YouSet, a startup aims to optimise the process of buying and comparing home and auto insurance, has raised $2.1m in an oversubscribed pre-seed round.
YouSet is an InsurTech that aims to make buying home and auto insurance quick and painless by comparing alternatives for its users.
Its technology encourages insurance companies to compete for each customer, allowing them to buy the policy online and in under four minutes.
To date, the company has seen over 75,000 Canadians using its platform, which it claims saves them 29% on average on their insurance premium.
The funding comes primarily from angel investors who between them have 270 years of experience in the insurance industry. These executives include Don Fox (former executive vice president at Intact), Neil Mitchell (former managing director at Marsh Canada) and Mike George (founder of Trisura). Other investors include tech veterans such as Joe Canavan (principal of Canavan Capital), Nicolas Bouchard (founder of DuProprio) and Michel Lozeau (chairman of Anges Québec).
YouSet said the funding will allow it launch an “aggressive” growth strategy designed to multiply sales, both in its home province of Quebec and also across Canada. Alongside the funding round, the company has just launched its digital offering in Ontario.
In addition, part of the capital will be used for recruiting to further grow YouSet’s team.
Xavier Freeman, co-founder and CEO of YouSet, said, “It’s a great day for our entire team. We have been working for years towards our vision of making the process of buying insurance more efficient and today’s news is an important milestone on our journey. We believe that this investment from individuals with such tremendous industry experience is an acknowledgement that our vision is the right one. We are just beginning to scratch the surface of our true potential.”
Don Fox, one of the round’s investors, added, “YouSet is an exciting young InsurTech with great potential. Xavier and his team have a clear vision for enhancing the entire insurance buying experience from end-to-end. They make it faster, easier and less expensive to find the right home and auto insurance policy. A stress free process for buying insurance is something Canadians want and have embraced. That creates tremendous growth potential for the business.”
AXA UK recently launched five new home insurance products across its AXA and Swiftcover brands in a bid to meet customer demands for greater flexibility and choice.
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