Encircle
Encircle hiring, moving to bigger offices as growth of claims-processing software soars
Mobile app for processing insurance claims takes off
KITCHENER — Floods, fires and hurricanes are driving annual growth more than 100 per cent for a tech firm that speeds up claims processing for insurance companies, policy holders and restoration contractors.
Encircle more than doubled the size of its workforce during the past two years, and now employs 40 people. It will soon move into larger offices in the Tannery and expects to have 80 workers a year from now.
“Come work for us — we are going to be a very successful, large company and we are looking for top talent,” said Jake McGuire, Encircle’s chief revenue officer.
“Even if there is not a role posted for that individual we are always open to hiring top talent.”
It is all about using smartphone cameras to document damaged properties. The pictures are shared with insurance brokers who must approve the restoration work. It used to take days, even weeks, to get a claim approved. Encircle has reduced that to less than one day.
More than 80 per cent of Encircle’s customers use the software platform every day. The platform saw lots of data and photos following the floods in Toronto last week and the wildfires in B.C. and California.
“We were seeing record usage of our infrastructure as a ton of photos and data moved through it,” said Mike Kirkup, Encircle’s chief technology officer.
The U.S. is the biggest market for Encircle, followed by Canada, Australia and the U.K. In North America alone, insurance claims for property damage are worth about $2 trillion a year. That’s what’s driving Encircle’s hiring spree: The goal is to secure as much of that market as possible.
“My mandate is to set this company up for massive scaling to become a multi-100-million-dollar company,” said McGuire.
A vice-president of marketing and a vice-president of customer success were hired recently, and customer-relationship management software was deployed.
“And we are growing out our direct sales team as well,” said McGuire.
An estimated 95 per cent of the company’s revenue is recurring. It collects a fee every time an insurance company or restoration contractor uses the platform. It was founded in 2011 by Paul Donald, who saw a huge opportunity in the insurance sector for mobile technology.
Almost everyone has a smartphone and knows how to take pictures. Donald worked to marry that know-how with the filing and processing of insurance claims. With climate change, insurance companies are looking for ways to quickly and inexpensively process a growing number of claims.
“We are seeing incredible engagement across insurance companies right now because they are looking to offer a better customer experience without having to double or triple the resources they throw at it,” said Kirkup.
Encircle dominates the Canadian market for property-restoration contactors, he said. It started selling directly into the U.S. market a little more than a year ago, and the U.S. is now Encircle’s largest source of revenue.
To help spread the word, it offers individuals a free app for recording personal possessions in homes and apartments.
“That is split across 80 different countries, everything from Russia to New Zealand to Australia, down into South America, the Caribbean and so on,” said Kirkup.
“The home inventory app took on a life of its own.”