Three in Five Canadians Would Buy Samos Insurance: Canada's First-Ever Surgical Insurance Product that just received $3-million in seed capital

WATERLOO, ON, July 27, 2022 /CNW/ - Samos Insurance is pleased to announce that consumers and investors are increasingly interested in Canada's first-ever accidental death insurance policy covering planned surgical procedures.

New polling from Forum Research Inc. demonstrates huge potential demand for Samos' novel insurance product. Three in five Canadians said they would be very interested in purchasing surgical insurance. The price point is also proving attractive to consumers, with another three in five Canadians saying they are interested in purchasing insurance plans costing $90 to $150, the typical cost of most Samos' plans. This insurance plan is particularly attractive to younger Canadians who are less likely to have life insurance but still seek the peace of mind offered by Samos Insurance.

"We know that many Canadians spend a lot of time planning for their recovery after a scheduled procedure, and this research shows us they are also interested in ensuring a plan is in place should the worst occur. Samos Insurance's unique service offering provides peace of mind to patients, so they can focus on getting better and not 'what if'," said Samos co-founder and CEO Eric Blondeel.

This accident-based product provides peace of mind to Canadians preparing for elective surgery, knowing their loved ones will be protected. Planned surgical procedures covered by this policy include but are not limited to scheduled caesarean sections, joint replacement and heart surgery. Samos policies provide up to $100,000 in coverage in the case of accidental death as a result of a planned, elective surgery.

The novel product is also attracting the eye of investors.

In addition to the release of the aforementioned polling, that three in five Canadians would purchase surgical accidental death insurance, the kind only offered by Samos, Samos Insurance is pleased to announce that it has received a $3-million investment USD in a seed round led by SiriusPoint.

SiriusPoint said in a statement last month that Samos' first-of-its-kind surgical accidental death insurance filled a gap in the market that urgently needed addressing. "SiriusPoint is very pleased to support Samos's growth as the company offers tech-based risk management solutions to those undergoing vital surgeries," said Tom Leonardo, US Head of Accident & Health at SiriusPoint. 'We are excited for the opportunity for both of our companies, and for the consumers this insurance product will serve."

This raise from SiriusPoint will prove vital in assisting Samos' growth as it aims to provide peace of mind to consumers. Partnerships such as this will aid enormously in Samos' future growth. Planning for surgery is a difficult process, one that Samos will make easier as it expands its product nationwide.

This investment from SiriusPoint and the polling data prove that Samos has indeed filled a gap in the marketplace and is in a position to grow as it provides its novel product to a Canadian public eager for what it is offering.

Anyone interested in learning more can visit samos.ca.  

ABOUT SAMOS

Samos Insurance is a fast growing insurtech startup formed by data, research and insurance professionals. We've developed a surgical risks model and built a product to cover elective surgical accidental death. We sell surgical accidental death insurance to individuals, through brokers and through employer benefit plans. We offer an affordable, brief interval insurance product that provides peace of mind when Canadians need it most — so patients can focus on getting better instead of "what if". Our product is based on a proprietary underwriting model for surgical risks designed to cover the gap of traditional accidental death policies.

SOURCE Samos Insurance

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