B2B InsurTech Zopper Raises $75M to Expand

Solvy Tech Solutions, the mum or dad firm of Indian B2B InsurTech agency Zopper, has reportedly raised $75 million, which will likely be used to assist Zopper broaden internationally, develop its know-how and make acquisitions.

Zopper’s software programming interface (API)-based platform connects insurers and banks with third-party platforms and contains modules for coverage issuance, coverage administration, declare administration and regulatory reporting. It additionally has a system for managing leads and campaigns, The Economic Times reported Tuesday (Sept. 20). 

“We have been able to sustain ourselves and have raised capital after seven years,” Zopper co-founder and CEO Surjendu Kuila stated within the report. “The reason behind raising capital now was that we wanted to grow significantly and [realized] that there was a large land-grab opportunity for us, in the space we operate in.” 

The firm expects to develop its headcount from the present 475 to 600 by including expertise within the areas of know-how, knowledge science and knowledge engineering. It will even have a look at increasing into markets in Southeast Asia and the Gulf Cooperation Council (GCC) area, in accordance with the report. 

Zopper can be trying to make acquisitions within the adjoining enterprise traces of insurance coverage claims and distribution — aiming to make a minimum of two such acquisitions throughout the subsequent yr, per the report. 

“We will look at acquisitions which will help our core business in two ways,” Kuila stated. “First is to help create a basket or bouquet of insurance products which will help increase our margins. Second is onboarding interesting platforms to make our technology stack more frictionless.” 

PYMNTS has reached out to Zopper for remark. 

Many insurance coverage firms are advancing digital transformation whereas retaining the client on the heart, as Jedd Taylor, former senior director of digital technique and present group vice chairman of promoting technique and innovation at Franklin Madison, instructed PYMNTS in an interview posted in March 2021. 

Read extra: Keeping Customers At The Center Of Insurance Innovation 

“I think established companies are responding by making investments in technology to make sure that they’re taking care of the customer’s needs,” Taylor stated on the time. 

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