SPECIAL REPORT
5-STAR AWARDS: INSURANCE TECHNOLOGY PROVIDERS
TECHNOLOGICAL TRANSFORMATION “Our platform automates timeconsuming administrative tasks while consolidating multiple systems to a single platform to deliver a more streamlined experience to clients and brokers” Morgan Girouard, Insurego
GLOBAL FUNDING for insurance technology is booming. Following a recordbreaking $7.4 billion raised in the first half of 2021, insurtechs pulled in another $3.1 billion in the third quarter, according to Willis Towers Watson. That’s a 23% increase over the same period last year and the second largest funding total of any quarter on record. Here in Canada, insurtech investment has helped sustain everything from underwriting platforms for property intelligence to suites of artificial intelligence tools for automating
THE 5-STAR INSURANCE TECHNOLOGY PROVIDERS BY TYPE OF TECHNOLOGY Document management/ automation
70%
Client and policy management
60%
Quote management
60%
Meeting market needs
50%
Insurance rating Claims processing and management
52
business processes. To settle on the 5-Star Insurance Technology Providers for 2021, IBC surveyed brokers and insurtechs to find out which companies are truly transforming the industry.
30%
Agency management
20%
CRM
20%
Non-CRM prospect/ sales management
20%
Predictive analytics
20%
APRIL Canada’s APRIL ON platform, which launched in 2020, offers a prime example of how new solutions can merge digital capabilities and human expertise. APRIL ON empowers brokers to receive quotes in three minutes across several lines of business, including personal marine, residential, personal auto, contractors, COC, student housing, E&O and cyber. Unlike other tools, APRIL ON can generate premium estimates after approximately five questions and has the ability to automatically decline a risk, saving valuable time for brokers. “At APRIL, we put broker understanding at the heart of everything we do, and it has
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