Best InsurTech Companies in Toronto, Canada
The 82 best InsurTech companies in Toronto, Canada in 2026, ranked by funding and momentum. Funding, investors, founders, valuation, tech stack and live signals. Top: League.
Our analysis of 50 InsurTech companies
$13.8b in tracked funding; 100% of the stack-profiled cohort runs cloud-native; funding activity peaked in 2025.
Ranked: Best InsurTech companies in Toronto
| # | Company | Disclosed funding | Last round | Employees | Founder | Tech stack | Web popularity | Recent signals |
|---|---|---|---|---|---|---|---|---|
| 1 | League Provider of SaaS based digital platform to manage employee health benefits 80Tech top 18%Funding top 23%Innovation top 27%Patents top 27% All 12 signals ▾Techtop 18% Fundingtop 23% Innovationtop 27% Patentstop 27% Moattop 31% Growthtop 35% AItop 45% Customerstop 45% Producttop 46% Marketbottom 47% Globalbottom 41% Newsbottom 37% Tech: 72 technologies across 6/8 capability areas · Cloud: Amazon Cloudfront, Amazon S3 Funding: Raised $242M across 5 rounds · 5 rounds over 12 yrs (0.4/yr) rank vs industry peers · Fliar Intelligence Index 80/100 | $242M | 15 mo ago | 136 | — | WordPress Block EditorUnbounceWordPress+45 | Top 5M | 1 launch · 1 partnership |
| 2 | Rates.ca Online insurance comparison platform for individuals | $51M | 63 mo ago | 400 | Igal Mayer President & CEO | SentryZendeskApple iCloud Mail+25 | Top 1M | — |
| 3 | Zafin Banking software solutions to the financial services industry | $32M | 88 mo ago | 51 | Charbel Safadi Chief Executive Officer | WordPressApple iCloud MailMicrosoft 365+31 | Top 5M | 2 launchs |
| 4 | BOXX Insurance Provider of cyber insurance and security solutions for businesses and homes | $24M | 40 mo ago | 43 | Vishal Kundi Founder & CEO | WordPressMySQLPHP+38 | Top 10M | — |
| 5 | NexJ Customer management solution for financial industries | $22M | 181 mo ago | 100 | — | — | — | — |
| 6 | PolicyMe Online life insurance comparison platform for individuals 64Tech top 25%Market top 35%Talent top 38%Moat top 39% All 8 signals ▾Techtop 25% Markettop 35% Talenttop 38% Moattop 39% Fundingtop 43% Growthbottom 48% Globalbottom 39% Newsbottom 18% Tech: 47 technologies across 6/8 capability areas · Cloud: Amazon Alb, Amazon Cloudfront Market: 2,802 employees (top 2% of FinTech) · Top-1,000,000 web property rank vs industry peers · Fliar Intelligence Index 64/100 | $16M | 14 mo ago | 2,802 | Andrew Ostro Co-Founder & CEO | WebflowSentryMarker+35 | Top 1M | — |
| 7 | Relay Platform for automating the reinsurance application processes | $15M | 61 mo ago | 35 | Greg Boutin CEO | — | — | — |
| 8 | Lydia AI AI-powered platform offering health assessment and risk scoring services to insurance companies 53Talent top 28%AI top 30%Funding top 44%Tech top 44% All 9 signals ▾Talenttop 28% AItop 30% Fundingtop 44% Techtop 44% Growthtop 45% Productbottom 48% Globalbottom 38% Marketbottom 31% Newsbottom 22% Talent: 3 named leaders on record · 3 C-suite/founder profiles curated AI: Classified as an AI company · Product described with: ai-powered rank vs industry peers · Fliar Intelligence Index 53/100 | $14M | 17 mo ago | 40 | Fedor Suprychev Co-Founder & Software Engineering Lead | WordPressMySQLPHP+19 | Top 10M | — |
| 9 | Foxquilt Platform enabling formation of social groups to avail insurance savings 42Growth top 35%Moat top 39%Tech top 41%Funding top 44% All 10 signals ▾Growthtop 35% Moattop 39% Techtop 41% Fundingtop 44% Producttop 49% Talentbottom 49% Innovationbottom 46% Globalbottom 36% Marketbottom 35% Newsbottom 21% Growth: Fresh capital in last 24 mo Moat: Editorial + unicorn rating 7/10 · 10 curated direct competitors tracked rank vs industry peers · Fliar Intelligence Index 42/100 | $11M | 13 mo ago | 52 | Mark Morissette Founder & CEO | SanityApple iCloud MailGoogle Workspace+20 | Top 10M | 1 partnership |
| 10 | Cyberboxx Online cyber insurance platform for small & medium businesses | $10M | 57 mo ago | — | Mike Senechal Co-Founder | — | — | — |
