Canadian Underwriter

Gore Mutual makes capital investment in tech start-up BrokerLift

March 2, 2016   by Canadian Underwriter

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Gore Mutual Insurance Company announced on Wednesday that it has made a capital investment in Toronto-based technology start-up Brokerlift Inc., an eCommerce platform designed specifically to enable brokers to compete effectively with other online distribution channels.

Brokerlift will work with Gore Mutual’s broker network and other brokers across Canada to integrate online quoting, credit card payment and electronic document delivery directly into their existing websites

As part of their investment, Gore Mutual has “negotiated an incentive for its broker network to receive full BrokerLift platform integration with no set-up fees,” the mutual company said in a press release. BrokerLift will work with these and other brokers across Canada to integrate online quoting, credit card payment and electronic document delivery, with a range of products provided by insurance companies, directly into their existing website.

Paul Jackson, vice president of distribution at Gore Mutual, said in the release that “investing in BrokerLift is a natural next step to bring a competitive broker eCommerce solution to the market. This industry leading technology will enable brokers to attract new customers, build loyalty and expand profits through efficient ecommerce.”

Anna McCrindell, vice president of underwriting at Gore Mutual, added that Brokerlift’s platform is designed and built for the rigid regulatory requirements of the insurance industry. “Our investment enables BrokerLift to accelerate adoption, and we’re pleased to provide two launch products aimed at renters and microbusinesses.”

BrokerLift currently supports six products from three different insurance companies, with a goal of supporting more than a dozen by the end of 2016, the release said. “Consumer behaviour is changing quickly and eCommerce will be critical in servicing customers who demand 24/7 convenience to purchase their insurance products. It’s not just the big guys who can offer this,” commented Brokerlift co-founder Behzad Salehoun.

BrokerLift provides a turnkey eCommerce platform for insurance brokers to instantly enable online sales and service to their customers. As a purpose-built managed software as a service (SaaS) solution for the insurance industry, the BrokerLift platform features both highly secure and completely flexible technology.

Founded in 1839, Gore Mutual is Canada’s oldest property and casualty insurer, with approximately $400 million in premiums and $1 billion in assets as of Dec. 31, 2015. Based in Cambridge, Ont. and Vancouver, this Canadian-owned and operated mutual company employs more than 300 people.