Digital insurance provider PolicyMe has announced $30 million in new funding as it broadens its product offerings to include health and dental insurance and unveils a white-labelled platform to support partners across Canada.
The investment, made through several tranches of equity and debt financing between 2023 and 2025, came from strategic partners Blue Cross Life Insurance Company of Canada and Securian Canada.
According to a news release, this brings PolicyMe’s total funding to $51 million since its founding, including a $3.3 million seed round in 2020 and an $18 million Series A in 2022.
With this latest backing, PolicyMe aims to streamline insurance for Canadian consumers, especially underserved groups. According to the company, nearly half of Canada’s 7.3 million gig workers and self-employed individuals remain uninsured or underinsured. Its new health and dental products, backed by Securian Canada, aim to address that gap; the company has issued thousands of policies across multiple brands.
“We’re revolutionizing the insurance journey and setting a new standard for a customer-centric experience,” said Andrew Ostro, CEO and co-founder of PolicyMe. “By balancing digital speed with human support, we give customers the choice between a fully online process or advisor guidance, making coverage truly seamless.”
Alongside the product expansion, PolicyMe has developed a fully integrated digital platform that supports white-labelled insurance solutions. This system includes quoting, underwriting and policy issuance in a single tool.
The technology has already powered launches for insurers. Blue Cross Life used PolicyMe’s platform to debut direct-to-consumer life and critical illness products, while Securian Canada partnered with the company to deliver digital offerings to over seven million members of a national automobile association.
“By leveraging PolicyMe’s end-to-end digital platform, we’ve simplified what can be a complex process into something Canadians can complete in just minutes,” said Tim Mawhinney, president and CEO of Blue Cross Life.
Nigel Branker, CEO of Securian Canada, added, “Together, we’re meeting the evolving needs of Canadians and revolutionizing how they access insurance.”
Since its Series A round in 2022, PolicyMe has expanded nationally, now operating in every province. It has since sold more than $10 billion in coverage, increased annual premium sales by more than fivefold and nearly tripled its workforce to 100 employees.
Looking ahead, the company is investing in data, analytics and AI to refine the underwriting process and improve the customer experience.
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