Victory Square Technologies, a Vancouver-based technology incubator and investor, is set to acquire 15% of all issued and outstanding shares of Cloud Benefit Solutions, d.b.a. CloudAdvisors, also based in Vancouver.
The incubator is purchasing the insurtech’s shares for $300,000 in total consideration; the deal is subject to all requisite regulatory approvals.
CloudAdvisors maintains a Software-as-a-Service (SaaS) platform that provides group life and health insurance brokers and advisors with data analytics and process automation. The company uses an in-house machine-learning system to give brokers more reliable market information, allowing them to better serve the end client.
“CloudAdvisors is fundamentally changing the way consumers purchase insurance, simplifying brokerage through robotic process automation and leading the evolution of digital advice through proprietary machine learning,” commented Victory Square CEO Shafin Diamond Tejani.
Tejani added that Victory Square is excited to add CloudAdvisors’ team to its portfolio, saying that the team is “highly qualified and talented” in leveraging proven technology to bring together insurance insiders.
CloudAdvisors stated that its strategic partnership with Victory Square marks another key milestone in its history.
“The year 2017 was a milestone for CloudAdvisors, as our innovative approach to collaboration and development reached thousands of businesses across Canada,” said CloudAdvisors chairman, CTO and co-founder Rahul Rao. “With new customers, our wealth of data increases, supporting the systems of intelligence that will transform this marketplace.”
“Our key has been an obsession with our customers, listening, and responding to their passion for helping employers,” remarked CloudAdvisors CEO and co-founder Matt Lister. “We started this journey with a belief that insurance was built on trust and accountability, and a digital revolution in transparency leads to better advice, more informed decisions, and an exceptional experience for customers.”