\n\nOn the Fintech Blueprint podcast in August 2025, Lex Sokolin interviewed Saroya discussing the journey of entrepreneurism and the evolution of insurtech. Saroya shared his early career experiences, starting in management consulting after graduating from MIT and transitioning into entrepreneurship, where he co-founded Style Kick. This e-commerce platform eventually merged with Shopify. Inspired by consumer behavior and social media trends, he emphasized the importance of understanding customer demand and building user-driven growth strategies. Following his stint at Shopify, Saroya and his team founded Cover as a lead-generation business for insurance, which evolved into underwriting to enable faster fulfillment and better pricing. Saroya described the complexities of the insurance industry, distinguishing among roles such as underwriters, brokers, and reinsurers, and explaining the challenges faced by insurtech companies amid changing regulatory landscapes and market conditions. They discussed their plans to integrate [crypto](https://iq.wiki/wiki/cryptocurrency) into the insurance model by creating a reinsurer that leverages [blockchain](https://iq.wiki/wiki/blockchain) technology to simplify risk assessment and capital allocation, potentially revolutionizing the industry’s approach to insurance and reinsurance. [\\[7\\]](#cite-id-ybeDIpdn78PKngcB) \n\n[YOUTUBE@VID](https://youtube.com/watch?v=i55hKkwC5zk)\n\n### Reinsurance Model\n\nOn Web3 Talks Podcast in July 2025, Synopsis’ Max Lopatnikov welcomed Saroya to discuss [Re Protocol’s](https://iq.wiki/wiki/re-protocol) on-chain reinsurance model. Saroya shared his extensive experience in [Web3](https://iq.wiki/wiki/web3), detailing his journey from managing a consulting practice to founding an e-commerce marketplace and, eventually, transitioning into the insurance sector. He explained that [Re Protocol](https://iq.wiki/wiki/re-protocol) aims to enable the use of [stablecoins](https://iq.wiki/wiki/stablecoin) as [collateral](https://iq.wiki/wiki/collateral) in a global capital pool to support insurance markets worldwide. The company has reinsured approximately 350,000 policies in the U.S. and is expected to grow its business significantly. Saroya highlighted the uncorrelated nature of their insurance returns relative to typical market volatility and discussed the importance of maintaining regulatory compliance, especially regarding [stablecoin](https://iq.wiki/wiki/stablecoin) legislation. He also emphasized the importance of underwriting and economic alignment among counterparties, clarifying that while their contracts could result in individual losses, the overall portfolio remained profitable. Saroya expressed optimism for the future of [decentralized finance](https://iq.wiki/wiki/defi), particularly with the growth of [stablecoins](https://iq.wiki/wiki/stablecoin) and the integration of artificial intelligence with [blockchain](https://iq.wiki/wiki/blockchain) technologies. In conclusion, he encouraged viewers to remain optimistic about the transformative potential of these advancements. [\\[5\\]](#cite-id-pi973p8r0IPdnGMd) \n\n[YOUTUBE@VID](https://youtube.com/watch?v=KHlzSU9cgug)\n\n### Deep Dive on InsureTech\n\nOn the Venture Stories podcast in June 2024, Eric Torberg hosted Saroya and Sheel Mohnot (PitDesi) to discuss the evolving InsurTech landscape. Saroya explained how he started Cover, a multi-line insurance platform that allows users to insure items via mobile apps by taking pictures and videos. He shared insights on the early challenges and the transformation from a lead generation model to establishing a national insurance brokerage, now working with multiple carrier partners. Mohnot reflected on the rapid growth of InsurTech over recent years, highlighting the growing number of startups across segments such as life, property, and casualty insurance. They discussed the complexities of the insurance value chain and the potential for innovation through direct-to-consumer experiences, data utilization, and embedded insurance products. Ultimately, both emphasized the need for better customer experiences in the insurance sector that are adapted to contemporary consumer behavior. [\\[6\\]](#cite-id-z4LwSGoreAqqnxA6) \n\n[YOUTUBE@VID](https://youtube.com/watch?v=ze3uajnNt44)\n\n### Re Protocol\n\nOn Tech Snippets Today with Joseph Raczynski in April 2023, Saroya shared insights about his journey in the tech industry over the past 12 years. He initially worked as a management consultant before venturing into e-commerce, where he