Introducing Canopy Connect
We are entering a new era of individual data rights. Consumers are beginning to realize that while mountains of data exist about each of us online, we don’t see our fair share of the value. Corporations profit from our data and we get little in return.
Thankfully, we are also in an era of expanding consumer data rights around the world. Regulations like GDPR in the EU, CCPA in California, LGPD in Brazil, APPI in Japan, and others are giving consumers fundamental data rights, such as the right to request and receive a copy of the data a company has about them, or to wipe their information.
While banking, healthcare, and other industries have implemented these regulations through players like Plaid, Truelayer and Noyo, the insurance space has not yet caught up. Consumers aren’t well-equipped to access their data, and data is often shared through insecure channels like email. For carriers, getting the data they need to help a consumer get the right coverage is hard, and fraught with errors.
It should be easy for consumers to exercise basic control of their own data. Sharing data should be instant, secure, and driven by consumer consent. When consumers share their data with a business, they should receive value and convenience in return. When they want their data to be revoked, they should be able to do so at the flip of a switch.
For consumers, this means frictionless, personalized and modern insurance experiences. It means things like instantly closing on a mortgage because you were able to prove your active insurance at the click of a button, or getting to drive the new car you just bought because you were able to have it covered with a single click. It means having fine-grained control of who gets to receive a copy of your data, and being able to revoke it if you feel like it. Amazon and Shopify have built one-click checkout experiences for ecommerce, and insurance transactions can follow suit once consumers are in control of their data.
Businesses also stand to benefit from consumer-consent driven insurance transactions. Insurance agents and agencies can instantly receive all the data they need to accurately assess a consumer’s profile, without the tedious back and forth that takes place today. They can focus purely on adding value and building a relationship through their services, and do away with the long forms, phone calls and emails they use today to get the data they need to understand a new customer and onboard them. Mortgage lenders can instantly verify home insurance so the homeowners they serve can close on a mortgage or refinancing. Car dealerships can offer their customers the ability to instantly cover the car they just bought. Companies hiring contractors who use their personal vehicles for work can verify active auto insurance at the click of a button, enabling them to employ more workers. Carriers can write better risks and serve more customers.
Canopy Connect is building the infrastructure that powers best-in-class insurance experiences. We empower consumers to gain value and convenience from their own data, and we enable businesses to securely and quickly support their customers. We recently closed a seed round from world class investors, including Elefund (Robinhood, Carta), LocalGlobe (TransferWise, Zoopla) and 9Yards Capital (Robinhood, Better), who deeply understand the space we operate in and the problem we are solving. We are a product-oriented, distributed engineering team seeking exceptional engineers to drive our mission forward.
We’re hiring. Let’s build! firstname.lastname@example.org
I’m Tolga, founder & CEO at Canopy Connect. I honed my craft at startups and as an early engineer at Dropbox. In 2018 and 2019 I helped immigrants get fair access to credit through their international data, and saw first-hand how powerful consumer consent-driven data models were through my work at Nova Credit (check them out, they’re awesome). This inspiration drove me to discover other areas where consumers have a difficult time getting value and convenience from their own data.
In 2019 I talked with hundreds of insurance agencies and learned that getting accurate, comprehensive data from their prospects and customers was painfully difficult. I realized we could build a world where all of this was simple. The necessary ingredients are there; consumers want insurance to be personalized, seamless and easy, and they want basic control over their data. Insurance players need data to write better risks. The missing piece was infrastructure. I developed the technology in 2019, and founded Canopy Connect in February 2020.