| 11 | Walnut Insurance Insurance product launch solution for businesses 37Tech top 29%Growth top 35%Funding top 45%Global bottom 29% All 6 signals ▾Techtop 29% Growthtop 35% Fundingtop 45% Globalbottom 29% Marketbottom 24% Newsbottom 18% Tech: 40 technologies across 6/8 capability areas · Cloud: Amazon Cloudfront, Amazon S3 Growth: Fresh capital in last 24 mo rank vs industry peers · Fliar Intelligence Index 37/100 | $9M | 22 mo ago | 19 | — | WebflowUnbounceAmazon Web Services+21 | Top 10M | 3 job openings · 1 partnership |
| 12 | Finaeo Cloud based platform offering insurance solutions | $6M | 73 mo ago | 21 | Aly Dhalla CEO / Co-Founder | — | — | — |
| 13 | Symbility Solutions cloud-based and mobile-enabled software for Claims management | $5M | 135 mo ago | 174 | — | WordPressMySQLPHP+12 | Top 5M | — |
| 14 | Armilla AI Provider of AI insurance and AI software performance warranties for businesses 10AI top 30%Funding top 45%Moat top 48%Talent bottom 49% All 8 signals ▾AItop 30% Fundingtop 45% Moattop 48% Talentbottom 49% Globalbottom 39% Newsbottom 22% Marketbottom 18% Fin. healthbottom 8% AI: Classified as an AI company · Product described with: generative ai Funding: Raised $4.7M across 4 rounds · 4 rounds over 5 yrs (0.8/yr) rank vs industry peers · Fliar Intelligence Index 10/100 | $5M | 12 mo ago | 9 | Karthik Ramakrishnan Co-Founder & CEO | — | — | 1 partnership |
| 15 | Sortspoke Platform offering data extraction software | $5M | 51 mo ago | 21 | — | HubSpot CMS HubAmazon Web ServicesPostHog+16 | Top 50M | — |
| 16 | Terminal API-based platform for integration of telematic solutions into applications | $3M | 30 mo ago | 2 | — | TurbopackEmotionSentry+17 | Top 50M | — |
| 17 | SureBright Provider of an insurance-as-a-service platform | $3M | 24 mo ago | 16 | Kai Jia Co-Founder | WebflowAmazon Web ServicesMobX+23 | Top 5M | 1 launch · 2 partnerships |
| 18 | Scribble Data Machine learning-based business intelligence suites provider | $2M | 51 mo ago | 19 | Indrayudh Ghoshal Co-Founder & COO | WordPressMySQLPHP+31 | Top 10M | — |
| 19 | Zensurance Insurance platform for SMEs | $2M | 95 mo ago | 15 | — | Amazon WebstoreWordPressApple iCloud Mail+44 | Top 1M | 5 awards |
| 20 | Ultrassure Provider of AI-powered contract intelligence solutions for the insurance industry, enabling searchable and… 35AI top 45%Talent bottom 49%Funding bottom 43%Global bottom 25% All 4 signals ▾AItop 45% Talentbottom 49% Fundingbottom 43% Globalbottom 25% AI: Product described with: ai-powered Talent: 1 named leader on record · 1 C-suite/founder profile curated rank vs industry peers · Fliar Intelligence Index 35/100 | $333K | 8 mo ago | — | Matti Parnanen Founder & CEO | — | — | — |
| 21 | Sitata Online platform that provides location-based health & other emergency information for travelers | $120K | 90 mo ago | 20 | Mark Pavlides Advisor to Founder | BreakdanceWordPressMySQL+16 | Top 5M | — |
Top 12 InsurTech companies in Toronto
#1
Series C · Toronto, Ontario · founded 2014 · 136 employees$242Mraised▾
League provides a SaaS-based digital platform for employee health benefits. The platform gives employers tools to easily manage their benefits program and deliver healthcare services for employees. The web-based app gives the ability to create personal health spending accounts and tracks employee utilization. It also gives customized offerings for employees, delivered on-site by the best health professionals in the business.
- Feb 2025Series C—
- Feb 2022Series C$95M
- Dec 2021Series C$70M
- Oct 2019Series B—
#2
Series B · Toronto, Ontario · founded 2018 · 2802 employees$15.8Mraised▾
Online life insurance comparison platform for individuals. It provides quotes for term life insurance and whole life insurance. Its insurance partners include RBC Insurance, Manulife, Canada Life, and more. It also offers insurance claims assistance solutions.
