PolicyMe raises $3.3 million to simplify the process of buying life insurance
TORONTO, March 11, 2020 /CNW/ - PolicyMe is excited to announce 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.
With this new financial injection, PolicyMe can further capitalize on its early success in the Canadian digital life insurance space. The funds will be used to enhance PolicyMe's life insurance buying process with new technology and financial literacy tools. Product innovation is also front and center for PolicyMe, and the company believes that rejuvenating the industry's stagnant product shelf will reduce prices and increase customer value.
"We see far too many Canadians make misinformed decisions when buying life insurance," said Andrew Ostro, CEO and Co-Founder of PolicyMe. "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."
PolicyMe prides itself on its transparent approach to life insurance. In fact, they have advised 26% of their 30,000+ users to not buy a PolicyMe product, as they do not need life insurance coverage.
This social-impact driven mandate scared off several potential investors during initial conversations. However, being honest and objective with customers is something the company will never compromise on, and this was appreciated by investors who participated in the round.
"The life insurance space is ripe for disruption, and PolicyMe has taken all the right steps to become a leading digital player," said Luis Felipe San Martin, Managing Partner of HCS Capital. "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."
About PolicyMe
PolicyMe is a rapidly growing insurtech startup making life insurance simpler and more affordable for everyone who needs it. PolicyMe's online platform provides a digital experience for customers to navigate the entire insurance buying process, helping Canadians get personalized advice, compare quotes and apply for life insurance in just a few clicks. The company was founded by Andrew Ostro, Laura McKay and Jeff McKay in 2018, and is based in Toronto, Canada. You can learn about open career opportunities with PolicyMe by visiting: www.policyme.com/careers/.
About Consorcio - HCS Capital
Consorcio - HCS Capital Corporate Venture Fund is a specialized joint venture looking for disruptive fintech and insurtech startups in the Americas.
Consorcio is a leading insurance group in Chile with more than 100 years of history. It services over 1 million clients, has 2800+ employees and manages over $17 billion in total assets.
HCS Capital Partners is a Miami and Santiago based venture capital firm founded by a team with extensive experience in banking, insurance, technology and operations in the United States, Europe and Latin America.
SOURCE PolicyMe
Media Contact: Will Bradley, [email protected]
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