Online business insurance platform Zensurance Inc. has announced that it is now licenced to operate in Newfoundland and Labrador.
Zensurance uses data analytics to curate and recommend insurance packages for businesses.
With this expansion, Zensurance currently offers its business insurance solutions across nine provinces. The company was first licensed in Ontario in 2016, with Alberta and British Columbia following in 2017. Saskatchewan, Manitoba, and Nova Scotia were added last year, and this year Zensurance expanded into New Brunswick, PEI, and Newfoundland.
“We are thrilled to be able to offer the most seamless and intuitive business insurance solutions across Canada,” said Danish Yusuf, CEO of Zensurance. “Business owners deserve a high-quality experience and a provider they can trust.”
Zensurance is an insurance package provider helping startups and small businesses apply for business insurance, as well as manage insurance needs through an online platform. The company aims to eliminate the traditional hassles associated with commercial insurance, such as delays, fax machines, phone-tag, and cheque payments.
The company was founded in 2016 by Yusuf and is headquartered in Toronto. Zensurance works with more than 50 insurance companies across Canada and builds curated insurance packages tailored to each industry, geography, and company size. Data analytics are used to curate and recommend appropriate insurance packages for different types of small businesses.
Zensurance was previously housed at the DMZ, the Toronto-based university incubator, and was awarded first place and $25,000 at the DMZ’s Next Big Idea in FinTech competition. In late 2016, the company raised $1 million in seed funding in a round led by Ferst Capital Partners.
In August, BetaKit learned that The Travelers Companies Inc. acquired a majority stake in the Canadian startup for roughly $16 million CAD. The company now operates under Travelers, which is one of the largest writers of US commercial property insurance and personal insurance through independent agents.
Image courtesy Zensurance.