In this presentation Xavier Freeman, co‑founder and CEO of AllSet, outlines the company’s mission to digitize insurance buying for millennials. He highlights a market gap: while 77% of millennials use digital banking, only 17% shop for insurance online, largely due to fragmented, price‑only comparison tools that funnel users to offline agents. AllSet positions itself as a fully digital brokerage that uses predictive algorithms to analyze a user’s profile, property, and usage, then surfaces the three best‑fit products and enables the customer to bind a policy directly on the platform. The business model relies on a 16% commission from insurers, equating to roughly $196 average revenue per customer per year, with an initial focus on auto and home insurance in Canada and plans to expand. Freeman discusses regulatory compliance with Quebec’s AMF, participation in the Next AI Accelerator, a waitlist of ~4,000 users, and distribution agreements with four insurers, including two major Canadian carriers and a global firm. The go‑to‑market strategy emphasizes B2B2C partnerships to create defensible distribution channels, differentiating AllSet from aggregators by offering end‑to‑end online binding and instant policy document delivery. The team comprises Xavier (industry expertise) and Philippe (computer engineering), supported by advisors from TD Insurance and Intact Insurance. The ask includes partnership opportunities and a forthcoming fundraising round in early fall. Throughout a live Q&A, Xavier clarifies the predictive nature of the algorithms, the B2B2C channel approach, the seamless user experience, plans for product adjacency, and target demographics (young professionals aged 25‑35), while acknowledging regulatory and operational hassles as internal challenges that are hidden from the customer.
Chapters
Cool, perfect. So, um, hi everyone, uh, super excited to be presenting today. So my name is Xavier Freeman and I'm the co-founder and CEO of AllSet, the easiest way ever to get insurance. Um, 77% of millennials use digital banking, yet when it comes to insurance, only 17% shop and buy insurance online. This is a huge gap, yet a huge opportunity. Why is that? Well, shopping for insurance online is frustrating. Most of the comparison tools that are available are actually lead generators that will send you off to an offline agent or broker, creating friction. Products are compared based on their prices, which makes it really hard for you to know if you're getting the right product for yourself. Offering no personalization. This overall leads to a bad customer experience and therefore low conversion rates. Well, things are about to change. Introducing Allset, your digital insurance broker. Our smart technology allows us to offer users personalized advice as well as a seamless online shopping experience. How it works is pretty simple. You go to our website, allset.ca, and fill out a user-friendly application. And that's really where the magic happens. We apply algorithms to analyze data points such as your profile, location, property, and we then scan the market to find the 3 best products that are available for your unique situation. We display the 3 products we have found and make a recommendation as the one that has the best fit for you. It's up to you to select the one you prefer, and we help you get set up all in one place within the AllSet platform. Our business model is pretty simple. For every insurance, uh, policy sold Through the platform, we get a commission paid by the insurance company, on average 16%. This represents $196 in average revenue per customer per year, so recurring revenue. We are starting with auto and home insurance in Canada and then want to scale to other markets and offer additional products to our users. What really makes us stand out from our competitors relies on two things. First, we are not a lead generator. We are a fully digital brokerage firm, which allows us to control the customer experience from A to Z. The second thing is our computer-generated recommendations makes it easier for us to offer personalized advice to our users, as well as scaling at a lower cost of service. The opportunity for AllSet is here and now. In Canada alone, we have an $18 billion market ripe for disruption, and that market is about 10 times larger in the United States. Premiums for insurance in property and casualty have been growing at 6% for the last 20 years, and that's not going anywhere. Our progress to date on the regulatory standpoint: we're now compliant with the AMF, which is Quebec's regulatory authority for financial markets. And we're discussing with regulators in other jurisdictions as well where we plan to enter. And we're also part of the Next AI Accelerator in Toronto that's helping us with initial funding as well as key AI talent and resources. We are building something people want. We already have over 4,000 people on our waitlist. And we're also really happy to announce that we have distribution agreements with 4 insurance companies, including 2 of the largest companies in Canada and 1 global leader. The team behind AllSet is Philippe and myself. We have a complementary skill set. Philippe holds a master's in computer engineering and software development experience. On my side, I bring in the relevant industry knowledge. Leadership, and network. We also surrounded ourselves with a strong advisory board, including François Pochet, who was previously the Chief Operating Officer at TD Insurance, and Natasha Mayville, who was previously VP of Software Engineering at Intact Insurance. Our ask today is for partnership opportunities for distribution. So if you want to get involved with, with Offset, we'd be really happy to take the conversation offline. I'll put in my information in the question sections. And also, we are planning to raise some funding early next fall. So if you're interested in starting a conversation on this, please feel free to reach out. And on a final note, the easiest way ever to get insurance, AllSet is your digital insurance broker. Thanks, everyone.
