Toronto, Ontario – ClearPay, the Canadian leader in automating payment settlements and reconciliation for the Insurance Industry, announced today that all members of the board of directors have been re-appointed for another two-year term.
When the directors joined the board in 2015, they brought with them deep business and insurance backgrounds that proved invaluable as ClearPay transitioned from development to an operational business. The directors’ experience in working with other startups combined with a keen understanding of working in the insurance industry helped accelerate the company’s transition but in a pragmatic manner.
“The directors continue to bring a critical element of governance and solid business advice to management,” said John Knotek, Chief Executive Officer of ClearPay. “We feel humbled and honoured to have the calibre of individuals involved that we do and excited about their continued support during ClearPay’s growth.”
“Today, over seventy carriers are receiving electronic payments and remittance data that originated directly from major broker management systems,” says Phil MacDonnell. “We are impressed with the progression that ClearPay has made from white board to operational in a relatively short period of time.”
ClearPay has really made what thought to be impossible, possible in the property and casualty industry. Currently, ClearPay is on track to save the industry tens of millions of dollars as both brokerages and carriers experience efficient payments and simpler reconciliation.
“Between the management, developers and board members we have assembled a necessary trifecta,” continues Phil. “The extent of the banking experience, technology expertise and insurance industry knowledge has proven critical to deliver the best way for brokers and carriers to exchange money and data.”
About ClearPay
ClearPay is an independent Canadian company created by professionals with years of experience in the insurance and banking industries to automate payments and account reconciliation for the insurance industry. For more information connect with ClearPay on Twitter or Linkedin or visit clearpaycanada.com.
Board of Directors
David Galloway: David is the former President and CEO of Torstar Corporation and past Chairman of the Board of Directors of the Bank of Montreal. Mr. Galloway holds a B.A (Hons.) in political science and economics from the University of Toronto and an M.B.A from Harvard Business School.
Neil Morrison: Neil brings with him over 23 years of leadership in the Insurance Industry. Neil is past chair of the Insurance Institute of Canada and holds a B.A. (Hons.) in Economics from Queens University.
Philip MacDonnell: Phil brings experience in capital markets, through his involvement with a brokerage house, and experience as an advisor to a number of Canadian companies. He holds a B.A. (Hons) from the University of Western Ontario and is a Chartered Accountant.
ClearPay Contact
John Knotek
Phone: 647 494-3884
johnknotek@clearpaycanada.com
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