Zensurance with Danish Yusuf (CEO) | EP29
Business insurance made simple.
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.
- “Zensurance helps small business manage their insurance.” – Danish Yusef.
- “We (Zensurance) work in the property and casualty insurance space, not the life, and health and benefits.” – Danish Yusef.
- “Auto insurance is probably going to go away in 10 or 15 years. So the industry is betting on cybersecurity taking the place of auto insurance because half of all premiums are on the auto side.” – Danish Yusef.