Though the start-up is less than three years old it has the reputation and history of two major insurance providers to back it up. Onlia is a joint venture between Toronto-based Fairfax Financial and Achmea, a Netherland’s based insurance cooperative and one of the largest financial service providers in the country.
“Car insurance premiums are a significant expense for people, with that investment, you want to work with someone you trust,” says Louter. “You also need to believe that the company is there when you need it, so trust is very important to us.”
Onlia appears to be doing an effective job in gaining that trust, as the company has been growing at a staggering pace over the last two years. Their success is also a testament to the changing preferences and behaviours of Canadians customers, who have come to enjoy lower costs and greater convenience from digital self-service platforms.
“I expect the trend towards digitalization to continue, and that it will bring further innovations, and more cost savings,” says Louter. “We hope we can continue helping more Ontarians feel safe and secure with a good insurance product.”