Victory Square agrees to acquire 15 per cent of insurance-technology company CloudAdvisors

Many employees rely on their benefit plans. From contact lens allowances to vital drugs and rehabilitative physiotherapy, company packages help workers afford treatments that would otherwise be prohibitively expensive.   

Navigating the insurance industry, however, can be tough for HR representatives. Canada hosts more than 130 health insurance providers with nearly 100,000 agents on the payroll, each dispensing different advice to local businesses.

CloudAdvisors simplifies that process. The company provides insurance advisors with data about the marketplace. Using their in-house AI technology, CloudAdvisors gives brokers more reliable information, which they can then pass on to businesses. As a result, the company hopes, firms will be able to make better decisions about what benefits packages will help their employees.

Yesterday, emerging technology incubator and accelerator Victory Square Technologies announced their intention to invest in CloudAdvisors. Subject to all requisite regulatory approvals, Victory Square will acquire 15 percent of all issued and outstanding shares of CloudAdvisors, for $300,000.

“CloudAdvisors is fundamentally changing the way consumers purchase insurance, simplifying brokerage through robotic process automation and leading the evolution of digital advice through proprietary machine learning,” Shafin Diamond Tejani, Chief Executive Officer of Victory Square, said in a press release. “We are very excited to add CloudAdvisors and their leadership team to the Victory Square portfolio. The entrepreneurial CloudAdvisors team is highly qualified and talented, bringing together insurance insiders with proven tech. We believe we will be able to capitalize on the major opportunity that exists within insurance supply chain distribution.”

CloudAdvisors has been growing steadily over the past few years, and the company sees the partnership with Victory Square as validation for its expansion.

“The year 2017 was a milestone for CloudAdvisors, as our innovative approach to collaboration and development reached thousands of businesses across Canada,” said Rahul Rao, Chairman, CTO and Co-Founder of CloudAdvisors. "With new customers, our wealth of data increases, supporting the systems of intelligence that will transform this marketplace.”

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