Top 10 insurtech companies in Canada

Top 10 insurtech companies in Canada | Insurance Business

Top 10 insurtech companies in Canada

A growing number of insurtechs in Canada are turning their attention to improving the insureds’ overall experience by helping them seek, customize, understand, and acquire coverage through various distribution solutions, according to AM Best.

There are 87 insurtech start-ups in the country, according to Tracxn, but below are the top 10 companies to watch. The rankings are based on the total funding they have raised since their foundation:

1. Mojio
Total Funding: US$80.7 million* (~CA$106.5 million)

Mojio is the cloud platform of choice for deploying secure, connected car apps and services. With growing teams in Canada, the US, and Bulgaria, the company has a mission to give every vehicle a voice. Its platform provides a smart, safe, and convenient driving and vehicle ownership experience to subscribers of major network operators.

Throughout the automotive value chain, Mojio’s machine learning-powered big data analytics framework helps companies create actionable insights and tap into new revenue streams.

2. League
Total Funding: US$76.1 million* (~CA$100.5 million)

League is a data-driven digital health platform that provides a single access hub for employees to engage with their health, lifestyle, and benefit programs. As North America’s leading enterprise health OS, League eliminates a sea of solutions via an integrated ecosystem of more than 100 insurance carriers, healthcare partners, and HRIS systems. Customers use the platform to revolutionize employee experience, improve benefit utilization, and reduce costs.

League enables employers to create customized offerings for their employees, delivered by health professionals on-site, as well as offering personal and health spending accounts. It only invoices employers for what their employees use.

3. Dream Payments
Total Funding: US$14.9 million* (~CA$19.7 million)

Dream Payments is an insurtech start-up that provides financial institutions and insurance companies with cloud payment solutions, helping them give their end customers frictionless digital and mobile payment experiences. Since its foundation in 2014, the company has processed more than $100 million in payments for businesses of all sizes across North America.

Dream Payments lets retailers accept credit and debit cards and give their customers digital receipts. It also gives retailers access to a dashboard for in-depth sales and inventory reporting and a portal for analytics and customer insights. Its solutions are EMV compliant, secure, and accept contactless, chip-based payment cards and payment services such as Apple Pay.

4. Finaeo
Total Funding: US$6.2 million* (~CA$8.2 million)

Finaeo is an insurtech start-up with a mission to connect insurance carriers, brokers, and clients through a fully integrated digital experience. It helps advisors perform and manage their tasks, such as saving contact details and converting voice notes to to-do lists.

5. ProNavigator
Total Funding: CA$2.2 million*

ProNavigator provides the insurance industry with an AI-powered virtual assistant that helps drive sales and productivity. With machine learning, natural language processing, and industry knowledge, ProNavigator’s platform assists customers in getting insurance quotes and filing insurance claims, as well as answering questions through chat and voice.

6. Covera
Total Funding: US$1.5 million* (~CA$2 million)

Covera is an online platform that enables users to automate insurance policy renewals. It creates detailed user profiles and provides users with different options to choose from. It also handles the logistics for changing contracts or switching carriers.

7. ClearRisk
Total Funding: US$1 million* (~CA$1.3 million)

ClearRisk offers integrated, cloud-based software solutions for claims, fleet, incident, and insurance certificate management for organizations that want to simplify their risk management process and slash insurance claims costs. Formerly known as the Livyer Enterprises Ltd., the start-up works with more than 150 organizations in North America – both in the public and private sectors.

8. Foxquilt
Total Funding: CA$1.2 million*

Foxquilt is an insurtech company focusing on using social groups to help people save on home, auto, and business insurance. It brings people and communities together online, making it easy for them to buy insurance online from leading carriers and access group purchasing power. It enables customers to save upfront on premiums, reduce deductibles, and enjoy further savings at renewal.

9. Fluttrbox
Total Funding: US$ 65,000* (~CA$85,820)

Fluttrbox offers on-demand aerial remote sensing services. Using autonomous drone technology, the start-up gathers data from real estate locations and analyzes that data, producing multiple layers of information on an area’s map for property assessments, marketing, and insurance claims assessments. It offers granular property detail and streamlines the property inspection process – making it safer, quicker, and more efficient – by integrating with insurance workflows. It’s a graduate of Global Insurance Accelerator and the seed accelerator The Mill.

10. BrokerLift
BrokerLift is an e-commerce platform that allows insurance brokers to sell insurance products online. As a purpose-built SaaS solution for the industry, the platform features highly secure and completely flexible technology.


*data retrieved from Crunchbase