Female-focused venture capital fund Sandpiper Ventures has invested an undisclosed amount in Halifax-based QuickFacts, a customizable software platform for insurance brokers that promises to be more user-friendly than competing software.
The QuickFacts platform lets brokers view insurance packages from competing companies side by side for easy comparison, which the company says can reduce the time brokers spend searching for information by 10 to 20 times. It also says the platform offers brokers more depth of information than competiors. So far, brokers in Atlantic Canada and Ontario use the software, with a westward expansion “imminent.”
Insurance companies have been upping their technology spend significantly in recent years as the industry looks to modernize. Sandpiper said in a statement that spending by insurance companies on technology products is likely to grow by more than 11 percent annually between now and 2025.
“We are successfully infiltrating a rather traditional industry that urgently requires innovative solutions,” said QuickFacts CEO Christy Silvestri.
“My background in insurance helped me identify these pain points of time, consistency and liability and it’s tremendously exciting to have a partner like Sandpiper Ventures join us on this mission."