Scotia Insurance

What Scotia Insurance does

Scotia Insurance is a Canadian multi-line insurance distribution platform operated by BNS Insurance Agency Inc., a wholly-owned subsidiary of The Bank of Nova Scotia (Scotiabank), one of Canada's Big Five banks. Rather than underwriting policies itself, Scotia Insurance distributes home, auto, travel, health, and life insurance products through a network of underwriting partners: Belair Insurance Company Inc. (part of Intact Financial Corporation) for home and auto, Manulife for travel, Securian Canada for critical illness and health & dental, Chubb Life Insurance Company of Canada for enhanced critical illness and accidental death, and The Empire Life Insurance Company for term life and permanent life. The legal entity BNS Insurance Agency Inc. earns commissions and fees for arranging and distributing these products under license from the Scotiabank brand.

The platform operates a hybrid distribution model combining digital self-serve channels (online quote portals, the Scotia Home & Auto Insurance App on iOS and Android with a 4.7 average rating, and the Client Centre self-service portal), phone-based licensed insurance representatives from Optima Insurance Services Inc. and Gexel Finance Inc. for life and health, and the belairdirect phone channel for home and auto. Distribution is restricted to eight Canadian provinces with documented geographic gaps: Quebec residents cannot purchase Scotia Travel Insurance, and British Columbia is limited to home insurance only. Cross-sell channels include the Scene+ loyalty program (a Scotiabank/Cineplex/Empire joint venture) and the Scotia Momentum Visa Infinite credit card offering 4% cash back on insurance premium payments, embedding insurance within Scotiabank's broader retail financial services ecosystem.

Scotia Insurance generates revenue through insurance premium payments collected from policyholders across all product lines and through commissions and fees paid by underwriting partners for arranging coverage. Pricing is per-quote rather than publicly disclosed, with subscription-style billing (monthly for term life, pay-as-you-go for travel plans). The product portfolio includes telematics-driven auto pricing through the Smarter Ride program in Alberta, Ontario, and Quebec, bundled home and auto quoting with Bundle & Save promotions, and travel coverage up to $10 million CDN in emergency medical coverage for travelling Canadians. The platform operates with 51-100 direct employees, primarily in Toronto, and is functionally a marketing and distribution brand on top of Scotiabank's banking franchise rather than an independent technology-driven insurer.

Name

Scotia Insurance

Legal name

BNS Insurance Agency Inc.

Website

https://scotiainsurance.com

Company type

Private

Operating status

Operating

Headcount range

51–100 employees

Short description

Scotia Insurance is a Canadian multi-line insurance distribution platform operated by BNS Insurance Agency Inc., a Scotiabank subsidiary that distributes home, auto, travel, health, and life insurance products through underwriting partners across eight provinces via digital and phone-based channels.

Ownership category

akta.pro rank

Product category

Personal Insurance

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242), Insurance Agencies and Brokerages (524210), Insurance Agencies and Brokerages (52421), All Other Insurance Related Activities (524298)

SIC

Insurance Agents, Brokers & Service (6411), Life Insurance (6311), Accident & Health Insurance (6321), Fire, Marine & Casualty Insurance (6331)

akta.pro industry

PRIMARYFSAGALAF

Embedded Insurance Distribution & Premium Financing

Financial & Insurance/Financial Technology (Fintech)/Embedded Finance & Banking-as-a-Service (BaaS)

SECONDARYFSAIAEAL

Individual Health Insurance Brokerage & Distribution

Financial & Insurance/Insurance — Life & Health/Individual Health Insurance

SECONDARYFSAIABAG

Guaranteed Issue Whole Life Insurance

Financial & Insurance/Insurance — Life & Health/Whole & Universal Life Insurance

SECONDARYFSAIABAH

Simplified Issue Whole Life / UL Insurance

Financial & Insurance/Insurance — Life & Health/Whole & Universal Life Insurance

Keywords

• Personal insurance products
• Home and auto insurance
• Life insurance coverage
• Travel medical insurance
• Critical illness insurance

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices8 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Insurance Premium Revenue: Scotia Insurance generates revenue through insurance premium payments collected from policyholders across its product lines (auto, home, travel, health, and life insurance). As a licensed insurance agency (BNS Insurance Agency Inc.), it earns commissions and fees from underwriting insurance partners for arranging and distributing insurance products to customers.
2. Credit Card Cross-Sell (Momentum Visa Infinite): Revenue is generated through cross-selling financial products, including the Scotia Momentum Visa Infinite card which offers 4% cash back on recurring bill payments including insurance premiums, driving customer acquisition and card usage.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Scotia Insurance, operated through BNS Insurance Agency Inc., distributes a multi-line portfolio of personal insurance products across Canada. Its offerings span home and auto insurance (underwritten by Belair Insurance Company Inc.), life insurance including term, permanent, guaranteed and accidental death coverages (underwritten by Empire Life and Chubb Life), health and critical illness insurance (underwritten by Securian Canada and Chubb Life), and travel insurance for Canadians, students and visitors (underwritten by Manulife). Distribution combines a digital self-serve quote-and-purchase platform, the Scotia Home & Auto Insurance mobile app, and telephone-based licensed representatives.

