Massive growth earns insurance-related firms 14 spots on Canada’s Fastest-Growing Companies list

The insurance industry might always look slow and staid to the casual observer, but this year’s PROFIT 500 list proves that exciting opportunities are just about everywhere in the economy — insurance included.

Released today by CanadianBusiness.com, the 29th annual ranking of Canada’s Fastest-Growing Companies includes 14 companies that are in the insurance field or count the industry as a primary customer. Their average revenue growth rate over the past five years: 236%. Put another way, they’ve more than tripled their annual sales since 2011.

Topping the insurance-related members of the PROFIT 500 is Advisor Websites, which specializes in developing regulatory-compliant websites and other software for financial advisors and insurance brokers. The Vancouver-based firm ranks 146th among Canada’s Fastest-Growing Companies, with a five-year revenue growth rate of 480%. (Although called the PROFIT 500, the ranking is based solely on revenue growth. The name derives from the publication that launched the ranking in 1988.)

Next is Iceberg Networks, an Ottawa-based provider of risk-management software. “We have one of the largest teams of [governance, risk-management and compliance] programs professionals in this space in North America, including a lot of recent graduates from Canadian universities,” said Iceberg CEO Ken McPherson in a release. “The commitment and work they bring every day to help our customers is why we’re been able to help our clients find success, and continue to grow as a company.” The company’s five-year growth rate of 427% earned it the 161st spot on the ranking.

Other insurance-related honorees of the 2017 PROFIT 500 include:

• #194: Agreement Express, which develops customer onboarding software for financial institutions;
• #196: Symbility, a developer of software for property insurers and group benefits providers;
• # 221: Groupe Premier Médical, a Quebec-focused group benefits provider;
• # 253: Financial Horizons Group (No. 253), a diversified managing general agent (MGA) that announced in May an agreement to be acquired by The Great-West Life Assurance Company;
• #271: Financière S_Entiel, a provider of financial services and insurance products to financial advisers;
• #295: ProStar Cleaning and Restoration (No. 295), a Calgary-based restoration firm;
• #320: LOGiQ3, a life insurance and reinsurance consultant and outsourced services provider;
• #365: EquiSoft, which specializes in software and tech services for the insurance and wealth sectors;
• #388: Renovco, a restoration and decontamination company;
• #393: Mica Cabinets de Services Financiers, which sells mutual funds, insurance products and other services through financial advisers;
• #399: LGM Financial Services, whose white-label insurance products are sold to car buyers through dealerships;
• #462: Benson Kearley IFG, a financial advisor and insurance broker.

Newcom Business Media, which owns Canadian Underwriter, also made the PROFIT 500 with a five-year growth rate of 174%.

Additional coverage of Canada’s Fastest-Growing Companies is available at CanadianBusiness.com and will be featured in the October 2017 issue of Maclean’s magazine.