In this 29th episode of Fintech Impact, Jason Pereira interviews Danish Yusef, the CEO and Co-Founder of Zensurance, a Canadian organization that manages the insurance needs of startups and small businesses.
● 01:09: – Zensurance helps small business manage and curate their insurance affairs.
● 01:40: – Danish is a software engineer by trade, and worked as a developer at IBM.
● 03:50: – Most people in the insurance industry have grown up in the industry— change is slow.
● 05:15: – These days you can’t buy stock in insurance companies.
● 07:30: – Zensurance is building internal risk models to assess the risk of a business type based on factors like industry, location, and size.
● 10:40: – Zensurance started with technology companies, then they added construction, health care, consultants, cannabis, and sports—general liability and cyber insurance are popular policies.
● 13:26: – Auto insurance could phase out in the next 10-15 years.
● 21:10: – Zensurance currently works with about 25 insurance companies.
● 26:03: – The Ryerson DMZ growth accelerator program was beneficial to Zensurance, and November 2016 was when the first round of funding came through.
● 30:57: – The Zensurance team is about 17 people, only in Ontario and Alberta at the moment, and have helped over 5,000 businesses.
● 32:15: – Danish is excited about the possibility of being able to automate advice.
3 Key Points:
1. A small $500 insurance policy could be touched by eight different people before its
issued.
2. Two-thirds of Zensurance customers by their services after hours.
3. Zensurance started with technology companies, then they added
construction, health care, consultants, cannabis, and sports.
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