Insurego Launches AI-Driven Compare and Buy Online Insurance Product

Ottawa, ON (June 13, 2019) – Insurego Inc., an Ottawa-based InsurTech start-up, has launched its first AI-Driven compare and buy online insurance product for a new generation of Canadian consumers after raising $1.5 Million dollars from KYVR Connect.

Insurego’s compare and buy online tenant insurance product is powered by its proprietary made-in-Canada technology driven by Big Data and artificial intelligence. The platform simplifies the consumer buying process, tailoring coverage options to deliver more accurate insurance quotes in minutes, and ensuring they only buy what they need.

“Although we are in the early stages of our online offerings, the online tenant platform is the starting point and a great indicator of what is to come,” said Chief Executive Officer Randy Carroll, former CEO of the Insurance Brokers Association of Ontario. “We are excited about where the industry is headed and proud that Insurego is leading the way by providing today’s consumers with smart technology that simplifies the buying process.”

Joining Mr. Carroll on the leadership team is Morgan Girouard, Founder and Executive Vice President of Corporate Development, and recipient of the 2008 Insurance Brokers Association of Ontario ‘Young Broker of the Year.’

Newly appointed Chief Financial Officer Kent Carson is an experienced multinational CFO with transactional M&A experience measured in the billions.

Chief Strategy Officer Eamonn Garry has more than 20 years of experience in technology start-ups, including KYVR Connect, and experience taking companies to IPO.

Chief Technology Officer Roy Hooper is a seasoned full-stack senior software architect who guides Insurego’s technological development.

Chief Information Security Officer Eric Jacksch has more than 25 years of security experience with some of the world’s largest banks, automakers and insurance companies.

Chief Human Resources Officer Alex Gallacher is a certified HR Executive and Insurego’s talent accelerator.

Chief Marketing Officer Rachel Hancock is the Business and Marketing Strategy Lead at TrueCourse Communications and is guiding Insurego’s go-to-market strategy.

Celebrating Insurego’s Official Launch

Insurego hosted an official launch party at Invest Ottawa’s Bayview Yards on June 13. Ottawa mayor Jim Watson spoke on the importance of entrepreneurship, technology and innovation in Ottawa. Founder Morgan Girouard held a demonstration of Insurego’s online platform, and CEO Randy Carroll spoke on the future of insurance in Canada. Orléans Councillor, Matthew Luloff, and other dignitaries were in attendance.

“The City of Ottawa is proud to have Insurego in the nation’s capital and looks forward to the many contributions they will bring not only to our local economy, but to our thriving and diverse technology and innovation sector,” said Jim Watson, mayor of Ottawa.

About Insurego

We are not your average (insurance) bird.

Collectively our team has been selling insurance for over 50 years and now we’re leading the digital insurance revolution. Our 100% Canadian owned platform is ruffling some feathers to change the insurance industry for the better. Insurego was founded by one of the insurance industry’s rising stars, Morgan Girouard. Morgan was also recognized as the Young Broker of the Year by the Insurance Brokers Association of Ontario in 2011.

Join us as we now take our automotive insurance, home insurance, condo insurance, tenant insurance, landlord insurance and commercial insurance expertise into a whole new digital era – providing big data and insurance buying confidence to the 21st century.

Learn more about Insurego in the InsurTech Spotlight. For additional information, see the company FAQ below or visit insurego.ca.

Source: Insurego

Insurego

Backgrounder:

Insurego FAQs

What does Insurego do?

Insurego’s compare and buy online tenant insurance product is powered by our proprietary made-in-Canada technology driven by big-data and artificial intelligence. Our platform simplifies the consumer buying process, tailoring coverage options to deliver more accurate insurance quotes in minutes, and ensuring consumers are sufficiently insured.

Don’t other online insurance brokerages do this (e.g. Progressive and Geiko)?

