QuickFacts, an InsurTech startup focused on enhancing efficiency within the insurance industry, has announced the successful closure of an oversubscribed $2m funding round.
This capital injection positions the company for a strong market launch in Quebec and the United States, building on its recent expansion across the Canadian Western provinces.
The financing round was led by Sandpiper Ventures, a fund that invests in women-led technology companies. Other investors include Killick Capital, a St. John’s-based private investment firm led by Mark Dobbin, and Paul Hill, a Canadian technology executive and angel investor.
The round also attracted investments from InsurTech NY, Neil Mitchell, former Managing Director at Marsh Canada, Phil Gibson, former Managing Director at Aviva and senior executive at Allstate and Travelers US, Don Jacobi, the previous owner of Jacobi Brien Insurance, East Valley Ventures, and other angel investors.
Co-founded by Christy Barsalou (President & CEO) and Jeff Barsalou (CRO) in late 2020, QuickFacts has developed a platform that consolidates insurance carrier information into a user-friendly, searchable database.
The offering allows for side-by-side underwriting comparisons and optimises brokerage workflows by reducing underwriting calls by up to 50%, saving users up to two hours daily.
In 2024 alone, QuickFacts enabled brokers to save a collective 228,306 hours, which could be redirected towards growing their businesses and improving customer service.
The company plans to hire four more employees this year to aid in completing its Canadian expansion and entering new product lines, such as Commercial and Agricultural insurance. QuickFacts is also focusing on enhancing its data and artificial intelligence capabilities to better serve its clients.
QuickFacts has experienced rapid growth, tripling its active user base to 2,500 users across 100 brokerage clients within just over a year. This significant growth has allowed the company to establish larger partnerships within the brokerage industry.
QuickFacts CRO Jeff Barsalou, said, “We’re extremely proud to see the success and positive feedback QuickFacts has received over the past year. Securing this funding is crucial for our growth trajectory, reflecting our investors’ confidence in our ability to empower brokers with reliable underwriting information and process technology.”
Christy Barsalou, President and CEO of QuickFacts commented, “US brokerages are experiencing similar pain points to Canadian brokerages, but on a much larger scale due to the sheer size of the market and state differences. That’s why technology is imperative for brokers to keep pace with rapid carrier information changes, ensuring they deliver accurate, up-to-date advice to clients, ultimately enhancing efficiency and service quality.”
David Gritz, Managing Director of InsurTech NY, added, “We are proud to support a startup that can make the lives of insurance brokers easier. Having the right systems in place with QuickFacts can make the transition to the next generation smoother. With the average age of a broker significantly above the median worker in the US and pressure for agency owners to sell or retire, the need in the market is expanding exponentially.”
Rhiannon Davies, Co-founder and Managing Partner, Sandpiper Ventures, remarked, “Sandpiper Ventures is pleased to lead an oversubscribed funding round and re-invest in a woman-led company we continue to believe in. QuickFacts is rapidly transforming the insurance industry: Christy, Jeff and team have built a transformative AI-enabled platform with the ability to streamline underwriting and reduce inefficiencies for brokers. They have developed a strong and growing customer base across Canada and now into the U.S. We are excited to support the QuickFacts team as they continue to enhance capabilities and further expand their reach.”
The InsurTech sector is witnessing rapid growth, with insurance carrier information changing frequently.
In Ontario alone, the first half of 2024 saw 250 underwriting rule changes for personal insurance carriers, underscoring the need for technology like QuickFacts.
A recent study by Mordor Intelligence projects that the InsurTech market size will quadruple to over $32bn in the next five years, highlighting the increasing push by insurance companies to adopt new technologies.
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