Technologies such as videoconferencing, artificial intelligence (AI), predictive analytics, and geospatial capabilities have become common in the Canadian insurance industry, especially since the COVID-19 pandemic started.
With many technology companies using the “market-leading” phrase to describe their software, Insurance Business Canada (IBC) selected the best insurtech providers this year who can claim the “market-leading” title on the back of hard market research from the people who matter most – insurance brokers.
IBC identified the top 14 insurtech providers in Canada for 2022 by calling on tech providers to nominate their solution and explain why it stands out against its competitors and what makes it the best in the market. The IBC team then reached out to brokers, asking them to vote for the insurtech providers they dealt with. The top-scoring companies were named this year's 5-Star Insurance Technology Providers.
Among this year's winners is BeniPlus, which provides simple, flexible, and affordable employee benefits for small businesses in Canada. Through the insurtech provider's unique online wallet, employers provide their employees with a fixed sum for healthcare, wellness, savings, personal insurance, and charitable giving.
Scott Beckett, co-founder and CEO of BeniPlus, commented: “As an industry veteran, I can say the pace of technological change is rapid, particularly due to COVID. However, we only see the pace of this change accelerating as all entities along the value chain recognise the power of technology in every aspect of insurance. We believe 2022 represents the tip of the iceberg.”
