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About PolicyMe
Industries
Fintech
Financial Services
Company Size
51-200
Company Stage
Series A
Total Funding
$20.5M
Headquarters
Toronto, Canada
Founded
2018
Overview
PolicyMe simplifies life insurance for Canadians by offering affordable coverage options, including critical illness insurance, through an easy-to-use online platform. Customers can access straightforward advice and apply for policies digitally, which helps reduce costs and allows the company to offer lower premiums. Unlike traditional insurance providers, PolicyMe operates with a digital-first approach, minimizing overhead expenses and passing savings on to clients. The company is backed by reputable partners, enhancing its credibility and financial stability. PolicyMe aims to ensure transparency and customer satisfaction, handling claims with care and using customer feedback to improve services. Additionally, the company fosters a positive work culture by organizing events for team bonding, even while working remotely.
Simplify's Take
What believers are saying
- PolicyMe raised $18 million in Series A funding, boosting its market position.
- The launch of Critical Illness Insurance covers 44 conditions, more than average insurers.
- Increased demand for digital insurance aligns with PolicyMe's online platform strategy.
What critics are saying
- Increased competition from other insurtech startups may erode PolicyMe's market share.
- Rapid technological advancements require continuous investment in platform upgrades.
- Potential regulatory changes in Canada could increase compliance costs for PolicyMe.
What makes PolicyMe unique
- PolicyMe offers the most competitive life insurance pricing in Canada.
- The company provides a fully-underwritten term life policy without unnecessary features.
- PolicyMe's digital-first approach reduces overhead, offering lower premiums to customers.
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Funding
Total Funding
$20.5M
Above
Industry Average
Funded Over
4 Rounds
Industry standards
Benefits
Paid Vacation
Stock Options
Remote Work Options
Professional Development Budget
Flexible Work Hours
Growth & Insights and Company News
6 month growth
↑ 2%1 year growth
↑ 4%2 year growth
↑ 4%However, in 2021, PolicyMe launched its own life insurance products for Canadians in five provinces.
TORONTO--(BUSINESS WIRE)--Toronto-based Insurtech PolicyMe announces the launch of a new Critical Illness Insurance product that offers the most complete coverage in Canada. In partnership with and underwritten by Canadian Premier Life Insurance Company (“Canadian Premier”), this new product covers 44 conditions—10-15 more than the average Canadian insurer. This launch follows PolicyMe’s Series A announcement and will complement their existing core Term Life Insurance offering, enabling Canadians to gain accessible, affordable, and comprehensive financial protection across a wider range of health and life events. With 42% of Canadian parents having one month or less of expenses in emergency savings, PolicyMe’s Critical Illness Insurance product provides Canadian families with the financial protection to withstand lost income or unforeseen medical expenses due to a critical illness. “Having personally battled cancer years ago, I know first-hand how stressful a critical illness diagnosis can be,” says Jeff McKay, Co-Founder & CTO of PolicyMe. “By offering Critical Illness Insurance, we hope that we’re able to remove the financial stress of a diagnosis so our customers can focus on what’s most important: their recovery.”
Bradley Collins, CCO at Insurtech Insights, canvassed Future50 America insurtech finalists and some friendly VCs to come up with the Top 6 Tips for navigating a changing investment landscape. How has the investment landscape changed over the past 12 months and how should investment strategies change as a result? These were questions I asked to a selection of our Future50 America insurtech finalists, as well as investors, to gain valuable insights into not just how the next year might look for the market, but also how up-and-coming insurtechs can navigate these changes and still see success
PolicyMe, the digital-first insurance provider on a mission to deliver simple and affordable insurance for Canadian families, today announces its raise of $18 million CAD in Series A financing.
Toronto-based insurtech startup PolicyMe wants to make it easier for Canadians to access not just affordable life insurance, but other types of insurance, online. PolicyMe got its start as a life insurance broker, tackling the issue of distribution with the initial launch of its coverage calculator and price comparison platform. In March 2021, the startup launched its own fully-underwritten digital term life insurance product in partnership with Canadian Premier Life Insurance. To date, PolicyMe claims to have sold over $5 billion in life insurance coverage
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About PolicyMe
Industries
Fintech
Financial Services
Company Size
51-200
Company Stage
Series A
Total Funding
$20.5M
Headquarters
Toronto, Canada
Founded
2018
PolicyMe is Hiring for 0 Jobs on Simplify!
Find jobs on Simplify and start your career today