Digital life insurance platform PolicyMe secures C$18m in Series A

New investors RGAX, Securian Financial, the US parent company of Canadian Premier Life Insurance Company, and SiriusPoint, joined existing investors HCS Capital and Westdale Properties in the round.

  • PolicyMe was founded in 2018 by Andrew Ostro, Laura McKay and Jeff McKay
  • PolicyMe has sold more than C$5 billion in life insurance coverage and grew over 1,050 percent from 2019 to 2021
  • The funding will help accelerate the startup’s product development

PolicyMe, a Toronto-based provider of digital life insurance solutions in Canada, has secured C$18 million in Series A financing. New investors RGAX, Securian Financial, the US parent company of Canadian Premier Life Insurance Company, and SiriusPoint, joined existing investors HCS Capital and Westdale Properties in the round.

The funding will accelerate PolicyMe’s development of a comprehensive suite of products that will be distributed via direct-to-consumer and B2B2C channels across large membership and employee groups. PolicyMe will also be launching its embedded solution later this year with two of Canada’s leading fintechs, ahead of several other launches earmarked for Q1 and Q2 2023.

PolicyMe was founded in 2018 by Andrew Ostro, Laura McKay and Jeff McKay. The startup has sold more than C$5 billion in life insurance coverage and grew over 1,050 percent from 2019 to 2021.

“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 Andrew Ostro, CEO of PolicyMe, in a statement. “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.”

“PolicyMe continues to make huge strides in the industry, and has solidified its standing with one of the simplest and most affordable life insurance offerings in Canada,” said Luis Felipe San Martin, Managing Partner of HCS Capital. “Their ability to deliver a consumer-centric product with a seamless experience puts them in an ideal spot to expand their suite of offerings and distribution channels. We’re excited to be part of PolicyMe’s continued success.”

HCS Capital is a Miami-based venture firm that invests in technology, banking, insurance, operations and cybersecurity.