PolicyMe raises $3.3 million to simplify the process of buying life insurance

PolicyMe announced it has successfully raised a $3.3 million round of funding from a syndicate of international and domestic investors, co-led by Consorcio – HCS Capital and Westdale Properties. The funds will be used to enhance PolicyMe’s life insurance buying process with new technology and financial literacy tools.

Established in 2018, the startup and a team of 11 led by Andrew Ostro and Laura McKay, offers a life insurance comparison site. According to SimilarWeb, it doesn’t enjoy much web traffic but according to the company’s web page, it is trusted by over 30k Canadians. Also, the company prides itself on its transparent approach to life insurance and has advised 26% of its 30,000+ users to not buy a PolicyMe product, as they do not need life insurance coverage.

“We see far too many Canadians make misinformed decisions when buying life insurance. They often overprotect with expensive policies that are not aligned with their needs or avoid coverage altogether. It’s really a shame, because providing your family with financial protection is an extremely important and selfless act. When personalized correctly, the right life insurance policy adds a ton of value at a very affordable price.” – Andrew Ostro, CEO and Co-Founder of PolicyMe.

“The life insurance space is ripe for disruption, and PolicyMe has taken all the right steps to become a leading digital player. By offering personalized and honest advice, along with a seamless customer experience, Andrew and his team are laying the foundation for what we expect to be the future of the industry.” – Luis Felipe San Martin, Managing Partner of HCS Capital.

Bottom Line: There’s no such thing as a Canadian life insurtech (=funded companies) market.