So, okay, Cliff was asking, are you using predictive or prescriptive analytics? What makes the algorithm special? And what is your IP strategy? So a lot of stuff in there from Cliff. If the video flakes out again, we'll just keep running with audio. So let's do our best here. And then if you have questions, Marc, we'll get some of those in. So let's take Cliff's question first.
Yeah, so basically, if we go more on the IP, so the algorithms that we're using now are predictive algorithms, and it's really in order to recommend the best product based on the user needs. And we— how we define the best product for them is separating 3 different things: information about the person itself, so their profile. The second thing is the property that they want to insure. And the third one is how are they using that property. So how are you— they're using that car, for example. And then based on that, we're able to recommend the best coverage and find the best price for that person.
Mark, are you there? I didn't see you. Do you have any questions or I can keep going from the chat?
Yeah, I guess like I've seen, we see a lot of aggregators in the space doing maybe less on the predictive side, but like, you know, finding holistic insurance using different rate boards. And I see commoditization of rates because it's just an acquisition game, right? So you get into paid marketing channels, you're going to be spending a lot of money on SEM, like How do you think about it from a channel differentiation perspective? Like, I'm less concerned about the product. I believe that you could tell me as a 26-year-old male that I need this level of insurance. How do you think about unique channels for distribution and customer acquisition so you're not playing the same game everyone else is and seeing these acquisition costs rise?
Yeah, and that's a really excellent question, Mark. And that's a— we can definitely tell that you know about the space because that's a big challenge within the space. Basically, a way for us that to differentiate ourselves and build some defensibility on our distribution model is to go through a B2B2C model. So partnering up with companies to offer AllSet to, on one side, their clients and on the other side, their employees. So that's really through those strategic partnerships that we're going to be able to build defensibility and create a product offering that is harder to compete with.
Aleem was asking, how can we become partners with your company? Which, you know, that's good. Maybe you'll get some clients out of this. Now, I don't know if he's in insurance or one of these companies that you were referring to, but maybe you could explain the sort of partnership ecosystem that you have and how one can work with you.
Yeah, so I just put basically the link to my LinkedIn as well as my email address. So anyone interested to partner up, please reach out to me. Basically, as I was explaining, Answering Mark, if you have a, if you run a company yourself and feel like AllSet could be an added value to your customers or your employees, we're definitely looking at partnership from a B2B to C standpoint. So that's one way. And outside of that, really, over the next few months, we're working on raising some funding. So if you're interested to have that conversation and see what are our plans for growth, please reach out to me and it'd be a pleasure to take this offline.
So I have a question and everyone, please don't be shy in the chat. So my question for you is, if you differentiate because of the AI from the insurance aggregators that Mark was referring to, how do you, you know, maybe you could take us through the user experience 'Cause, you know, right now I go to one of these insurance aggregators, it's like, I need home insurance, you know, my house is this old. Like, how do you differ from the user experience of those other products today?
Yeah, awesome question. So basically, customer experience for us is the key, the number one thing that we're focusing on. So the way we really differentiate from most of the aggregators that are there, and we don't wanna become one of the many aggregators available in the market, in North America. The way we differentiate is that a customer that comes to our platform, we automate the shopping for them and we're able to bind the policy straight from the platform because we're licensed insurance, financial services firm as Allset. So that really creates a more streamlined customer experience as we don't, we're not sending our customers to other brokers or agents or insurance companies. We are really the intermediate in between the customer and the insurance company.
