Canadians are paying too much for their insurance

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MONTREAL, Feb. 19, 2018 (GLOBE NEWSWIRE) — Millions of Canadians are potentially overpaying for their home and auto insurance policies or have policies that do not properly protect them, says Scott Loong, founder and CEO of Covera. The new Montreal-based startup company gives consumers an efficient and modern alternative to insurance shopping. Covera uses algorithms and human brokers to re-shop for clients year after year to ensure that their insurance offers the right protection at the best possible price, forever.

According to a recent national survey, eighty percent of Canadians do not re-shop and just let their insurance auto-renew every year, and the result is that many may be inadequately protected, paying too much – or both.

The survey, commissioned by Covera, polled 1800 people from across Canada to better understand their insurance shopping practices. Most people buy their home and auto insurance from brokers, who earn commissions of between 12 and 25 per cent, Loong explains.

“A lesser-known fact is that every time these policies renew, brokers get paid their commission again – even if they haven’t done any additional work for their client,” he says. “It’s a fundamentally conflicted relationship. On one hand, brokers have a professional obligation to put their clients’ interests first, but on the other hand, there’s a strong economic incentive to do as little re-shopping as possible to find them the best deal.”

This February, Covera added home insurance to complement the existing automobile renewal shopping service. This may provide better coverage and save money to millions of Canadians, both renters and home owners.

“With insurance premiums changing all of the time, it’s important our clients get the right coverage they need at the best possible price,” he adds. “We use technology to ensure they’re presented with smart alternatives at the right moment.”

Covera’s consumer-centric model automates the process of shopping for insurance, leveraging data analytics and human brokers that work to find customers the best price and coverage for their insurance policies, every year.

“It was easy to use the online platform for home and auto insurances and I saved $241!” – says Claire S., a recent Covera customer.

About Covera:

Covera is an online insurance broker that aims to make insurance shopping hassle-free and more accessible for consumers. It recently raised $1.5 million in venture capital and has been brokering automobile insurance in the province of Quebec since October 2017.

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