Insurance policies

Here’s how startup Noida Zopper is redefining selling insurance policies

Insurance penetration in the country is less than 5% of the population, according to the India Brand Equity Foundation (IBEF). Extending the reach of insurance products by integrating policies with other services on a digital platform is an insurtech startup – Zopper.

This Noida-based insurtech startup, founded by Surjendu Kuila and Mayank Gupta entered this segment in 2018 with the aim of redefining the design and distribution of insurance policies.

Zopper was founded in 2011 in the hyperlocal mobile market which sold its point-of-sale software business to TelephonePe.

In a conversation with Your storysays Surjendu, “The biggest challenge facing insurance companies is the high distribution cost to reach their customers, while others are eager to sell the policies with their products.”

As an embedded insurtech startup, Zopper has built its Application Programming Interface (API) platform, which enables both parties to collaborate and deliver innovative insurance policies that are attractive to customers.

Surjendu says consumers will not be willing to buy insurance policies, which cost around 8,000 rupeesbut will find it more attractive when its price is as low as Rs 25.

“The traditional mode of distribution is not feasible to sell these byte-sized insurance products and that can only be done through technology,” he says.

Market dynamics

According to the IBEF, the overall market size of the insurance sector is expected to reach $280 billion in 2020. The life insurance component is expected to grow at a CAGR of 5.3% through 2023.

In the Indian insurance market today, there are around 55 players focused on life and non-life products, and the advent of technology, especially with the penetration of smartphones, has helped them reach more customers.

However, these insurance companies have yet to fully harness the power of technology as they focus more on product release, and that’s where a startup like Zopper comes in to help them with distribution. .

On the other hand, there are companies covering sectors such as financial services, e-commerce and consumer products, which are looking for a cross-selling opportunity, given their large customer base. This would mean bundling insurance products with their product or service.

For example, says Surjendu, Zopper is engaged in a bank where more than 60 percent of its customers belong to the senior category. Therefore, he created a combined health-related insurance product, covering diseases like cancer and COVID-19.

At the same time, he also worked with a neobank whose customers are predominantly in the Gen Z category. He came out with an insurance product that was for the screen protection of their smartphones.

Surjendu says, “The traditional boundaries of insurance products are breaking down and we need to come up with new innovative policies.

At the intersection

Zopper, which received the brokerage license, sits at the intersection between insurance product companies and other players in the ecosystem. It has the domain expertise of the insurance industry and the technological expertise to enable the creation and distribution of these integrated products.

According to the co-founder, Zopper’s turnaround time to deliver an integrated insurance product could be as short as 24 hours, which normally takes around a month.

“We enable businesses to generate higher revenue through cross-selling and customers get insurance coverage,” says Surjendu.

Today, Zopper has established links with the majority of insurance companies, covering life and non-life segments. Its client portfolio includes companies in industries such as e-commerce, financial services, retail chains, consumer products and others.


Zopper launched its platform in 2019 and Surjendu claims to have recorded an annual growth rate of more than 300 percentdistributing over three lakh policies every month. It generates revenue by earning a commission on each policy sold.

In February this year, the insurtech startup announced that it had recorded an annualized insurance premium sold through its platform of $100 million and it is engaged with customers like Amazon, Ola, Cars24, Xiaomi, Croma, Titan Eye Plus, StoreKing, IIFL, Chaitanya, etc., with presence in over 1,200 cities.

“We have the firepower and the vision to hit $1 billion in annualized insurance premiums over the next five years,” Surjendu says.

Zopper raised $25 million so far from investors such as Tiger Global and Blume Ventures.

According to a report by, the integrated finance segment is expected to reach $4.8 billion in 2022 and is expected to reach $21 billion by 2029.

Future plans

As part of its future plans, Zopper plans to foray into overseas markets and has already established its presence in Nepal and Bangladesh.

Surjendu says that the problem statement remains the same even in foreign countries, which facilitates access to these markets. It runs pilot projects in Malaysia, Indonesia and Vietnam.

The in-vehicle insurance segment has the presence of other players like Symbol and Risk protectionwho offer similar services, but Surjendu believes the industry will grow with the addition of new businesses.

He says: “There is immense interest in this space and we have the right group of people in terms of technology to become the biggest player in the region.”

Zopper is also considering an initial public offering (IPO) within the next five years.