The Canadian Insurtech industry has been growing rapidly in recent years, with at least 150 Insurtech start-ups in the country. In this blog, we will discuss the top 5 Insurtech companies in Canada, their business models, what’s working, what’s not, areas of opportunities in 2024, and the impact Insurtech's are making on the insurance industry and the country’s economy’s health.
Top 5 Insurtech Companies in Canada
Mojio: Mojio is a cloud platform that provides secure, connected car apps and services. Its platform offers a smart, safe, and convenient driving and vehicle ownership experience to subscribers of major network operators. Mojio’s machine learning-powered big data analytics framework helps companies create actionable insights and tap into new revenue streams.
League: 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. 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.
Dream Payments: Dream Payments 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.
Apollo Exchange (Apollo Insurance): Apollo Exchange, also known as Apollo Insurance, aggregates online product access for the insurance industry and its consumers.
Briza: Briza is a commercial insurance platform that enables brokers to sell insurance products digitally. The platform provides brokers with access to multiple insurance carriers and products, allowing them to provide their clients with a range of options.
The business models of these companies vary, but they all aim to improve the insureds’ overall experience by helping them seek, customize, understand, and acquire coverage through various distribution solutions.
What’s Working, What’s Not, and Areas of Opportunities in 2024
While the Insurtech industry in Canada is growing, there are still areas that need improvement. For example, traditional brokerages and D2C Insurtechs are struggling to survive. However, embedded insurance orchestration has the best chance for success.
Impact of Insurtechs on the Insurance Industry and the Country’s Economy’s Health
Insurtechs are making a significant impact on the insurance industry and the country’s economy. They are helping insurers to optimize their business and adapt to the realities of today. With increasing participation from more generalist funds and continued support from firms with sector expertise, the Insurtech funding market is anticipated to remain vibrant.
In conclusion, the future of Insurtech in Canada looks bright, and it will be exciting to see how the industry evolves in 2024 and beyond.
The Canadian Insurtech industry is booming. Find out how they’re changing the game and what the future holds!