New InsurTech company set to disrupt P&C insurance in Canada

Tuque to offer home, auto, business, legal and tax insurance through new app

A new Toronto-based InsurTech company has set its sights on disrupting P&C insurance sales in Canada. Tuque  will “leverage advanced technology and innovative products  to bring a  disruptive approach to personal and commercial insurance” and introduce “innovative products” to the market, the company’s president Shaun Bagchi told Canadian Insurance Top Broker.

“While we are developing technology that gives customers a better familiarity with their insurance purchase and an intuitive streamlined claims experience, we also believe that it is still the broker’s core responsibility to help navigate customers through this process in a way the customer chooses,” Bagchi said. “So, we are leveraging new tech to give customers access to our insurance products through our website and a mobile app, but combining that with a personal consultative approach.”

According to John Tagle, Tuque’s Chief Sales Officer, the company has “realized there’s a gap in traditional methods of how insurance is purchased and there’s been very little traction at a broker-level, to invest in the robust direct-type purchasing model,”.

Innovative products

These products, Tagle said, will include a full-service legal and risk management facility “that is unlike any other seen in the Canadian marketplace.” In addition to buying home, auto and business insurance through its app and website, mytuque.ca, customers are also able to purchase legal and tax coverage, including fortuitous litigation and audit protection.

Tuque’s personal and commercial customers subscribing to a membership portal can also gain access to online legal documents like wills, prenuptial agreements, divorce contracts, landlord/tenant contracts, and non-disclosure and shareholder agreements. “We also offer legal advice through a call-back service,” Bagchi added.

While Tuque will provide direct quote-to-bind purchasing on tax, legal expenses and small business coverage, its brokers will assist with personal service on liability, property and more complex commercial cover.

Leveraging tech to enhance claims experience

The Tuque website and app will also allow customers access to a virtual vault, Tagle explained, that will house coverage and deductible information as well as the ability to report claims, upload media (like pictures, video, and voice recordings) and alert tow companies, car rental and body shops as well as restoration firms for property emergencies.  “This level of transparency, particularly on the claims end, will allow our insureds to be aware of the progress of their claim,” he said.

Bagchi added that the company will be looking to partner with insurance carriers that recognize the importance of developing digital solutions as a means to empower, educate, increase and improve the customer experience.

Copyright © 2017 Transcontinental Media G.P.
Transcontinental Media G.P.