Whitby, ON (Dec. 14, 2022) – Commercial insurance brokers face a barrage of complex hurdles when trying to find the right coverage for clients. Quotey wants to change that. This revolutionary new platform is Canada’s first multi-insurer commercial lines quoting and product comparison tool for brokers, and has now officially launched in all provinces except for Quebec, where it will be available in 2023.
Designed and developed over the past three years, Quotey is looking to transform how the commercial insurance market operates, take days – and in some cases weeks – out of the process and help brokers vastly improve the value and support they provide to their clients.
With a proliferation of insurer portals and PDFs, commercial lines brokers are often faced with a tough choice – they can be fast or thorough. Using a single carrier portal allows brokers to do a quick but narrow search of the market for a segment of their clients. Completing and sending applications to underwriters can present more coverage options, but is a painful and time-consuming process.
Quotey significantly simplifies things by allowing brokers to complete a single digital application for over 700 classes of business, get instant quotes from a growing list of participating insurers, compare and share everything with the client, and manage the go-to-market process for more complex clients. The platform provides coverage recommendations along with a proprietary CoverMatch score that analyzes carriers’ quotes against the client’s needs.
Quotey co-founder and CEO, Nick Kidd, leveraged his nearly three decades worth of experience with insurers, MGAs and brokerages to build a platform that truly addresses the issues that brokers face in their day-to-day lives.
“I used to get increasingly frustrated with the challenges of being a commercial insurance broker in Canada and the lack of workable solutions in the market,” Kidd said. “There’s so much focus and attention on technology for personal lines, but commercial insurance has continually been ignored so I decided to do something about it.”
Ultimately, Quotey wants to be an industry-changing tool that empowers brokers to be better brokers. To do this, the platform needs to be easily accessible for brokerages of all sizes. Not wanting cost to be a barrier of entry for anyone, Quotey is available for a low monthly price of only $10 per user and there are no minimum contract periods.
“Our ambition is to change the way that technology is consumed in the brokerage industry,” says Kidd. “I always wondered why in our private lives, we can utilize amazing technology like Netflix or Spotify for a low monthly fee, but as soon as you add the word ‘broker’ into the equation, there are huge costs and sign-up fees, long contracts and you have to agree to give away your data.
“We believe that broker technology should be just as easy and cheap to access as Spotify, so we’ve set our cost at $10 per user, per month and brokers will always own their data.”
Founded in 2020, Quotey Inc. is a privately held Canadian technology company based in Whitby, Ontario, established to serve the commercial insurance industry. It works with multiple brokerages and carriers to create a simpler, more efficient and ultimately better process for securing commercial insurance coverage for clients. For more information, visit quotey.io.
Tags: Brokers, industry first, InsurTech, InsurTech Spotlight, launch, platform, Quotey