Sep 2, 2020

ProNavigator raises CAD$5.6mn for AI-driven platform

ProNavigator
AI
Luge Capital
Insurtech
William Girling
2 min
“Information is the lifeblood of insurance, but too often it doesn’t flow fast enough to meet the demands of the business, resulting in lost time, missed revenue opportunities and lowered productivity,” stated Joseph D'Souza, CEO and Founder.
Canadian insurtech ProNavigator has managed to raise CAD$5.6mn (US$4.3mn) to accelerate the development of its AI-driven knowledge-sharing platform...

Canadian insurtech ProNavigator has managed to raise CAD$5.6mn (US$4.3mn) to accelerate the development of its AI-driven knowledge-sharing platform.

The round was led by venture capital firm Luge Capital, a specialist in Canadian fintech-related investment, and joined by both existing investors (GreenSky Capital and MaRS IAF) and new ones, including iNovia Capital and CIBC Innovation Banking.

Utilising AI (artificial intelligence) to streamline insurance workflows, increase sales and optimise efficiencies, ProNavigator’s platform is a fundamentally empowering service aimed at increasing knowledge sharing and transforming insurance.

With solutions available for both brokerages and carriers, the company had the distinction in March 2020 of being the only Canadian insurtech chosen by US firm BrokerTech Ventures to drive innovation within the country’s industry.

Empowering underwriting with information

Central to the company’s ethos is the idea that modern insurance is currently being underserved by the lack of available data. Any meaningful transformation of the sector, it reasons, will ultimately stem from greater access to information.

“Information is the lifeblood of insurance, but too often it doesn’t flow fast enough to meet the demands of the business, resulting in lost time, missed revenue opportunities and lowered productivity,” stated Joseph D'Souza, CEO and Founder. 

“Underwriting teams, claims staff and brokers spend many hours each day searching for information and answering the same questions over and over again. The information and language within the industry are very specialised, so generic approaches are insufficient.”

Commenting that strong market demand and a proven growth strategy and value proposition were what drew Luge Capital to lead the funding round, David Nault, General Partner, added that the problem-solving potential of ProNavigator’s products could prove highly significant:

“No one likes to wait for answers and ProNavigator addresses this industry-wide and costly problem, especially as it relates to enabling sales and broker channel customer service,” he said.

Canada: an insurtech hub

This news represents another story in the continuing development of the Canadian insurtech market, which is seeing some of the strongest investment and innovation globally.

Vertafore subsidiary Keal Technologies recently launched its new cloud platform, which targets the optimisation of back-office processes in order to improve customer engagement at the front.

The catalyst for digitisation in insurance following the COVID-19 pandemic is beginning to manifest itself full-spectrum; with front-to-back optimisation capabilities being developed rapidly, Canada may have a significant role to play in the industry’s new paradigm.

Photo of Joseph D'Souza courtesy of ProNavigator

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Jun 11, 2021

SLK Software: Optimising performance in the digital economy

SLKSoftware
AI
Automation
CNAInsurance
2 min
Recently featured in our profile of CNA Insurance, we take a closer look at how SLK Software is powering disruption in the digital era

Established in 2000 in Bengaluru, India, SLK Software recognises that fast-paced digital transformation is creating an unprecedentedly fertile period of opportunity for global businesses.

As such, with a firm belief in the power of simplification and automation to yield new and exciting experiences, the company has been challenging the status quo for over 20 years through an approach that is:

  • Relationship oriented
  • Strategically focused on a desired outcome
  • Reliant on automation tech

Believing in purposeful automation

SLK’s specialisation in automation tech is full spectrum: artificial intelligence (AI) and machine learning (ML), Computer Vision, Natural Language Processing (NLP), Robotic Process Automation (RPA), and more, are all part of its core competencies. 

Citing 90% productivity improvements, 30% business growth through better customer experiences, and up to 20x faster go-to-market capabilities, the reasons for its focus are clear.

The company currently serves the banking, financial services, insurance, retirement services, M&A, manufacturing, and supply chain sectors. Solutions offered include:

Accelerating workflow processes

In addition to these services, SLK offers three products/platforms: Avo Assist - RPA, Avo Assure - Test Automation, and Avo Discover - Process Discovery.

 

 

The latter is a tool specifically calibrated to enable business users an easy method for capturing document processes. This can occur across any application, with these individual tasks then seamlessly combined for both improved compliance and governance. 

Carol Castelloni, VP of Transformation at CNA Insurance, highlighted this as providing critical support in helping the company meet its business objectives:

“SLK’s Avo Discover tool accelerates how we can document workflow processes, measure impacts on enhancements, and identifies future automation opportunities.” Liberated from having to focus on these process-driven aspects of business, CNA Insurance has been able to refocus its attention on creative problem-solving instead.

Ultimately, this is the most important benefit that SLK brings: it optimises the back end so that clients can channel their energy towards what matters the most, customers.

Read more about SLK Software and CNA Insurance in the June 2021 edition of FinTech Magazine.

Pictured: SLK Software team (source)

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