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ARTICLE · 17 JANUARY 2024

How Insurtechs Can Close Deals And Move The Dial: Q&A With Marcus Daniels

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Insurance is an industry often noted as hard to get into. What are your three top pieces of advice for founders just starting out?

CanadaInsurance
Torys LLP
Torys LLP
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Insurance is an industry often noted as hard to get into. What are your three top pieces of advice for founders just starting out?

Focus on specific differentiation. This is naturally critical given how many seed-stage insurtech startups are creating a noisy environment. For example, we're seeing a lot of Canadian product-centric startups get momentum by focusing on the U.S. market from day 1—via corporate collaborations and specific commercial development initiatives. These include Relay Platform, which was acquired by At-Bay (Cyber), Walnut Insurance (Embedded), Flora Fertility, and BuildCaptive.

Founders should aim to engage executives in areas where their biggest pain points exist and find ways to remove friction for these executives so that they can get to pilot. For example, climate and cyber risks have been top of mind for insurance executives, so founders who are building products that can deal with these pain points should know their audience and

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