26 February 2019 13:30
Photo : Freepik
The assurtech Breathe Life has raised $ 4.5 million ($M) during a recent round of seed funding led by the venture capital company Diagram, Ventures , and with participation of Real Ventures.
The money from this round will be used to conquer the u.s. market, said Ian Jeffrey, CEO of the company, to the Journal of the insurance. “Our goal is to validate the success we have experienced in Canada since January, 2018. The american market is larger than Canada’s, this is what will allow us to reach the status of big business in montreal. “
To get there, Breathe Life expand its team of 20 to 30 employees by the end of the year.
Direct sales and advisor
Insurers, distribution networks and advisors can use the platform to Breathe Life in two ways, either selling direct or through an adviser. The platform is offered as a white label (white label), which means that the insurer may affix his or her identity.
For direct sales, Breathe Life argues that the client can at any time speak with a counselor if he feels the need. More complex products can also be sold by an adviser, who uses the platform, said Mr Jeffrey.
Moreover, the platform is able to ” work around the legacy systems of the insurers “, in that the first part of the transaction, until the sale takes place on the servers of the company. At the time of sale, and without realizing it, the client is redirected to the server of the insurer. For those who have application programming interfaces (APIS) and more advanced systems, Breathe Life claims that he can use them also.
Ian Jeffrey says that Breathe Life stands out not only with its platform, but also its ability to bring the right customers for a specific product. “The technology today allows us to do the microsegmentation. We know what insurance product corresponds to a profile for a given customer, which is not always the reality when a consultant meets a potential client face-to-face. “
The company offers a service of marketing to ” help insurers understand how to find leads online “.
Services in damage for now
For now, Breathe Life does not plan to expand its activities to the insurance of damages due to the nature of the products. “There’s a lot more competition in this segment. All the more motivation to buy insurance products of damage is inherent : a driver does not have the option of acquiring a car insurance “, does it for example.