American companies, such as Progressive give consumers the ability to compare and buy insurance online, but although they advertise in Canada, Canadian consumers cannot purchase insurance from them.C anadian companies like Belair, Sonnet and Onlia only provide quotes for a single insurance provider. As a broker we provide choice of multiple insurance carriers.

Why do consumers care about Insurego?

Insurego’s experience is intelligent, dropping unnecessary questions and formalities and offering a new perspective on buying insurance. Our users have little to nothing to fill out and can be fully insured in just minutes without a long phone call with a broker or intimidating questions. We offer some of the bestcustomer service in the industry with a human broker follow up and the Insurego app to manage the user’s policy and insurance questions.

How many employees does Insurego have?

In just over 8 months our flock has grown from 2 to 19 team members. In fact, we created 9 jobs in 2018, 10so far in 2019 and about 12 more (at least) by the end of thisyear.

Why is the team uniquely capable to execute the company’s business plan?

The Insurego team has the knowledge, experience and technological tools to revolutionize the industry.Morgan Girouard, Founder and Executive Vice President of Corporate Development, was the recipient of the 2008 Insurance Brokers Association of Ontario ‘Young Broker of the Year.’Chief Executive Officer Randy Carroll is the former CEO of the Insurance Brokers Association of Ontario. Chief Financial Officer, Kent Carson is an experienced multinational CFO with transactional M&A experience measured in the billions. Chief Strategy Officer, Eamonn Garry has over 20 years’ experience in technology start-ups, including KYVR Connect, and experience taking companies to IPO. Chief Technology Officer, Roy Hooper is a seasoned full stack senior software architect who guides Insurego’s technological development. Chief Information Security Officer Eric Jacksch has more than 25 years of security experience with some of the world’s largest banks, automakers and insurance companies. Chief Human Resources Officer, Alex Gallacher is a certified HR Executive and Insurego’s talent accelerator. Chief Marketing Officer Rachel Hancock is the Business and Marketing Strategy Lead at True Course Communications and is guiding Insurego’s go-to-market strategy.

How do you plan to scale the team in the next 12 months?

Insurego intends to acquire traditional insurance offices to scale online growth.

What are the major product milestones?

Our flagship product is our custom end-to-end Tenant Insurance product. This is a compare and shop experience for the user where we display pricing from multiple carriers so the user can choose which carrier works best for them. We’re also building the same compare and buy online experience for home, auto, commercial, landlord and condo insurance ready soon!

What other insurance products do you offer?

In addition to tenant insurance, consumers can purchase home,condo, automotive, landlord and commercial insurance from Insurego. We will also offer motorcycle, RV, pleasurecraft and other insurance products in the future.

What have you learned from early versions of the product or service?

Consumers love our brand, company message and project scope. Our brand is approachable and fun. We dont want to be perceived as boring and unapproachable. We want people to feel comfortable with insurance, to feel empowered and feel knowledgeable with what they are purchasing.

What will give your company a competitive advantage?

Selection-the ability to customize your insurance package, the ability to purchase your insurance online and on the go.Insurego was also recently accepted into the Invest Ottawa Accelerator Program which offers additional mentorship, guidance and funding opportunities which most

How is Insurego funded?

We are currently funded almost exclusively via equity investments at this point,although we are talking to a few select Financial Institutions (these will not be disclosed at this time) for some additional debt funding should it be required. We are comfortable with our funding levels and plans to date and are not really talking to any others at this point,as we feel we have a good outlook on sources and uses.

How big is your revenue?

We have experienced double digit percentage growth every month since we started in January 2019. Having said that, we started quite small so one could argue this is not too hard! We are happy with our revenue success so far and so are our investors. Our trajectory is strong and growing,but we will not disclose the actual amount today as we are a private company-this is done in respect of our shareholders.

Are you profitable?

We have just launched our platform and are only kicking off today! Despite good revenue growth, it is too early for us to be profitable in our development cycle. However, we can safely “see” profitability in the next 12-24months depending on how fast we can continue to develop and launch products.

Source: Insurego

Tags: , , ,