PolicyMe, a digital-first life insurance provider, announced that it has raised $18 million in Series A financing.
New investors in the recent round include RGAX, SiriusPoint, and Securian Financial – the US-based parent company of Canadian Premier Life Insurance Company. They join existing investors HCS Capital and Westdale Properties. A Tier 1 Canadian bank rounds out the $18 million equity and debt financing, a release said, which was raised in a series of tranches over the last year.
Securian Financial’s participation is notable, as last year PolicyMe launched a new digital life insurance offering in partnership with Canadian Premier Life Insurance Company.
According to PolicyMe, the funding will accelerate its development of a comprehensive suite of products that will be distributed through direct-to-consumer and B2B2C channels across large membership and employee groups. PolicyMe also hinted at the upcoming launch of its embedded solution later this month in collaboration with two leading Canadian fintechs, and its other launch plans for the first two quarters of 2023.
Founded in 2018, PolicyMe initially launched its life insurance coverage calculator and price comparison platform. It later launched its aforementioned first fully underwritten digital life insurance product last year with Canadian Premier Life Insurance Company.
“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,” said PolicyMe CEO Andrew Ostro. “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.”
A release noted that from 2019 to 2021, PolicyMe has sold more than $5 billion in life insurance coverage and grew by over 1,050%. It has also revealed its plans to expand into the life and health space later this year with the launch of a critical illness product that covers more than 40 illnesses.
