FinFusion Montreal estimates the number of financial technology (fintech) companies active in Montreal at 70, making it “one of the most dynamic start-up sectors, as it represents approximately 18% of start-ups and 25% of jobs associated with them, ”the networking organization said in its report on the Montreal fintech ecosystem, released in December 2017.
This could justify Finance Montreal being tasked by the Quebec government to set up a fintech center of excellence. In his 2018 budget, Finance Minister Carlos Leitão announced an investment of $ 9 million over the next five years to support this project. This amount is in addition to the payment of $ 1.5 million allocated in 2017 for the creation of the cluster, the official launch of which is expected by the end of the year.
The insurtech sector is emerging from the fintech sector, but very few companies are still active in this segment. This situation is largely due to the heavy regulation that characterizes the insurance industry and because it still relies on often outdated technological foundations, said Jay Ferst, managing partner of Ferst Capital Partners, a venture provider. capital. for fintech.
However, he believes that insurtech should experience a faster pace of development. Mr. noticed. Ferst that conventional players in the insurance industry are more innovative and “are no longer reluctant to contact insurtechs to innovate, especially by providing investment capital, which allows these insurtech to gain to maturity “.
If we exclude technology companies that directly respond to the industry through software solutions, process managers and producers of standardized reports, for example iGeny, Kronos technologies, AGEman Solutions and Xpertdoc Technologies, the insurtech in development has a relatively diverse profile. Here are some:
Allset is a digital insurance advisor. Based in Montreal and founded by Xavier Freeman and Fellipe Monteira, Allset uses artificial intelligence to target the top three offers sent to the customer. Its service is free. Allset was selected a few weeks ago to participate in the NextAI start-up program in Toronto.
Montreal -based Covera is an injury insurance company authorized in Quebec. Its digital insurance brokerage app automates the insurance purchase and renewal process. Its service is free. Founded by Scott Loong and Paul O’Reilly, Covera has benefited from the financial support of Ferst Capital Partners.
Karma Assurance’s general agent uses an optimized price comparison platform and allows its customers to purchase life insurance online, with the support of certified advisors. Officially launched in the fall of 2017 by Martin Bailey and Isabelle Bouchard, Karma Assurance, headquartered in Boucherville, is registered in Quebec and certified by the Autorité des marchés financiers (AMF). The firm is also a partner of financial services firm Aurrea Signature.
Livsta is a personal insurance company associated with SFL Partner of Desjardins Financial Security. Founded by Thomas-Louis Veilleux in January 2017, the company makes online financial solutions on demand using technology.
OpenReg does not strictly speak of an insurtech, although its expertise may be related to the insurance sector. Founded in Montreal, the company has designed a project monitoring, research and evaluation tools related to regulations. OpenReg first won the Formathon in fintech 2017 by responding to a mandate proposed by AMF. OpenReg then chose to offer its system to the public. At the beginning of 2018, OpenReg was accepted into the CenTech propulsion program, which is linked to the École de technologie supérieure.
Protecto assurances is a personal insurance broker that acts exclusively online. This financial service firm registered with AMF first experienced the first version in 2015 as an online comparator, but since 2017, the site has become transactional. It was founded in the Montreal area by Sergey and Anton Levchenko, who were fathers in succession.
WealthTab was founded by Michael Blicker in 2015 in Montreal. Through its technology platform, the company allows the analysis and visualization of investment portfolios, including insurance products. In 2016, the company was selected by accelerator Techstar to join the 2016 Startup Next Montreal cohort. In April 2018, WealthTab was selected to participate in the InsurTech Growth Program in Toronto, a prestigious insurtech support program led by Aviva Canada and the OneEleven platform. In May, Michael Blicker will participate in the Queen City Fintech accelerator in Charlotte, Connecticut.
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