The Co-operators Group Ltd, a Canadian insurance and financial services co-operative, has launched a new fund to invest in insurance technology companies.
The size of the fund was not disclosed.
President and CEO Rob Wesseling said the fund will support The Co-operators’ innovation strategy by partnering with companies that offer “cutting-edge technology and solutions to meet the changing needs and preferences of our clients.”
Last year, The Co-operators partnered with New York-based insurance cloud platform Slice Labs Inc to create a new digital insurance brand in Canada.
It also led Slice Labs’ US$20 million extended Series A financing.
PRESS RELEASE
The Co-operators introduces fund for Insurtech investment
TORONTO, April 9, 2019 /CNW/ – The Co-operators is further expanding its Insurtech investment by introducing a fund to facilitate partnerships with Insurtech firms. The investment fund reflects the organization’s commitment to address the unmet insurance and financial services needs of Canadians participating in a fast-paced and ever-changing digital economy.
“Innovation is key to providing financial security for Canadians and communities,” says Rob Wesseling, President and CEO, The Co-operators. “We’re collaborating with Insurtechs that offer cutting-edge technology and solutions to meet the changing needs and preferences of our clients.”
In support of the organization’s innovation strategy, the fund focuses on investment priorities aligned with three key themes: meeting emerging and underserved insurance needs, enriching the resiliency of Canadians, and adapting to the changing nature of transportation.
The Co-operators entered into its first Insurtech partnership in 2018, teaming up with Slice Labs Inc. (Slice) to launch a digital insurance brand – Duuo by Co-operatorsTM, a market-leading solution leveraging the Slice Insurance Cloud Services
(ICS) platform.
Insurtech companies interested in learning more about The Co-operators and its fund are encouraged to submit a high-level summary of their company and technology to Daniel Sinclair, Vice President of Corporate Development at InsurTechfund@cooperators.ca.
About The Co-operators:
The Co-operators Group Limited is a Canadian co-operative with more than $41.7 billion in assets under administration. Through its group of companies, it offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products. The Co-operators is well known for its community involvement and its commitment to sustainability. The Co-operators is listed among the Best Employers in Canada by Aon Hewitt and Corporate Knights’ Best 50 Corporate Citizens in Canada. For more information, visit www.cooperators.ca.
For further information: Michelle Robichaud, The Co-operators, media@cooperators.ca