Insurance technology, also known as insurtech, involves taking advantage of new technology and combining it with the insurance industry to make it more efficient and accurate. In 2016, 38% of insurtech startups worldwide were made up of digital insurance businesses, which was the biggest share compared to AI analytics at 22% and health and wellness insurtech startups at 18%.
With insurtech businesses on the rise, Canada has come out with some secure and innovative online insurance platforms on the market. We decided to highlight some of the country’s most stable and reliable insurance tech startups including digital insurance brokerage with personal insurance shoppers, policy purchases and management, an online comparison platform for mortgages, insurance, investments and credit cards, insurance for startups and small businesses and platforms providing digital insurance advisors and community risk sharing.
1. Covera: Insurance Re-Shopping
According to the team: “Covera is a digital insurance brokerage designed to help you find the right policy for the best price, year after year. Think of us as your very own personal insurance shopper. Simply, tell us about yourself and your priorities, and we’ll do the heavy lifting so you can focus on more important things. As a licensed insurance broker, rest assured that Covera always has your best interest at heart. It is our duty to provide you with honest and unbiased advice. Covera takes care of insurance re-shopping for you. We build a detailed profile on your behalf and, before your policies expire, present you with a small number of curated alternatives that can be purchased in minutes. If you can get smarter insurance coverage with a different insurance provider, Covera does all of the work to switch you over in time. If you’re already with the best possible provider, we keep you exactly where you are. Best of all, using Covera doesn’t cost you a penny.”
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2. Base Portfolio: Insurance Policy Purchases and Management
According to the team: “Buying insurance shouldn’t be confusing or time-consuming. Base Portfolio is your trusted platform for insurance policy purchases and management. Buy insurance online so you can save time and money without the worries. We work with building owners and property developers to ensure all the information to insure your building is accurate and up-to-date. Base Portfolio is an independent insurance brokerage and technology company. Using high quality insurance carriers, we can provide you with the best coverage at the best rates. ”
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3. RateHub: Online Comparison Platform
According to the team: “Ratehub.ca is Canada’s leading financial product comparison website. Our education centres, tools, and calculators were designed to empower users to make smart financial decisions. There’s no jargon, no hidden fees and no commitment. We just want to help. Ratehub.ca hosts five million unique users per year and helps Canadians get the best deals on their mortgage, credit card, insurance and investments. Ratehub.ca is a product of the people behind our company and our commonly-held beliefs on financial transparency, product innovation, entrepreneurship and community.”
4. Zensurance: Insurance for Startups and Small Businesses
According to the team: “Zensurance is leading the technology revolution in the insurance industry, and demystifying insurance for start-ups and small businesses. Small business owners no longer have to wade through endless forms and play phone-tag: they can learn about all their needs and purchase at their own convenience within minutes online. Zensurance is changing the way small business owners manage their commercial insurance needs. Our recommendation engine assesses a company’s insurance needs (e.g., based on peers, industry risks) and then recommends the optimal package. Our fully digital experience then allows the customer to get multiple quotes, purchase and manage without ever having to call or email a person.”
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5. Allset: Digital Insurance Advisor
According to the team: “Allset is a digital insurance advisor. We do the hard work for you and we offer tailored advice, convenience, and budget-friendly products. Using smart technology, we get to know you, and then we scan the market to find the best insurance product suited for your unique situation. Our mission is to help you find the best insurance according to your real needs, in complete transparency. Our platform achieves this thanks to partners of choice with recognized institutions in the insurance world and, most importantly, to our smart technology that manages thousands of different algorithms for you. Our ambition is to revolutionize the insurance industry by offering you a platform that is 100% adapted to the needs of our generation. We understand that your busy schedule does not allow you to spend hours online to find the best insurance possible. We have experienced this situation ourselves and decided to create Allset to solve these problems: a solution for people like us, like you!”
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6. Bullfrog Insurance: Quick and Easy Insurance for Small Businesses
According to the team: “We are a licensed Canadian insurance brokerage that is dedicated to commercial insurance for small business enterprises. As a business owner, you need a fast and simple way to shop for insurance. That’s why we made it easy for you to get the right insurance coverage online, quickly and easily. We understand that as a small business owner you need to save time so you can take care of your business. That’s why we’ve made buying insurance quick, easy and uncomplicated. You simply fill out our short online questionnaire and we instantly provide you with the best quotes for your needs. Within minutes, you’re able to get multiple quotes and purchase insurance online so you can get back to what really matters – your business.”
7. Tuque: Online Insurance Broker Platform
According to the team: “Tuque makes it easy to protect the things you love: your family, your home, your car, your business. We’ve got you covered. We think insurance should be about peace of mind, not paperwork. That you should be able to buy coverage, submit a claim or update a policy whenever and however you want. And that you should get more from your insurance broker than just a once-a-year renewal statement. With tuque, you can buy and manage insurance coverage in person, on the phone, online or through our app. You get access to an online hub of useful resources that delivers value beyond the pages of your policy — seven days a week, 365 days a year. Most importantly, we care about you and what you need. You’re not just a client, you’re part of a community. Tuque. Insurance that’s all about you.”
8. Besure: Community Risk Sharing Platform
According to the team: “The concept of insurance was designed to help people get peace of mind by offering them security. A safety net IF something were to go wrong such as an accident, a break in, a sudden illness, or worse. Insurance has done a great job taking care of these “big things.” But what about the smaller things, like your SMARTPHONE, your GLASSES, or your favourite GUITAR? Many of these items are not protected for loss or damage by traditional insurance and even if it is, you risk premium hikes and deductibles that are higher than the item’s value.
Let’s say your guitar got stolen or you dropped your iPhone. You may not have the funds to replace that guitar right away and maybe your Apple Care has expired. The deductible and premium hike would be too expensive for the guitar and there is no coverage for a shattered screen. There is no protection for situations like these and they apply to so many different areas of our lives. We have developed a portal that helps people like the guitarists and the iPhone users come together in “pools” and chip in for protection they can’t really get anywhere else for just a few dollars a month.”
It is clear that purchasing insurance takes on a whole new meaning with all these insurtech platforms at our disposal. If you want to read up on some more innovative and impactful Canadian startups you can check out our past post on fintech companies making their mark on the world.
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