Halifax-based startup QuickFacts, dedicated to improving the insurance industry with technological disruption, has confirmed the successful completion of a funding round securing $1.13m.
This InsurTech firm has built a strong reputation for aggregating insurance carrier underwriting information into a unified, searchable database for brokerages.
Exceeding their initial target of $500k, QuickFacts managed to raise a significant $1.13m. The round was spearheaded by Sandpiper Ventures, a venture capital firm with a focus on women-led, innovative technology businesses. Other participants in the round included Killick Capital, an investment firm based in St. John’s led by Mark Dobbin, Paul Hill, ex-CEO of Carta Worldwide, Neil Mitchell, former managing director at Marsh Canada, and a group from both Women’s Equity Lab Toronto and Vancouver.
QuickFacts’ innovative approach centres on compiling insurance carrier underwriting information for brokerages into a single searchable database. It enables brokerages to compare carrier information effectively. By using QuickFacts, a standard brokerage with 25 users can save an average of $140,000 a year in productivity, equivalent to two full-time brokers. Currently, the company’s software is being utilised by over 30 brokerages and 800 active brokers.
The recently secured funds will be instrumental in fuelling QuickFacts’ ambitious expansion plans across Canada. The company is also looking forward to launching its highly anticipated workflow software, focusing specifically on insurance brokerage operations. The funds will also help QuickFacts extend its services to the remaining provinces, provide its insurance-specific workflows this Summer, compile user data into meaningful insights and reports, and begin venturing into the commercial market by Fall 2023.
QuickFacts President & CEO Christy Silvestri said, “As a broker for 17 years, I spent so much time answering underwriting questions for my team that I couldn’t perform my management tasks. So we went and built the software I wanted as a broker and manager. We’re drastically improving the morale of brokers by empowering them with the quick answers they need. The industry is seeing a shortage of experienced brokers and a shift to remote work, so QuickFacts is making it much easier for brokers to access underwriting knowledge.”
Previously, QuickFacts had raised funds which enabled it to grow its team from 10 to 16 employees since February. This investment has significantly bolstered its capabilities in development, insurance, and marketing, enabling the company to widen its market reach into Western Canada.
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