So you bind the policy there. Again, if you have other questions, please ask them in the chat. Does that mean, just again to clarify, so in many ways it would look somewhat similar to how the other things do, except at the end, rather than having a broker call, yeah, they, they can sign it right there?
And maybe I can add on to it, um, actually What really sucks right now with all these aggregators is that the customers are led into thinking that they'll be able to purchase the insurance policy from the website, which is usually not the case. And we're offering that differentiator. So at the end of the customer journey, they are safely insured and they have access to their policy documents and they're binded right on the spot instead of having to go through a third party and start over that process, which is most of the time painful.
Mark, I'm looking for questions in the chat. Do you have questions for Xavier about the process or offering? You're muted, but you look great.
It looked like it was a smart question, right? Right.
I mean, you look great.
Yeah, I got one more too, Xavier. Okay, Mark, do we hear you?
We see a lot of synergies across insurance products. Like, how do you think about the portfolio of offering developing? Like, is that a place you see differentiation, or is it, no, we want to do home, auto, personal? So how do you think about the offering and adjacencies?
That's a really good point. So there's, um, we're really just starting with car and home, uh, insurance because it's a great way to get a first point of contact, uh, and point of touch with our customers. Because when you get a car, you need that insurance right there. And you're trying to find the less painful way to get it, and that's what Allset will become. Once we have that first relationship with customer through a car or home insurance policy, because we have already, we get to know that person better, we're able to recommend other products that they will need in the future and be there really so that they don't have to do the shopping and restart every year. We're there really in the long run for them and being able to offer a suite of insurance products.
Deens is asking a question somewhat related to that, which is, uh, after selecting a proposed insurance online, does the process differ? Because right now all the paperwork traditionally sucks. So do you simplify the process?
Uh, yeah, yeah. Uh, uh, really, and one thing that we're really trying to do right now is, uh, become a fully, uh, a, a green company where, uh, the customer gets a confirmation that they're insured and we send them via email, a PDF copy of their policy right after, instead of them having to wait to get the policy through the mail. So that's a quick thing that we found that was a big customer pain point, because people, when they're waiting for their policy in the mail, sometimes they're not sure if they're insured, or they're not sure if the coverage is real. So we're making sure to ensure that everyone is comfortable and get the proper documents through email instead of mail.
Which leads me to one of my last questions here, and you can go into the chat if other people have questions, and please answer them. So, you know, it seems like becoming this licensed insurance broker online is a potential moat for the business, protecting the business from competitors, but it also seems like it can be quite a bit of hassle to do. So maybe if you could provide a little bit of commentary on the hassle factor versus the defensive positioning of becoming this licensed broker. I'd love to hear your thoughts on that.
Yeah, well, I'll be, I'll be pretty honest on that one. Um, yes, it is a hassle in many different, in many different reasons, but the number one thing for us is that hassle is, is, is our problem. It's our business. When it comes to the customer, they don't see any of the hassle because we take care of it for them. Um, and that's really the number one thing for us. And we are able to automate much of the processes and being much more of a lean insurance broker than the traditional brokers who are mainly relying on personal contacts and phone to deal with their customers, which really will help us to scale while delivering great customer service online.
And then, um, Yikem asked a question about, you know, insurance for sort of immigrants and non-standard needs. Are you going after niche markets? Are you focusing on the mass market?
Yeah, so concerning insurance for immigrants, we'll definitely be talking with Destin AI, which is the next startup coming up. They have a, they have a big solution.
Good segue, nailed it.
And, but in terms of our initial target market, we're really targeting 25 to 35 years old young professionals living in metropolitan areas, which we feel like are the most the most, the biggest market that is, that are underserved. But regarding immigrants, we'll definitely talk with Destin after.
All right, speaking of which, well done, well done, Xavier.
