Customized APIs for Reliable Insurance Distribution – Zopper

By Srikanth
8 Min Read
Customized APIs for Reliable Insurance Distribution - Zopper 1

Take us through Zopper’s technology business module


From the rise of digitization to the convergence of business and technology trends, Zopper is playing a pivotal role in connecting insurers with their ecosystem partners. Our motto is to make sure we understand the need for our partners and bring the right solution. To give you a brief, Zopper fuses insurance and technology seamlessly to provide one-of-a-kind end-to-end solutions.

We collaborate with the best insurance providers and create suitable bite-sized integrated insurance solutions for our partners, creating customised APIs on our SaaS platform uniquely designed to match every requirement and continue to provide intricate technical support.

We have built an open API stack which was created keeping our customers in mind and with an aim for de-cluttering the complexities especially in insurance sector. Our cutting-edge solutions have helped us in delivering tailor made solutions, digitise the claims process and helped our partners to reduce time in delivering the best-in-class solutions.

Zopper, and the impact it has had on the company’s growth and development

We democratize insurance by using technology and the core mission is to build a seamless, intuitive and cognitive experience for any person trying to sell, purchase or consume insurance. The thumb rule for Zopper is that we discuss the problem statements with our partners and work backward to device a strategic plan with our partners and come up with tailor made solutions.

We digitize their journey be it – offline or online by adopting a simple, effective SaaS based module. For our partners, we have successfully automated the overall journey from managing leads, post policy offerings, claims settlement to deployment of solutions.

Having worked with more than 300 partners and clients, we were able to design solutions catering to each of their problems. One of India’s leading NBFCs witnessed approximately 56% growth just by using Zopper’s Unified Digital Platform which was specially designed for the brand by enabling both real and virtual Relationship Managers and Branches through a single digital platform for supported sales, Zopper assisted with end-to-end client lifecycle management.

What is your strategic roadmap for the future?

In my opinion, we are still in the early stages of this digitalization cycle and there are compelling reasons to expect that progress towards greater digitalization is well underway. Our strategy has always been to foster a culture of innovation and develop new products and services that meet the evolving market conditions.

We have conducted many experiments last year and have identified products in a few business verticals which yielded great results for us. We will be focussing on consolidating and maturing those products in the coming years.

We have a great set of customers with whom we are working with in evolving these products and among many other things, they demand for quicker and faster implementations of our solution. I foresee technology partnerships with established insurers as the next step in evolution to accelerate implementations thereby meeting industry expectations and in turn open up channels for wider market reach for them.

Innovations that you have seen in the sector, and how do you think it will be a game changer?

The innovations in the insurance sector are still in their early stages, but they have the potential to revolutionize the way that insurance is distributed or used. Insurers that are able to embrace these innovations will be well-positioned to succeed in the future.

From a technology standpoint, I’ve seen adoption of AI and ML being used in areas like insurance product recommendations based on financial need assessments or suitability, prefilling insurance forms using OCR for easing customer journeys, conversational Chatbots bringing efficiency in Customer Service, Big Data analytics to gain a better understanding of their customers, identify risks and reduce fraud.

Globally, InsurTech startups are developing new and game-changing insurance products and services from offering parametric insurance, usage-based insurance, and embedded insurance for example, embedded insurance could be offered as an add-on to a car purchase, microfinance loans or a travel booking.

Embedded insurance is expected to grow in popularity in the coming years, as it makes it easier for customers to purchase insurance and to get the coverage they need. The use of technology is expected to continue to grow in the coming years, as it transforms the insurance sector.

How will technology define the insurance space in the coming times?

Technology serves people and sector like BFSI, is a highly regulated industry and with AI implemented, the role of technology is all set to revolutionise. AI-powered software can analyse vast amounts of financial data and create personalised investment strategies based on an individual’s preferences and risk tolerance.

This is possible through sentiment analysis. By 2025, embedded finance is estimated to hold a value of $141 billion, driven by demand from traditional companies such as vehicle manufacturers and hotels. Last year itself, more than 70% of financial services & fintechs were able to integrate and build embedded finance products and services.

But with power, comes risks too.

In order to keep up with the customer expectations and partner’s demands, we have designed our platforms risk ready. We have deployed solutions and offerings in-house, but without hampering the data and privacy of our customers and partners. For us, customer sensitive information is safe guarded and taken utmost care of.

The technology we embed, does factor in all of these together and before going live, we do a thorough compliance check to avoid any accidents, in return promising users a seamless world. The tech we build, factors all of this together. Our platforms go through rigorous compliance process keeping in mind all the privacy nuances.

About firm’s overall way forward and plans for the coming months

With 4 to 6 % insurance penetration in our market like India, there is massive opportunity for insurance tech firms. There is a huge scope for us to work with our partners and for customers for catering to their demands and provide the best-in-class solutions.

Having helped partners integrate protection for almost a decade, we understand that it’s the key to making insurance relevant for customers and brands – which are best placed to curate it for each individual’s needs.

By the next two years, we do foresee some exciting and transformative times. We aim to continue the momentum of being India’s number one insurance category creator, working across industries and cities to deliver any type of protection product to any customer.

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