Using Technology To Help Small Business

A 2021 ICTA nomination

Toronto, ON (Apr. 19, 2021) – At Zensurance, we utilize our proprietary technology (digital insurance platform) to digitize the entire customer experience. Our easy-to-use platform has been built following UX best practices to deliver an intuitive, self-service purchasing experience with personalized insurance options and impactful riskmanagement advice. The Zensurance platform enables clients to receive and purchase insurance tailored to their businesses in as little as twenty minutes using a single online transaction across multiple devices with our mobile-responsive application.

The platform leverages internal data analytics, process automation, and artificial intelligence to create custom industry-specific quotes for our clients. We have developed a unique platform that quickly adapts to both direct and assessed customer feedback. The analytics supports proper A/B testing without compromising product functionality. These tests inform the process and product innovation, which occurs on a weekly sprint development cycle supported by agile methodologies.

Leveraging internal data, process automation, and artificial intelligence, in conjunction with extensive industry research, we present quotes we believe are best suited for each client’s specific needs. Our proprietary, custom-built, digital platform enables clients to view multiple pricing options and purchase their business insurance directly online, negating the need to speak to a live broker. We work with our insurance partners to tailor our existing products to better suit current and future industries. Our platform enables the rapid onboarding of new partners, allowing us to adapt to new markets and industries quickly.

Suppose a client submits a more complex business case requiring a broker’s intervention. In that case, our application is built to improve broker efficiency by pre-populating the client’s initial assessment information, thus reducing quote close time.

Third-party integrations also support broker efficiency. Our engineering team has integrated our platform with numerous digital tools, such as HelloSign, MixMax, and Zero, to automate basic broker tasks and implement a seamless client experience. Our business intelligence and development teams have modified Salesforce to serve as our Broker Management System while still leveraging the native functionality of a client relationship management system to support broker engagement, digital marketing, and insurance sales.

To support our clients, we have developed and implemented an interactive live communications framework, which enables clients to speak directly with a client success associate in real-time, at any point in the quote process. Also, to live support, our application is populated with FAQs answering common insurance-related questions. This feature allows us to increase the client success team’s efficiency while supporting our clients with the product and industry-related knowledge required to make the best decisions for their businesses.

Benefits

• Since deployment in 2016, Zensurance has written almost 20,000 insurance policies.
• The average time to complete a quote application using our online application is 15 minutes and 25 seconds. In 2019, it was 18 minutes.
• The average amount of time it takes for a policy to close following submission is 7.3 days, in early 2019, it was 8 days.
• Our Google Reviews rating has increased from 4.5 to 4.7. Feedback regularly references our ease-of-use, speed, efficiency, professionalism, and ability to find a comprehensive policy at a competitive price.

We have more than doubled our employee count since the onset of COVID-19 (currently 130 full-time staffed employees) to meet the increased demand for our services.

• Learn more about Zensurance in the InsurTech Spotlight.

About Zensurance

Zensurance is an online commercial insurance brokerage obsessed with making the process of purchasing small business insurance simple and fast. With a strong focus on technology, and a national footprint, Zensurance has enjoyed phenomenal growth since its founding in 2016. For more information, please visit www.zensurance.com.

Source: Zensurance Inc.