Insurtech startup promises transparency, enhanced buying process, and product innovation
PolicyMe, a Toronto-based insurtech company, has announced a successful $3.3 million round of funding that will allow it to capitalize on its early success in Canada’s digital life insurance space.
In a statement, the firm said it will use this latest financial injection to enhance its life insurance buying process with new technology and financial literacy tools. PolicyMe also affirmed its focus on product innovation, which it believes is key to reduce prices and increase customer value.
“We see far too many Canadians make misinformed decisions when buying life insurance,” PolicyMe CEO and co-founder Andrew Ostro. “They often overprotect with expensive policies that are not aligned with their needs or avoid coverage altogether. … When personalized correctly, the right life insurance policy adds a ton of value at a very affordable price.”
Touting its transparent approach to life insurance, the firm said it has advised 26% of its more than 30,000 users to not buy a PolicyMe product, as they had no need for life insurance coverage.
The funds were provided by a consortium of international and domestic investors, co-led by Consorcio – HCS Capital and Westdale Properties.
“The life insurance space is ripe for disruption, and PolicyMe has taken all the right steps to become a leading digital player,” said HCS Capital Managing Partner Luis Felipe San Martin.
“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," San Martin added.
