28 March 2019 13:30
The assurtech toronto Finaeo has obtained a financing of 5.35 million, which will allow him to become ” theAmazon of the insurance industry “, she says. The round of funding was led by the venture capital fund of canadian venture specialized in fintech Luge Capital and supported by the subsidiary’s innovation reinsurer RGA, RGAX, Rising Tide Fund, inovia capital , and a syndicate of angel investors, represented by a partner ofAngelList, Alex Norman.
Finaeo said they want to ” become the fabric digital which connects to and feeds the life insurance sector by creating a digital network of insurers in the world. The scanning of all stakeholders is essential to the achievement of this vision. “
Scan the sector
“Over the past three years, we have been able to lay the foundation. With this new injection of capital, we can take the next steps to realize our vision of advancing the industry, ” said Aly Dhalla, CEO and co-founder of Finaeo. We plan to invest more in product development, customer acquisition and geographic expansion, starting with the United States. “
“The life insurance industry is evolving very slowly,” added Karim Gillani, senior partner of Toboggan Capital. The mission of Finaeo is to build the plumbing to scan the insurance industry to provide digital experiences with both advisors and self-service. They build the Amazon of insurance products and the team of Finaeo has the right pedigree to lead this mission forward. “
Automate legacy systems
The platform for avant-window Finaeo allows insurers and advisors to sell life insurance products “customized” to consumers. The connectivity to back-office with the insurers will be able to provide the real-time applications, the real-time adjudication and the status of the request in real-time.
The assurtech also claims to have developed an application allowing insurers to digitize forms, create a subscription “dynamic” and automate legacy systems.
Luge Capital manages assets of $ 75 million, which was donated by the Caisse de dépôt et placement du Québec, Desjardins, Sun Life Financial, the solidarity Fund QFL and The Capital in June last to begin its activities. The venture fund has offices in Montreal and Toronto.