Solvy Tech Solutions, the parent company of Indian B2B InsurTech firm Zopper, has reportedly raised $75 million, which will be used to help Zopper expand internationally, develop its technology and make acquisitions.
Zopper’s application programming interface (API)-based platform connects insurers and banks with third-party platforms and includes modules for policy issuance, policy administration, claim management and regulatory reporting. It also 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 said in 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 company expects to grow its headcount from the current 475 to 600 by adding talent in the areas of technology, data science and data engineering. It will also look at expanding into markets in Southeast Asia and the Gulf Cooperation Council (GCC) region, according to the report.
Zopper is also looking to make acquisitions in the adjacent business lines of insurance claims and distribution — aiming to make at least two such acquisitions within the next year, per the report.
“We will look at acquisitions which will help our core business in two ways,” Kuila said. “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 comment.
Many insurance companies are advancing digital transformation while keeping the customer at the center, as Jedd Taylor, former senior director of digital strategy and current group vice president of marketing strategy and innovation at Franklin Madison, told PYMNTS in an interview posted in March 2021.
“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 said at the time.
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