Outdoorsy Group’s Roamly Expands into Canada: Strategic Acquisition of Canadian Access Boosts Outdoor Adventures
The Outdoorsy Group is making significant strides in the InsurTech sector with the expansion of its innovative platform, Roamly, into the Canadian market. This strategic move not only amplifies the company’s international growth but also enhances its presence in a rapidly evolving insurance landscape.
Expansion of Roamly into Canada
Roamly’s expansion into Canada marks a pivotal moment for the InsurTech company, which has also acquired Canadian Access and established a new headquarters in Toronto. This initiative is part of Roamly’s broader international growth strategy.
Leadership Changes and Strategic Partnerships
Rich Sanders has been appointed as the president of Roamly, where he emphasizes the significance of this expansion. He described the opening of the Toronto headquarters as a natural progression following Roamly’s rapid growth in the Canadian market.
In conjunction with this expansion, Roamly has entered into a strategic partnership with Aviva, a leading insurance provider. This collaboration aims to leverage technology to enhance the efficiency of insurance operations.
Innovative Features of Roamly’s Platform
Roamly’s enterprise platform is designed to revolutionize the insurance industry by offering:
- Streamlined Underwriting: Simplifying the underwriting process for insurance companies.
- Advanced Pricing Mechanisms: Utilizing AI-powered technology to improve pricing accuracy.
- Efficient Policy Management: Enhancing the management processes for better consumer experiences.
With the capability to process over 200 terabytes of actuarial data daily, Roamly’s technology enables insurers to improve underwriting accuracy and expedite product launches.
Projected Growth in the Canadian Insurance Market
According to Rich Sanders, this expansion is especially timely as the Canadian general insurance market, valued at CAD$82 billion, is projected to grow to CAD$143 billion by 2029. Roamly aims to transform the traditional insurance model by providing tools that allow partners to navigate a highly regulated and complex industry effectively.
Future Collaborations and Product Development
Beyond its partnership with Aviva, Roamly is committed to engaging with additional insurers to develop customized insurance products tailored for the Canadian market. Key focus areas will include:
- Home Insurance
- Auto Insurance
- Specialty Insurance
- Mobility Marketplaces
This includes services for car-sharing platforms and RV rental marketplaces, ensuring a comprehensive suite of solutions for both consumers and industry partners.
Community Feedback and Future Aspirations
Adam Beach, president of Canadian Access, expressed enthusiasm about joining the Roamly team, stating, “We are excited to support Roamly’s vision of modernizing insurance for Canadians. Their technology platform will enable us to offer faster and more efficient insurance solutions.”
As Roamly continues to innovate and expand, it is set to play a crucial role in shaping the future of the insurance industry in Canada.
For more information about Roamly and its offerings, visit their official website here.