Product overview

Scotia Insurance is a multi-product insurance platform operated by BNS Insurance Agency Inc. (a subsidiary of Scotiabank) that distributes various insurance products through partnered underwriters. The portfolio includes two primary channels: (1) Scotia Home & Auto Insurance (underwritten by Belair Insurance Company, available via the Client Centre platform and mobile app) covering auto, home, and bundled coverage with telematics features like Smarter ride; and (2) Life and Health Insurance products (underwritten by Empire Life, Securian Canada, and Chubb Life) including term/permanent life insurance, critical illness insurance, health & dental coverage, and accidental death insurance; plus (3) Travel Insurance (underwritten by Manulife) covering travelling Canadians, students, and visitors to Canada. The offering operates as a platform-plus-partners model rather than a single unified product.

Differentiator

Problem solved

Functional benefit

Brands

• Scotia Critical Illness Insurance: Critical illness insurance product underwritten by Canadian Premier Life Insurance Company (Securian Canada).
• Scotia Health & Dental Insurance
• Scotia Accidental Death Insurance
• Scotia Enhanced Critical Illness Insurance
• Scotia Term Life Insurance
• Scotia Term to 100
• Scotia Guaranteed Life Insurance
• Scotia Travel Insurance
• Smarter ride

Products and services

• Scotia Home & Auto Insurance Bundled or standalone car and home insurance coverage for Canadian homeowners and vehicle owners, available in Alberta, Ontario, Quebec, New Brunswick, Nova Scotia, Newfoundland and Labrador, and Prince Edward Island (auto and home), and British Columbia (home only). Underwritten by Belair Insurance Company Inc. with services provided by belairdirect Agency Inc.
• Scotia Critical Illness Insurance Critical illness coverage that provides a lump-sum payment upon diagnosis of a covered critical illness to support financial stability during recovery. Underwritten by Canadian Premier Life Insurance Company (Securian Canada).
• Scotia Health & Dental Insurance Comprehensive health and dental coverage for day-to-day healthcare needs including prescription drugs, dental care and other health expenses, supplementing government or employer plans. Underwritten by Canadian Premier Life Insurance Company.
• Scotia Enhanced Critical Illness Insurance An enhanced version of critical illness coverage providing broader protection than the base Scotia Critical Illness Insurance. Underwritten by Chubb Life Insurance Company of Canada.
• Scotia Term Life Insurance Term life insurance marketed as some of the lowest-priced term life coverage in Canada, with flexible term lengths and quote-based pricing. Underwritten by The Empire Life Insurance Company.
• Scotia Accidental Death Insurance Provides financial protection to beneficiaries in the event of accidental death. Underwritten by Chubb Life Insurance Company of Canada.
• Scotia Permanent Life Insurance Permanent life insurance providing lifelong coverage with cash value accumulation. Encompasses Scotia Guaranteed Life Insurance and Scotia Term to 100 sub-products. Underwritten by The Empire Life Insurance Company.
• Scotia Guaranteed Life Insurance Guaranteed acceptance permanent life insurance with no medical exam required, providing lifelong coverage regardless of health conditions. Underwritten by The Empire Life Insurance Company.
• Scotia Term to 100 Whole life insurance providing coverage until age 100, combining permanent protection with level premiums. Underwritten by The Empire Life Insurance Company.
• Scotia Travel Insurance Travel insurance providing emergency medical coverage, trip cancellation/interruption protection and all-inclusive travel plans for travelling Canadians, students, and visitors to Canada. Not available for Quebec residents. Underwritten by Manulife and First North American Insurance Company.
• Scotia Travelling Canadians Travel Insurance Travel insurance for Canadians travelling domestically or internationally offering up to $10 million CDN in emergency medical coverage with Emergency Medical, Trip Cancellation/Interruption, or All Inclusive plan options and family discounts.
• Scotia Student Travel Insurance Medical insurance for students studying abroad or within Canada providing up to $2 million CDN in emergency medical insurance for terms up to 365 days.
• Scotia Visitors to Canada Travel Insurance Travel insurance for non-Canadian residents visiting Canada offering flexible covered amounts and emergency medical insurance for individuals up to 85 years old, available for singles, couples and families.

