Canadian insurtech startup Koïos raises CA$6.5M new funding

 Canadian insurtech startup Koïos raises CA$6.5M new funding

Image courtesy: Koïos Intelligence

Canadian insurtech startup, Koïos Intelligence, has successfully concluded a financing round, raising CA$6.5 million. Several prominent investors, including Propulia Capital, Canada Economic Development, Export Development Canada, and Caisse Desjardins des Technologies, also invested.

With this significant investment, Montreal-based Koïos plans to accelerate its expansion into new markets while further enhancing its virtual assistant. This development aims to streamline insurance professionals’ workflows, enabling them to conduct business more efficiently than ever before.

“Our growth has been significant since the company’s launch and this round of financing will allow us to further solidify our business strategy. In the medium term, our goal is to become the first conversational assistant in the insurance industry in Canada and the United States, revolutionizing the way people shop for insurance coverage.”

Mohamed Hanini, President, CEO and CTO of Koïos Intelligence

Canadian insurtech startup is revolutionizing the way people shop for insurance policies

The company claims to have identified an industry problem through its deep understanding of insurance, finance, and AI. Koïos believes it identified a gap between current insurance sales methods used by brokers and the preferences of modern consumers. According to a survey conducted by Koïos Intelligence, 75% of consumers expect a response from an agent within five minutes. Moreover, 65% respondents prefer online platforms over call centers when shopping for insurance.

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Koïos’ AI-powered conversational assistant, named Olivo, serves as a virtual intermediary between insurance brokers and consumers. It facilitates the shopping process by presenting various coverage options and enabling the completion of insurance purchases. Further, users can ask Olivo questions throughout the process. The system seamlessly integrates with industry-leading platforms like Applied and the Centre for Study of Insurance Operations (CSIO), allowing Koïos Intelligence to actively participate in the insurance value chain.

To improve consumer interactions, Olivo utilizes multimodal AI. This involves the use of various channels of information transmission, such as text, voice, and image, to train interlocking algorithms.

“We are pleased to support and welcome a visionary company like Koïos into our ecosystem of start-ups, offering an innovative solution that improves the experience of all parties involved in the entire value chain.”

Geneviève Biron, Founder and Managing Director of Propulia Capital, a close advisor to Koïos’s Board of Directors

With Olivo’s advanced capabilities, Koïos is betting hard on the way consumers shop for insurance coverage by introducing faster response times and delivering personalized service.


Also read: Insurtech startup QuickFacts raises CA$1.13M in new funding

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