Managing Employee Benefit Plans: CloudAdvisors

A 2024 ICTA nomination

Toronto, ON (Feb. 2, 2024) – CloudAdvisors has built a platform for employee benefits evaluation. Employers rely on insurance brokers/advisors to advise, design and renew benefit plans annually. Yet, these professionals often lack the access to data and tools to analyse the strength, or weakness of their clients benefit plans. That’s where we come in.

CloudAdvisors began its journey in 2015 with broker automation. Since then, we’ve developed and launched an entire platform in early 2021 that tracks broker clients, leads and prospects, provides an interactive benchmarking dashboard and provides employee benefit Plan Evaluations to plan sponsors for free. We continue to develop new technology and services everyday.

Advisors use our platform to retain their top clients through imperative benefits insights and analysis. We also help brokers win new clients by being the ‘carrot’ needed to win over new business. For benefit providers, we provide an open marketplace for them to promote products. We also provide quoting capabilities that allow providers to get their products in front of brokers primed to sell clients on new benefits. For employers and plan sponsors we provide a central source of truth through real data that informs them on the strength and health of their plan design, all for free when invited on platform by their broker.

Business Value

• We work with Canada’s leading insurance brokerage and MGA firms, as well as leading providers.
• We’ve automated over 20,000 employee benefit booklets to complete the largest set of employee benefits data in the country, representing 4 million Canadian lives.
• We’ve evaluated over 150,000 employee benefit booklets helping Canadian employers toimprove their benefit coverage.
• Our data has helped clients pitch and win new business with a 60% success rate.
• Our marketplace and quoting network has helped providers win new business.

About CloudAdvisors

Vancouver-based CloudAdvisors was founded in 2015 by a team of tech-savvy individuals who saw an opportunity to improve the outdated insurance industry. Today, more than 15,000 Canadian employers access the insurtech cloud platform and marketplace powered by artificial intelligence.

• Learn more about CloudAdvisors in the InsurTech Spotlight.

To learn more about how your company stacks up to your competitors’ benefit plans, visit cloudadvisors.ca.

SOURCE: CloudAdvisors