Quantifiable outcome

• Emergency medical coverage up to $10 million CDN for travelling Canadians
• +2 more outcomes

Segments6 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Belair Insurance Company Inc. / belairdirectcoreChannel Partner/ Reseller/ DistributorBelair Insurance Company Inc. underwrites Scotia Home & Auto Insurance policies. Services are provided by belairdirect Agency Inc. (except in Quebec where services are provided by Belair Insurance Company Inc.). The partnership enables Scotia Insurance to offer car and home insurance products distributed across Alberta, Ontario, Quebec, New Brunswick, Nova Scotia, Newfoundland and Labrador, and Prince Edward Island, with home insurance also available in British Columbia.
• Manulife (The Manufacturers Life Insurance Company)coreChannel Partner/ Reseller/ DistributorManulife underwrites Scotia Travel Insurance, distributed by BNS Insurance Agency Inc. First North American Insurance Company, a wholly owned subsidiary of Manulife, also co-underwrites travel insurance products. Manulife operates dedicated quote platforms for both new Scotiabank customers and existing Scotiabank customers seeking travel coverage.
• Securian Canada (Canadian Premier Life Insurance Company)coreChannel Partner/ Reseller/ DistributorSecurian Canada (brand name for Canadian Premier Life Insurance Company and Canadian Premier General Insurance Company) underwrites Scotia Critical Illness Insurance and Scotia Health & Dental Insurance. Contact: 1400-25 Sheppard Avenue West, Toronto, ON, M2N 6S6, Tel: 1-844-894-0378.
• Chubb Life Insurance Company of CanadacoreChannel Partner/ Reseller/ DistributorChubb Life Insurance Company of Canada underwrites Scotia Enhanced Critical Illness Insurance and Scotia Accidental Death Insurance, arranged by BNS Insurance Agency Inc. Contact: 199 Bay Street Suite 2500, Toronto, ON, M5L 1E2, Tel: 1-800-268-9344.
• The Empire Life Insurance CompanycoreChannel Partner/ Reseller/ DistributorThe Empire Life Insurance Company underwrites Scotia Term Life Insurance and Scotia Term to 100 Whole Life Insurance, arranged by BNS Insurance Agency Inc. Contact: 259 King St East, Kingston, ON K7L 3A8, Tel: 1-877-548-1881.
• Scene+ (Scene Limited Partnership)minorGTM or Marketing PartnerScene+ is a loyalty rewards program operated by Scene Limited Partnership, a joint venture owned by Scotia Loyalty Ltd. (subsidiary of The Bank of Nova Scotia), Galaxy Entertainment Inc. (Cineplex), and Empire Company Limited. Scotia Insurance has teamed up with Scene+ to offer insurance category rewards to members, enabling them to earn Scene+ points on insurance purchases.
• Intact Financial CorporationcoreStrategic or Co-development PartnerIntact Financial Corporation is the parent company of Belair Insurance Company Inc. belairdirect is part of the Intact Financial Corporation group of companies. This partnership provides the underwriting and operational infrastructure for Scotia Home & Auto Insurance products.

Scale indicators1 record

Recent moves6 records

Expansion highlights4 records

Regional players

• Desjardins Insurance: Desj

Broad incumbents

• Canada Life: Canada Life (Great-West Lifeco) is a leading Canadian life, health, and wealth insurer with deep group benefits and individual insurance distribution. Competes with Scotia Insurance across life and health lines through direct, advisor, and group channels.
• Sun Life Financial: Sun Life is one of Canada's largest life and health insurers and a major Group Benefits provider, competing with Scotia across life, critical illness, health & dental, and disability lines through both direct and broker channels.
• Manulife: Manulife underwrites Scotia's travel insurance products and also distributes its own multi-line insurance and wealth products directly. As a major Canadian life and health carrier with embedded distribution, Manulife is both a critical partner and a broad incumbent competitor.
• Intact Financial Corporation (belairdirect): Intact Financial is the parent of Belair Insurance Company Inc., which underwrites Scotia's home and auto products via belairdirect. As Canada's largest P&C insurer and a direct competitor in the digital P&C space, Intact is a key incumbent that both partners with and competes against Scotia Insurance.

Direct peers

• TD Insurance: TD Insurance is the insurance distribution arm of TD Bank, one of Canada's Big Five banks. It mirrors Scotia Insurance's bancassurance model — distributing home, auto, life, and travel products to TD's bank customers through digital channels — making it the closest comparable peer.
• RBC Insurance: RBC Insurance is the bancassurance arm of Royal Bank of Canada, distributing life, health, home, auto, and travel products to RBC's customer base via digital and advisor channels. Directly comparable as a Big Five bank-affiliated multi-line insurance distributor.
• CIBC Insurance: CIBC Insurance distributes life, health, home, and travel products to CIBC's retail banking customers. Comparable as a Big Five bancassurance platform competing for the same embedded customer base.
• BMO Insurance: BMO Insurance is the insurance distribution operation of Bank of Montreal, offering life, health, home, auto, and travel coverage to BMO customers. Closely comparable bank-affiliated distributor structure and product breadth.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Scotia Insurance