This article showcases our top picks for the best Toronto based InsurTech companies. These startups and companies are taking a variety of approaches to innovating the InsurTech industry, but are all exceptional companies well worth a follow.
We tried to pick companies across the size spectrum from cutting edge startups to established brands.
We selected these startups and companies for exceptional performance in one of these categories:
- Innovative ideas
- Innovative route to market
- Innovative product
- Exceptional growth
- Exceptional growth strategy
- Societal impact
Top Toronto InsurTech Companies
Relay Platform Inc
Relay is a next-generation reinsurance collaboration platform that helps carriers better manage and place reinsurance. Relay: • dramatically elevates the levels of control, integration and innovation in reinsurance, while enabling advanced insights into placements and other powerful functions.
• helps cedents and brokers achieve total visibility into and control over reinsurance needs and placements, across facultative and treaty, and all channels including emails and legacy excel spreadsheets. It integrates faster than any other system, with any other system.
• understands that reinsurance is a relationships business. Through the most intuitive, visual, and intelligent interface in the market, Relay sweats the details so ceding, assuming and brokering teams can focus on reinsuring more, better and faster.
• is currently engaged with carriers, reinsurers and brokers to power live placements, was selected by both the US Global Insurance Accelerator and Plug-and-Play Insurtech, and is backed by Fortune-500 American Family Insurance and additional strategic partners. To give you a preview, have a look at their 1-minute product video for cedents at https://docsend.com/view/48rug2u..
EDEN is a rapidly growing On-Demand and subscription based Marketplace. It is a mobile and web application for property owners to easily purchase outdoor home services such as lawn care, snow removal and landscaping services with confidence.
EDEN simplifies the job profiling process, booking and transaction within a secure, highly efficient technology platform for over 2,000 contractors and growing every day. Eden Pro is committed to the landscaping and snow plowing industry by providing a destination for contractors looking for industry specific news and content, unique member benefits like access to business loans, insurance, equipment, and other supplies they need to run their business.
FEATURES • On-demand jobs for contractors, IOS, Android and Web based • Multiple property listings • Multiple job queue for route planning • Assignment of jobs by foreman to workers • Weather forecasting and alerts • Job verification images – pre/post • Job routing solution • Payment processing and 48 hour payouts • Fully customized backend technology solutions to track • Integrated software for complete communication between all parties. .
At NuraLogix, we use Affective AI to improve the lives of people everywhere. Our patented technology, Transdermal Optical Imaging (TOI™), utilizes a conventional video camera to extract facial blood flow information from the human face in just 30 seconds!
Anura™ is NuraLogix’s TOI based app that uses allows contactless health tracking. Using only a smartphone, Anura™ is the world’s first app for contactless blood pressure measurement, without the need for a cuff or another wearable. Anura™ also measures other physiological, physical and psychological indexes, including heart rate, stress levels, BMI and cardiovascular disease risks with medical grade accuracy (based on research and clinical studies).
Knowtions Research is an applied artificial intelligence company with a mission to make the world’s health data useful. The company’s Lydia AI platform helps insurers unlock and use predictive insights in messy health data to automate claims processing and personalize customer experience.
Headquartered in Toronto, Knowtions Research is backed by Alibaba Entrepreneur’s Fund and Information Venture Partners.. .
GeneYouIn is a personalized medicine software company. It developed the Pillcheck platform for clinical pharmacogenetics reporting, workflow tools for clinicians, collecting patient-reported outcomes and actionable analytics for evidence-based population health management.
Pillcheck helps to minimize side effects and find an effective prescription sooner. Pillcheck is easy to implement digital service.
Pillcheck is also a fully integrated, secure platform for sharing health data governed by consent and rapid access to analytics by stakeholders. GeneYouIn provides a field-tested seamless implementation program and communication support.
GeneYouIn has built a full software and technology stack to support the return of genetic results to large populations, taking into consideration compliance with health data management regulations.. .
Livelii helps Canadian freelancers get health and dental coverage, paid vacation and sick days, and get paid on time. It built a platform with freelancers for freelancers which takes on the biggest challenges ranging from payment collection to having health and dental benefits and paid days off.
It was founded in 2019 and is based in Toronto, Canada.
Sitata keeps you safe when you travel. We use machine learning to monitor traditional news and social sources for travel disruptions such as a disease outbreak, violent protest, or simply a transit strike, and we deliver this critical information to travellers on the ground faster than anyone else.
We were the first to offer these capabilities to the leisure travel sector and have a white-label offering which we position with other brands such as travel insurers, credit card providers, airlines, and travel management companies.. .
Allegory is the first insurance provider that focuses on preventative behavioral insurance provided through digital channels. We believe that insurers should play a huge role in prevention as well rather than taking a reactive approach only.
And this can be done by leveraging the true value telematics, IoT, and advanced driver-assistance systems (ADAS) with an on-going basis. If it’s done right, it’s beneficial for everyone: good drivers to save premium, insurers to reduce loss ratio, and communities to become better and healthier.
Allegory uses hundreds of thousands of data points to understand how you drive, how much you drive, where you drive, and what you drive. We combine all these data by using our unbiased artificial intelligence to provide the fairest affordable personalized insurance coverage ever.
Moreover, we continuously coach you on how to save more on your premium and warn you real-time to prevent you from the risk around you. Our mission is clear: we want to rewrite the allegory of insurance together..
QuantumSense is an artificial intelligence company founded in Canada and is a successful graduate of the first quantum machine learning track of the Creative Destruction Lab program in Toronto. It provides a top semantic search engine that works on the sentence level.
This solution goes beyond the simple keyword search by encapsulating the meaning and structure of words in sentences to make efficient comparisons in meaning and search. This gives a much more accurate and faster search for ideas or text passages in documents or archives of any business smoothing the workflow and saving countless hours.
The sentiment analysis can also be used together with the fundamental analysis in finance to analyze unstructured data to make better predictions. Another vertical is the insurance industry where our semantic search engine can automate and significantly speed up the insurance claims process of insurers..
Orchid B provides end-to-end back office services to the self-employed and small companies. Its everything an entrepreneur has ever needed to help run a small business that only the biggest companies can afford.
Orchid B is the premium platform of choice for back office functions including business registration, banking, insurance, accounting, and payroll. We enable businesses to transact efficiently, cost effectively and with complete confidence..
Founded in 1997, Insurance Systems Inc. (ISI) is 100% dedicated to providing technology solutions to the P&C insurance industry.
They take an integrated approach to policy administration. This means that they don’t believe it ends once the policy is out the door.
Billing, claims, reinsurance, loss control and financials are key components of the business, which is why they developed a suite of solutions that bring these pieces together on one modern platform. They also give insurers a few things they wouldn’t normally expect in a policy administration software including CRM, a robust rules engine, a flexible document engine, document management functionality and business intelligence tools – all in one configurable, modern, scalable platform..
PolicyAdvisor is transforming the way Canadians buy the financial protection they need. We are poised to disrupt a massive global industry by making insurance purchases simpler, transparent, and more human.
We currently offer life insurance, critical illness insurance, and mortgage protection products, with more coming in Q2-2019.. .
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