founded an online fashion marketplace. After gaining experience at Shopify, Saroya and his team explored the insurance sector, ultimately leading to the creation of an app that simplified the insurance process. Over seven years, they evolved from a consumer-focused model to developing a reinsurance business that utilizes [blockchain](https://iq.wiki/wiki/blockchain) technology for transparency and efficiency. Saroya discussed the importance of partnerships with specialty insurance companies and the potential for broader participation in reinsurance through a decentralized platform. He emphasized the unique challenges posed by U.S. regulation and the need for an open environment that fosters innovation in insurance, drawing inspiration from market structures like Lloyd's of London, which aimed to reshape the industry's future. [\\[1\\]](#cite-id-I6SuIPsQ3dxdwrKU) \n\n[YOUTUBE@VID](https://youtube.com/watch?v=2Xedk3I3IPc)","summary":"Karn Saroya is a technology entrepreneur and the co-founder and CEO of Re Protocol. He previously co-founded the insurtech company Cover and the mobile e-commerce platform Stylekick, which was acquired by Shopify.","images":[{"id":"Qmbq18gTsVNp3WBjwb6QbYZiQSiSmbWFm515mNzRSkiZXT","type":"image/jpeg, image/png"}],"categories":[{"id":"people","title":"people"}],"tags":[{"id":"PeopleInDeFi"},{"id":"Founders"},{"id":"Speakers"}],"media":[{"id":"Qmbq18gTsVNp3WBjwb6QbYZiQSiSmbWFm515mNzRSkiZXT","type":"GALLERY","source":"IPFS_IMG"},{"id":"https://www.youtube.com/watch?v=i55hKkwC5zk","size":"0","name":"i55hKkwC5zk","type":null,"source":"YOUTUBE"},{"id":"https://www.youtube.com/watch?v=KHlzSU9cgug","size":"0","name":"KHlzSU9cgug","type":null,"source":"YOUTUBE"},{"id":"https://www.youtube.com/watch?v=ze3uajnNt44","size":"0","name":"ze3uajnNt44","type":null,"source":"YOUTUBE"},{"id":"https://www.youtube.com/watch?v=2Xedk3I3IPc","size":"0","name":"2Xedk3I3IPc","type":null,"source":"YOUTUBE"}],"metadata":[{"id":"references","value":"[{\"id\":\"I6SuIPsQ3dxdwrKU\",\"url\":\"https://www.youtube.com/watch?v=2Xedk3I3IPc\",\"description\":\"Tech Snippets Today interview with Karn Saroya\",\"timestamp\":1773406544513},{\"id\":\"kWYTuuUtDAsgqnSk\",\"url\":\"https://re.xyz/\",\"description\":\"Re Protocol official website\",\"timestamp\":1773406544513},{\"id\":\"3hK7j4NbCk8S6zp9\",\"url\":\"https://www.youtube.com/watch?v=i55hKkwC5zk\",\"description\":\"Fintech Blueprint podcast with Karn Saroya\",\"timestamp\":1773406544513},{\"id\":\"eyRQJMiYCZ63nYFF\",\"url\":\"https://www.theblock.co/post/173386/karn-saroya-raises-14-million-for-insurance-protocol-re-as-insurtech-platform-cover-is-wound-down\",\"description\":\"The Block article on Karn Saroya's Re Protocol funding\",\"timestamp\":1773406544513},{\"id\":\"pi973p8r0IPdnGMd\",\"url\":\"https://www.youtube.com/watch?v=KHlzSU9cgug\",\"description\":\"Web3 Talks Podcast interview on Re Protocol\",\"timestamp\":1773406544513},{\"id\":\"z4LwSGoreAqqnxA6\",\"url\":\"https://www.youtube.com/watch?v=ze3uajnNt44\",\"description\":\"Venture Stories podcast on the founding of Cover\",\"timestamp\":1773406544513},{\"id\":\"ybeDIpdn78PKngcB\",\"url\":\"https://https.www.youtube.com/watch?v=i55hKkwC5zk\",\"description\":\"Fintech Blueprint discussion of Cover's move to underwriting\",\"timestamp\":1773406544513},{\"id\":\"QDfpIoxDyXG6nnZF\",\"description\":\"Saroya Education | LinkedIn\",\"timestamp\":1773426195621,\"url\":\"https://www.linkedin.com/in/saroya/details/education/\"},{\"id\":\"AN2OdMUAxlqpgwCB\",\"description\":\"Saroya Experience | LinkedIn\",\"timestamp\":1773426214361,\"url\":\"https://www.linkedin.com/in/saroya/details/experience/\"}]"},{"id":"twitter_profile","value":"https://x.com/karnsaroya?lang=en"},{"id":"linkedin_profile","value":"https://www.linkedin.com/in/saroya/"},{"id":"website","value":"https://re.xyz/"},{"id":"commit-message","value":"\"Added wiki page for Karn Saroya\""}],"events":[{"id":"9a25ebfa-ba49-43e9-9b8d-061bc42b51e5","date":"2011-01","title":"Consultant at Oliver Wyman","type":"DEFAULT","description":"Saroya worked as a consultant in financial services at Oliver Wyman from 2011 to 2013.","link":"https://www.linkedin.com/in/saroya/details/experience/","multiDateStart":null,"multiDateEnd":null,"continent":null,"country":null},{"id":"5354644e-5296-4b05-a611-3fcf8ace093a","date":"2013-01","title":"Co-founded Stylekick","type":"DEFAULT","description":"Saroya co-founded Stylekick, a mobile e-commerce marketplace where users could browse and shop fashion lookbooks. 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