Kitchener, ON / Sep 2, 2020 – ProNavigator, an insurance technology (insurtech) company that helps leading carriers and brokerages overcome information barriers, announced today that it has closed a CAD$5.6 million financing round.
This latest round was co-led by new investor Luge Capital and existing investors GreenSky Capital and MaRS IAF, who were joined by iNovia Capital, BDC, and CIBC Innovation Banking, and brings the company’s total amount raised to $7.8 million. The new capital will be used to hire key resources to power expanded operations in the U.S. and Canada, and to extend ProNavigator’s product line.
This announcement comes on the heels of significant momentum for ProNavigator. Founded in 2016, the company’s solutions have been implemented by industry heavyweights HUB International, Wawanesa, and TD Insurance to deliver superior customer service and to more effectively seize revenue opportunities, and earlier this year ProNavigator was the only Canadian company selected by the US-based consortium of insurance players, BrokerTech Ventures, to deliver innovation into the US insurance broker industry.
“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,” said Joseph D’Souza, ProNavigator’s 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 specialized, so generic approaches are insufficient – that’s why we purpose-engineered a solution that is 100% focused on insurance.”
ProNavigator’s platform pairs a proprietary, pre-trained natural language understanding (NLU) engine with a straightforward, conversational interface that allows users to ask questions and look up information across an entire library of digital resources. By retrieving accurate answers instantly and automating workflows, the platform enables ProNavigator’s clients to outperform companies that still rely on legacy approaches to knowledge management. Because the platform learns from each user interaction and every document it analyzes, there is a powerful compounding effect that widens the competitive advantage both for the platform itself and for ProNavigator’s clients.
“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,” said David Nault, General Partner of Luge Capital. “Strong customer demand, a solid value proposition and their proven growth strategy caught our attention. We’re looking forward to fueling their growth with our network, experience and capital to help solve the insurance industry’s information flow challenges.”
Insurance is a complex business that involves many manual processes and elaborate collaboration between insurers and their distribution channels. The accelerated shift to remote workforces coupled with ever-rising customer expectations have resulted in new challenges for the industry.
“We want to empower our broker partners to do what they do best – give great advice,” said Graham Haigh, VP of Business Development for Wawanesa Insurance. “By retrieving accurate answers, instantly, ProNavigator’s solution has been an important enabler of our 100 percent broker-distributed Canadian operating model, adding value for us and our broker partners. That’s why we recently increased our work with ProNavigator, and we look forward to seeing the benefits for us and our broker partners.”