While applying for business insurance can be a long and tedious process for small businesses, one Toronto-based startup is working to make this process more efficient and manageable.
Zensurance, the latest pitch on The Disruptors, is an insurance package provider that helps startups and small businesses apply for business insurance and manage their insurance needs through an online platform.
While most small businesses usually fill out a paper form and have to wait several weeks to receive insurance, Zensurance uses data analytics to curate and recommend appropriate insurance packages for different types of small businesses. The DMZ-based startup was recently awarded first place and $25,000 at the DMZ and BMO’s the Next Big Idea in FinTech competition.
“We recommend the exact type of insurance products that are relevant for a business like you[rs],” said Danish Yusuf, the CEO and co-founder of Zensurance. “We also then track the business once you’ve purchased insurance. We’ve completely changed the way people interact with their insurance intermediaries. Our goal is to be seen by our customers as the trusted advisor of all of their business needs.”
Co-host Bruce Croxon says startups like Zensurance have to work extra hard to provide small businesses with insurance information while trying to make a profit.
“My criticisms…with these companies remain the same,” said Croxon. “Can you get enough Canadians to come to the platform at a cheap enough cost to allow you to have a margin on what you’re going to make from them?”
Watch the full pitch below:
BetaKit is a production partner on The Disruptors. Tune in to BNN every Thursday night at 7pm for full episodes!