A Pioneering Startup in Insurance for Tenants
Montreal, May 14, 2019 – After months of research and development, the Montreal startup Allset has launched, providing home insurance exclusively for tenants. While financial institutions seem unable to adapt to young professionals’ needs, this “insurtech” promises to be a game changer, answering Millenials’s specific requirements.
Did you know that 37% of Quebec tenants do not have home insurance? According to the Insurance Bureau of Canada (IBC), this is an unfortunate situation that puts their financial security at risk. Many tenants wrongly believe that the landlord’s insurance will provide compensation, or that their goods are not valuable enough to warrant insurance. Should tenants be held responsible for a disaster, they risk losing everything and being required to compensate their landlord.
Allset positions itself as the first Canadian company to specialize in tenant insurance exclusively, and since its inception, has already seen its customer base grow tremendously. The startup uses a “matching” algorithm, comparing the tenant’s needs to over 10 insurance companies’ offers in real time, in order to find the best coverage. While large insurance companies are spread thinly over multiple categories and client profiles, Allset is the only Canadian company to own such technology.
An Instant Service … 100% Online!
“The insurance industry is highly traditional. It’s an industry that’s proved unable to adapt to the needs of Millenials, as well as Gen X and Y. Allset stands out through its customer-centric digital strategy and powerful technology,” states Xavier Freeman, cofounder.
Allset’s smart technology shops for your insurance coverage and promises to deliver the best price in less than four minutes! In addition, it covers everything the tenant owns in their apartment or carries with them. Now that Allset is online, it aims to become top-of-mind for all busy Canadian tenants who want to save money or purchase their first insurance policy. With thousands of existing users, Allset is two clicks away from changing the game!
In 2018, Allset joined the NextAI Accelerator in Toronto, a world-class accelerator, which provided access to state-of-the-art technologies and tools, as well as mentors of global success. After this highly competitive program, the team obtained financing from the BDC, Next Canada and multiple angel investors from the insurance and artificial intelligence fields. The team also receives support from the District 3 Innovation Center, affiliated with Concordia University.
Allset, cofounded by cofounders Xavier Freeman and Fellipe Monteiro, is an “insurtech” dedicated to modernizing the online insurance market through artificial intelligence. Using powerful algorithms, Allset helps tenants better understand their own insurance needs and purchase the most appropriate coverage online, in just a few clicks. Allset’s services are now available at allset.ca.
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