Digital-first Mindset
Zopper founded in 2011, a business-to-business (B2B) Insurtech enables large businesses like banks, NBFCs, micro-finance institutions, travel holders, ecommerce holders to offer insurance to their customers. Zopper integrates with a huge ecosystem and insurance companies and enables seamless connection between them.
Mayank Gupta, Co-founder and COO, has been a pioneer in the growth and journey of Zopper. After the Phonepe acquisition of its retail-tech business, Zopper started its second innings led by Gupta. He observed the rapid growth in Indian insurance, however the lag in technology innovation motivated him to initiate a venture to enable technology-driven distribution in the insurance sector. Subsequently, Zopper emerged as an Insurtech platform to expedite the penetration and coverage of insurance in India.
Gupta reiterates the changing trends ignited by technology have contributed to participation and interest from all the stakeholders in the Insurtech industry. Starting from the regulator’s core agenda of technology innovation, to the insurers’ adoption of data-based inputs to launch new products. Faster claim processing using AI based assessment and simplification of the sales process with the adoption of recommendation models. These meticulous insights from Gupta have set a path for the Zopper which helped to dodge any deviation in this dynamic market.
For 2024, Gupta focuses on expansion and stabilisation. On one front, he has strategic plans on growth via organic and inorganic means, while exploring growth opportunities outside Indian boundaries and investing in new product development.
On another front, Gupta intends to ensure fortification of Zopper’s technology platform and customer engagement to ensure long-term scalability partnerships.
Gupta endorsed cash conservative and maintaining profitability policies in Zopper. Subsequently, the company clocked significant growth in Q3 and forecasts to close FY2024 with more than 100 per cent year-on-year (YoY) growth in all respects. Zopper will end the year with an Annual Gross Written Premium (GWP) exit run rate of over USD 300 million.
Gupta emphasises that overnight success is more often a long-term commitment of decades. Long-term commitment is not impacted by momentary downturns, moreover it also helps to build the team's morale and continuously strive to find alternative means to sustain and grow your business.
Goyal prioritises customer needs instead of any sacred idea and continuous iteration and refinement of ideas is also very imperative.
Gupta appreciates India’s ease of doing business and digital-first mindset that the government has helped build across the country. Besides, he admires Indian youth’s entrepreneurial spirit in building venture-backed startups and taking traditional businesses in new formats. He strongly believes that the demographic distribution of India is a boon that presents never-seen-before demand patterns.