- Apr 2025Series B$21.6M
- Apr 2025Conventional Debt—
- Sep 2022Series A$13.5M
- Jul 2022Conventional Debt$5M
#3
Series B · Toronto, Ontario · founded 2016 · 52 employees$11.1Mraised▾
Foxquilt is a platform which enables users to form social groups and using group purchasing power, avail savings on premiums, reduced deductibles and further savings at renewal. Leverages a sharing economy technology platform so that groups of individuals or businesses seeking the same type of insurance can band together to save. As of Oct'18, the platform is yet to launch a product.
- Apr 2025Series B$216.9K
- Jul 2023Series B$12M
- Sep 2021Series A$6.3M
- Feb 2020Seed$2.6M
#4
Seed · Toronto, Ontario · founded 2020 · 9 employees$4.7Mraised▾
Provider of AI insurance and AI software performance warranties for businesses. It offers coverage for generative AI and AI agents, including AI system certification and risk reporting. The company’s policies address gaps across cyber, technology, errors and omissions, and general liability. It provides risk assessment, ongoing monitoring, and incident coordination services.
- Jun 2025Seed$1.3M
- Feb 2024Seed$3.3M
- Mar 2022Seed$500K
- Oct 2021Seed$1.2M
#5
Series A · Toronto, Ontario · founded 2014 · 40 employees$14Mraised▾
AI-powered platform offering health assessment and risk scoring services to insurance companies. It offers solutions for health assessment and data security. It analyses data to make risk predictions used to personalize individual experiences, accelerate underwriting practices, and develop insurance digital products.
- Jan 2025Series A—
- Sep 2021Series A$8M
- Nov 2018Series A$5M
#6
Seed · Toronto, Ontario · founded 2025$333Kraised▾
Provider of AI-powered contract intelligence solutions for the insurance industry, enabling searchable and structured analysis of insurance documents and accelerating underwriting processes.
- Oct 2025Seed$333K
#7
Seed · Toronto, Ontario · founded 2017 · 19 employees$8.6Mraised▾
Insurance product launch solution for businesses. Provides no-code integration options for development of insurance products, access to the widest variety of embedded products, in-platform branded insurance program, and more.
- Aug 2024Seed$4.6M
- Dec 2022Seed$4M
#8
Seed · Toronto, Ontario · founded 2004 · 16 employees$2.6Mraised▾
Provider of an insurance-as-a-service platform. It enables businesses to embed insurance and warranty products on their website. It enables businesses to connect, embed, and increase the average order values. It helps them to create a merchant setup, improve purchase conversion, and process claims.
- 2024Seed$500K
- Aug 2022Seed$2.5M
#9
Acquired · Toronto, Ontario · founded 2018 · 43 employees$24.5Mraised▾
Provider of cyber insurance and security solutions for businesses and homes. It offers tools to help prevent, respond to, and recover from digital risks. Coverage protects technology providers from claims related to software, service, or product failures. Support tools help businesses monitor threats, guide response, and strengthen cybersecurity. The company develops cyber protection services to enable corporate partners to provide solutions to their customers.
- Jan 2023Series B$14.4M
- Sep 2021Series A$10M
#10
Seed · Toronto, Ontario · founded 2023 · 2 employees$3.1Mraised▾
API-based platform for integration of telematic solutions into applications. The platform enables users to track vehicle location, report unsafe driving behaviors, monitor driver's hours of service, fleet management, and more.
- Dec 2023Seed$3.1M
#11
Acquired · Toronto, Ontario · founded 2014 · 400 employees$51Mraised▾
Rates.ca provides an online insurance comparison platform for individuals. It offers quotes for auto insurance, travel insurance, life insurance, home insurance, health insurance, and more. It also offers an investment and bank account comparison platform.
- Mar 2021Series C$51M
- Mar 2021Conventional Debt—
#12
Acquired · Toronto, Ontario · founded 2019 · 35 employees$15.4Mraised▾
Relay offers a platform for automating the reinsurance application processes. It offers data submissions, insights & analytics, power user options, blockchain-based document authentication, email, rating, underwriting, and accounting systems.
- May 2021Series A$7.2M
- May 2021Seed$5.2M
- Jan 2020Seed$3M
Funding & investor landscape
Notable founders
Market landscape — 10 sub-themes by coverage
Share of InsurTech coverage by sub-theme.
Regulatory-risk over time rising
Funding & growth over time
funding rising · growth rising
How research on Insurtech is moving in Canada
A read on the academic research around Insurtech — which themes are gaining ground, the institutions and researchers driving them, and how the tone is shifting. Based on 5 Canada-affiliated papers.
- University of Toronto1
- Simon Fraser University1
- University of British Columbia1
- Université Laval1
- University of Waterloo1
- Actuarial science2
- Automobile insurance1
- Context (archaeology)1
- Explanatory power1
- Trajectory1
Common questions
Rohit lives in the feed. He covers what's moving right now — the funding rounds, launches and shifts breaking across the trade press — and ties them back to where the sector is heading.