23 Aug 2019
Four Providers of Canadian Insurance Admin Automation Solutions Named as IDC Innovators
TORONTO, ON., August 26, 2019 — International Data Corporation (IDC) Canada today published an IDC Innovators report profiling four companies that offer compelling and differentiated insurance admin automation solutions. The four companies named as IDC Innovators are Baseline Telematics, ClientDesk, Encircle and IMETRIK.
The four insurtechs identified in this document are focused on increasing the efficiency of insurance administrative processes and facilitating the introduction of new solutions across the P&C industry. The industry is striving to move away from processes that require extensive manual intervention and traditional solutions to innovative digital solutions that have the potential to transform it. These include offering usage-based insurance, automating claims management processes and client interface enhancements. The challenges that the insurtech companies face in having their solutions adopted is the cautious way changes are made in the Canadian insurance industry, the large number of small brokerage companies and the tendency of clients to prefer personalize services over do it yourself solutions. This need for hand holding has been exacerbated by the complexity built into many of the insurance solutions and processes.
"The future potential of the companies reviewed in this document will be dependent on the ability of the insurance industry to have policy holders accept self-serve processes" says Robert Smythe, research associate IDC Financial Insights, "this will require determining how to make self-serve processes the clients' preferred interface just as the banks have managed to achieve."
- BaselineTelematics provides mobile-first solutions that enable insurance companies to embrace insurtech opportunities and introduce new technology-based processes and solutions.
- ClientDesk is a white-labelled consumer facing platform that helps agencies and insurers digitize clients’ experience and internal operations using web and mobile technologies.
- Encircle connects all parties involved in the property and casualty (P&C) insurance claims process, including policyholders, insurance companies, and restoration contractors, on one easy-to-use platform.
- IMETRIK is a global provider of GPS-based wireless solutions specializing in automotive finance, insurance and fleet management solutions.
The report, IDC Innovators: Canadian Insurance Admin Automation, 2019 (IDC#CA45343819) profiles four emerging vendors with compelling and differentiated insurance admin automation solutions in the Canadian market. The document was published to the IDC Financial Insights: Canadian Financial Industry Strategies program. Please contact askIDC@idccanada.com if you wish to speak to the authors of the report or learn more about the document.
About IDC Innovators
IDC Innovators reports present a set of vendors – under US$100M in revenue at time of selection -- chosen by an IDC analyst within a specific market that offer an innovative new technology, a groundbreaking approach to an existing issue, and/or an interesting new business model. It is not an exhaustive evaluation of all companies in a segment or a comparative ranking of the companies. Vendors in the process of being acquired by a larger company may be included in the report provided the acquisition is not finalized at the time of publication of the report. Vendors funded by venture capital firms may also be included in the report even if the venture capital firm has a financial stake in the vendor’s company. IDC INNOVATOR and IDC INNOVATORS are trademarks of International Data Group, Inc.
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,100 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly-owned subsidiary of International Data Group (IDG), the world's leading media, data and marketing services company that activates and engages the most influential technology buyers. To learn more about IDC, please visit www.idc.com or follow on Twitter at @IDC and LinkedIn. To learn more about IDC Canada, please visit www.idc.com/ca or follow on Twitter at @ idccanada and LinkedIn.