Summit Announces $3.5M Investment to Build the Commercial Brokerage of the Future
Kelowna, BC - September 15, 2023
Summit Commercial Solutions, a tech-enabled commercial insurance brokerage, today announced it has raised $3.5 million in seed funding to build the commercial brokerage of the future.
The round was led by IA Capital, with participation from angel investors and insurance industry veterans.
Building Something Different
Founded in 2022 by Davis Gilbert and Josh Pillsbury, Summit was created to address a fundamental problem in commercial insurance: the industry has been slow to adopt technology, leaving businesses with a frustrating and opaque experience when buying coverage.
"Commercial insurance is one of the last industries to be truly disrupted by technology," said Davis Gilbert, Co-Founder of Summit. "Businesses deserve better than spreadsheets and phone tag. We're building a brokerage that combines the expertise of traditional brokers with modern technology to deliver a fundamentally better experience."
What Summit is Building
The funding will be used to:
Expand the Team
Summit is hiring across sales, operations, and technology to support its rapid growth. The company is particularly focused on bringing new talent into the insurance industry.
Invest in Technology
Summit is building proprietary technology to streamline the insurance buying process, including:
- Automated data collection and risk assessment
- Real-time quoting from multiple carriers
- Digital policy management and certificates
- AI-powered risk recommendations
Launch New Products
Summit plans to expand beyond its core commercial insurance offering into adjacent products like group benefits and personal insurance for business owners.
The Opportunity
The Canadian commercial insurance market represents over $30 billion in annual premiums, yet remains highly fragmented with limited technology adoption. Summit believes there's a significant opportunity to consolidate market share by offering a superior customer experience.
"The best brokers in this industry have always been trusted advisors to their clients," said Josh Pillsbury, Co-Founder of Summit. "Technology doesn't replace that relationship—it enhances it. We're building tools that let our brokers spend more time advising and less time on administrative tasks."
Looking Ahead
Summit has grown rapidly since launch, now serving hundreds of businesses across Canada. The company expects to more than double its premium volume in the next 12 months.
"We're just getting started," said Gilbert. "This funding gives us the resources to execute on our vision of building the commercial brokerage of the future."
About Summit Commercial Solutions
Summit Commercial Solutions is a tech-enabled commercial insurance brokerage based in Kelowna, British Columbia. Founded in 2022, the company serves businesses across Canada with commercial insurance, risk management, and related services.
Media Contact
Davis Gilbert Summit Commercial Solutions Email: media@summitcover.ca Website: www.summitcover.ca