An Ontario-based insurtech is introducing what it calls “Canada’s first multi-insurer commercial lines quoting and product comparison tool” for brokers.
Developed for the past three years, Quotey aims to change the way the commercial insurance market operates. The platform helps streamline the work brokers do while improving the value and support they provide to their clients, a release said.
The insurtech explained that commercial lines brokers traditionally would have to pick between being fast or thorough – they can either use a single carrier portal to do a quick but narrow search of the market for their clients, or complete and send applications to multiple underwriters, which could be a time-consuming process.
But with Quotey, commercial lines brokers no longer have to pick between the two. The platform allows brokers to complete a single digital application for over 700 classes of business, receive instant quotes from a growing list of participating insurers, compare quotes, and share everything with their clients. Quotey also enables brokers to manage the go-to-market process for more complex clients.
Quotey provides coverage recommendations together with a proprietary “CoverMatch” score that analyzes carriers’ quotes against clients’ needs. The platform is available to use for a monthly price of $10 per user, with no minimum contract periods.
“I used to get increasingly frustrated with the challenges of being a commercial insurance broker in Canada and the lack of workable solutions in the market,” said Quotey co-founder and CEO Nick Kidd. “There’s so much focus and attention on technology for personal lines, but commercial insurance has continually been ignored so I decided to do something about it.”
According to a release, Kidd leveraged his nearly three decades of experience with insurers, MGAs, and brokerages to build Quotey.
“Our ambition is to change the way that technology is consumed in the brokerage industry,” added Kidd. “I always wondered why in our private lives, we can utilize amazing technology like Netflix or Spotify for a low monthly fee, but as soon as you add the word ‘broker’ into the equation, there are huge costs and sign-up fees, long contracts and you have to agree to give away your data.”
Quotey has launched in all Canadian provinces and territories except for Quebec, where it will be made available in 2023.
