Toronto-based digital commercial insurance platform, Zensurance, has secured Series B funding from global insurance company, The Travelers Companies, Inc. (NYSE: TRV), which will be used to scale employee recruitment and grow served customers to over 150,000 Canadian small businesses through continued advancements in technology and partnerships. Travelers, a leading provider of property and casualty insurance for individuals and businesses, previously participated in Zensurance’s Series A funding round.
Zensurance’s products help small business owners protect and grow their businesses with confidence. Because of COVID-19, small businesses are relying on economical and hassle-free solutions to help protect their investments more than ever before. The advanced self-serve purchase capabilities of the platform, reinforced by a highly rated customer-centric support team, have enabled Zensurance to thrive through the recent economic uncertainty.
“We’ve come a long way since our inception in 2016,” reflects Founder and CEO, Danish Yusuf. “We are thrilled to have the capital and strategic support from Travelers to take Zensurance to the next level. We intend to accelerate our ability to provide small businesses in numerous industries across Canada with a trustworthy, modernized and competitive commercial insurance solution.”
Since its last round of funding in 2018, Zensurance has experienced unprecedented growth, evolving into the most advanced digital business insurance platform in Canada. And in the last four years, Zensurance has successfully digitized significant parts of the commercial insurance value chain, creating custom, industry-specific insurance products suited for digital distribution and established partnerships with over 50 insurance providers.
In May, Zensurance reached a major milestone by signing its 10,000th policy and has served over 65,000 small businesses across Canada in a number of sectors, including property, technology, construction, hospitality and healthcare.
“With this additional funding, we will continue to expand our workforce of highly skilled and passionate employees, helping to contribute to economic and employment growth in Canada’s insurtech space,” said Danish. “In fact, we have recently hired our 100th employee and have a plan to double that in the short term.”
For information on employment, please visit www.zensurance.com/careers.
Zensurance leverages data analytics and technological advancements in process automation to deliver curated custom business insurance policies to Canadian entrepreneurs. With over 50 insurance partners, Zensurance has serviced over 65,000 small businesses and sold 10,000 policies across numerous industries. It is the most advanced business insurance platform operating across nine Canadian provinces.
For media inquiries and interview requests, please contact: