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cloudadvisors.ca

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Founded Year

2015

Stage

Unattributed VC | Alive

Total Raised

$230K

Valuation

$0000 

Last Raised

$230K | 3 yrs ago

About CloudAdvisors

Cloud Benefit Solutions, dba CloudAdvisors, connects insurance advisors with marketplace data and tools in a secure digital platform for an enhanced client experience.

CloudAdvisors Headquarter Location

300 - 128 West Hastings Street

Vancouver, British Columbia, V6B 1G8,

Canada

Latest CloudAdvisors News

Victory Square Enters Into Definitive Agreement to Acquire 15% of Cloud Benefit Solutions Inc.

Jul 24, 2018

Victory Square Enters Into Definitive Agreement to Acquire 15% of Cloud Benefit Solutions Inc. Operating as CloudAdvisors, innovative insuretech platform connects insurance advisors with market data to enhance client experience with automated work flows and augmented advice July 24, 2018 03:01 ET | Source: Victory Square Technologies Inc. VANCOUVER, British Columbia, July 24, 2018 (GLOBE NEWSWIRE) -- Subject to all requisite regulatory approvals, Victory Square Technologies Inc. (“Victory Square” or the “Company”) (CSE:VST) (OTC:VSQTF) (FWB:6F6) will acquire 15% percent of all issued and outstanding shares of Cloud Benefit Solutions Inc. (“CloudAdvisors”), an established and quickly growing Software-as-a-Service (SaaS) platform within the group life and health insurance industry, for $300,000 CAD in total consideration (the “Purchase Price”). Pursuant to a definitive share purchase agreement to be executed between the Company and Cloud Advisors (the “Share Purchase Agreement”), the Purchase Price will be paid and satisfied by the Company through cash installments. “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,” said Shafin Diamond Tejani, Chief Executive Officer of Victory Square. “We are very excited to add CloudAdvisors and their leadership team to the Victory Square portfolio,” said Tejani. “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.” Tejani noted that Victory Square consistently invests where there is a large market opportunity and a team that has the capability to capture it. The strategic partnership with Victory Square is yet another key milestone for CloudAdvisors. “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.” “CloudAdvisors already brings superior, unrivaled data analytics, and decision-making software to the insurance brokerage space, which provides the end-client with a tailored experience,” added Tejani. ”On the other hand, our Victory Square shareholders will see that same value being added to their portfolio, accompanied by strong sales, margins, and growth rates for years to come.” The Canadian life and health insurance industry accounts for life insurance, annuities (RRSPs, RRIFs, pensions) and supplemental health plans (including employee benefits) with over $100 billion in annual premium covering 28 million Canadians. (Source: Canadian Life and Health Insurance Association (CLHIA) Annual Report - http://clhia.uberflip.com/i/878840-canadian-life-and-health-insurance-facts-2017/7 ?) With over 130 health insurance providers and 97,400 agent/advisors, organizing and managing this extremely vast supply chain is a necessity that the sector is in dire need of. Employers responsible for making decisions on benefit plans impact access to healthcare and wellbeing for millions and are seeking expert advice and a better customer experience. By partnering with CloudAdvisors, expert advisors across the country are being augmented by technology to support employers making better decisions for their people. "Our key has been an obsession with our customers, listening, and responding to their passion for helping employers," said Matt Lister, CEO and Co-Founder of CloudAdvisors. "We started this journey with a belief that insurance was built on trust and accountability, and a digital revolution in transparency leads to better advice, more informed decisions, and an exceptional experience for customers.” For further information about the Company, please contact: Investor Relations Contact - Prit Singh

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Expert Collections containing CloudAdvisors

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

CloudAdvisors is included in 3 Expert Collections, including Wealth Tech.

W

Wealth Tech

991 items

A category of financial technology that is digitizing & streamlining the delivery of wealth management. Included: Startups that offer technology-enabled tools for active and passive wealth management for retail investors and advisors.

I

InsurTech

1,627 items

Companies and startups that use of technology to improve core and ancillary insurance operations. Companies in this collection are creating new product architectures, improving underwriting models, accelerating claims and creating a better customer experience

F

Fintech

10,749 items

Excludes US-based companies

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