PolicyMe announces $30 million CAD in funding
Canadian digital insurance provider PolicyMe announced $30 million CAD in additional funding, secured through multiple tranches of equity and debt financing between 2023 and 2025, from strategic partners, including Blue Cross Life Insurance Company of Canada and Securian Canada. This follows its $3.3 million CAD seed round in 2020 and its $18 million CAD Series A in 2022, bringing total funding to $51 million.
Launched in 2018 to simplify the process of buying life insurance, PolicyMe now offers critical illness insurance as well as health and dental coverage backed by Securian Canada. The company says it protected 18k+ customers and issued more than $10 billion in coverage.
Aside from its D2C model, the company also has a B2B2C channel and Blue Cross Life leveraged PolicyMe’s technology to launch life insurance and critical illness products.
“We’ve seen tremendous success over the past three years. At PolicyMe, we’re not just growing—we’re revolutionizing the insurance journey and setting a new standard for a customer-centric experience. By balancing digital speed with human support, we give customers the choice between a fully online process or advisor guidance, making coverage truly seamless.” – Andrew Ostro, CEO & Co-Founder of PolicyMe.
“At Blue Cross Life, our purpose is to improve the well-being and financial security of Canadians through innovative insurance solutions. By leveraging PolicyMe’s end-to-end digital platform, we’ve simplified what can be a complex process into something Canadians can complete in just minutes. This collaboration brings real value to families at every stage of life.” – Tim Mawhinney, President & CEO of Blue Cross Life.
“Working with PolicyMe has enabled us to deliver innovative, digital-first programs to our partners. Together, we’re meeting the evolving needs of Canadians and revolutionizing how they access insurance, ensuring that financial protection is more accessible than ever before.” – Nigel Branker, CEO of Securian Canada.
