PolicyMe raises $18 million CAD

PolicyMe, a Canadian life insurance startup, is disclosing $18 million CAD in equity and debt financing from RGAX, SiriusPoint, HCS Capital, Westdale Properties, a Tier 1 Canadian bank, and Securian Financial, the parent company of Canadian Premier Life Insurance Company.

PolicyMe launched in 2018 to simplify the process of buying life insurance. So far, the startup has sold over $5 billion in life insurance coverage.

PolicyMe is set to release a new critical illness product which will cover over 40 different conditions, “surpassing what other major Canadian insurers cover.”

Aside from its D2C model, PolicyMe is working on an embedded insurance solution which will launch later this year with “two of Canada’s leading fintechs, ahead of several other launches.”

“Our proprietary technology allows us to automate many aspects of the life insurance value chain while still staying close to the customer and personalizing their experience. As a result, we believe we have built the best term life insurance platform in Canada, and are excited to continue pushing the industry forward with our innovative products, strong partnerships, and new distribution channels. We aren’t satisfied with just providing the best life insurance experience in Canada, our mission is to improve the lives of Canadians across the entire life and health product spectrum. With the support of our partners and recent funding, our roadmap for the next 12 months includes the release of additional products that will drastically raise the bar for the insurance industry in Canada.” – Andrew Ostro, CEO of PolicyMe.

“PolicyMe continues to make huge strides in the industry, and has solidified its standing with one of the simplest and most affordable life insurance offerings in Canada. Their ability to deliver a consumer-centric product with a seamless experience puts them in an ideal spot to expand their suite of offerings and distribution channels. We’re excited to be part of PolicyMe’s continued success.” – Luis Felipe San Martin, managing partner of HCS Capital.