{"id":395,"date":"2018-07-29T15:56:00","date_gmt":"2018-07-29T15:56:00","guid":{"rendered":"https:\/\/fintechcadence.com\/2018\/07\/upcoming-industries-allset-omnic3-ascension-fintech-program\/"},"modified":"2020-09-02T22:17:19","modified_gmt":"2020-09-02T22:17:19","slug":"upcoming-industries-allset-omnic3-ascension-fintech-program","status":"publish","type":"post","link":"https:\/\/fintechcadence.com\/fr\/blog-posts\/upcoming-industries-allset-omnic3-ascension-fintech-program\/","title":{"rendered":"Upcoming Industries: Allset, OmniC3 | Ascension Fintech Program"},"content":{"rendered":"

Fintech in Canada is somewhat of a new phenomenon. But in other parts of the world, especially Europe, digital transformation within the finance industry has been going on for over a decade. Developing nations, on the other hand, fall somewhere in the middle of the spectrum and are doing their own brand of fintech by using technology at the core of their nascent finance sectors.<\/p>\n\n\n\n

Thus, collectively speaking fintech has a lot more mileage left, along with the possibility of many revolutionary repackaged solutions and new sub-sectors on the horizon. Some of these emerging fintech-subsectors that have recently gained traction are insurtech, regtech and proptech.<\/p>\n\n\n\n

Insurtech, in particular, has been gaining considerable traction for the past few years. A report conducted by Accenture in partnership with analytics firm CB Insights states that the number ofinsurtech deals surged by 39% in 2017, while the total value of deals increased by 32% to US$2.3 billion.<\/span><\/a><\/p>\n\n\n\n

Another noteworthy sub-sector within fintech can be termed as “economy builders”. Simply put, economy builders facilitate and accelerate developments and exchanges in an economy. Sounds a bit far-fetched? Not much when you study the effects that M-Pesa – a payments platform – has had on certain African nations.<\/p>\n\n\n\n

According to a study<\/span><\/a> conducted by Science Mag, the introduction of mobile money in Kenya  has lifted close to 194,000 Kenyan households out of extreme poverty, and enabled 185,000 women to move out of subsistence farming into business\/sales-related occupations.<\/p>\n\n\n\n

On top of that, M-Pesa has recently branched out into microfinance through its subsidiary M-kopa, that provides solar panel bundles to households without access to the grid. This initiative will likely lead to a multiplier effect, causing improvements in the education, health and general quality of life.<\/p>\n\n\n\n

At our Ascension Fintech Program<\/span><\/a>, we had two such highly daring and forward looking teams, that would fall in the categories of insurtech and economy builders. Details of these two startups, the accompanying market environment and their value proposition are mentioned below.<\/p>\n\n\n\n

Allset<\/strong><\/span><\/a><\/h1>\n\n\n\n

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Insurance can be a complex product to understand. Additionally, most people do not know where to start when it is time to buy insurance. For auto insurance, the usual course of action involves listening to the advice of the salesman at the dealership, which is most cases means that the consumer is not receiving the best deal possible.<\/p>\n\n\n\n

Allset aims to make the process of buying auto insurance fair, easy and fast. All that consumers would have to do is take a picture of their driver\u2019s license, upload it using Allset\u2019s app and wait for recommendations. The startup claims that on average a user would save upto $300\/policy through their app. In essence, Allset represents the digital broker of the future, along with other startups such as Cover (United States), Gabi (United Stated) and Covera (Montreal).  <\/p>\n\n\n\n

All the above mentioned competitor startups have the backing of venture capitalists and investors. To be precise, Cover has raised close to USD 11 MN in funding, Covera has able to collect CAD 1.5 MN in it\u2019s first funding round from Ferst Capital Partners and Gabi was able to reach USD 12.1 MN through Seed and Series A funding.<\/p>\n\n\n\n

Of all these competitors, only Gabi is providing complete automation. But many feel that Gabi is overly-automated and does not give the user enough control – a pitfall that Allset aims to avoid.<\/p>\n\n\n\n

Who\u2019s behind Allset?<\/strong><\/p>\n\n\n\n

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