Canadian digital life insurance coverage answer PolicyMe has secured $13.52m (C$18m) in fairness and debt funding in a Collection A spherical, which noticed the participation of three new buyers.
Insurance coverage companies RGAX, Securian Monetary and SiriusPoint had been the brand new backers within the spherical, the place present buyers HCS Capital and Westdale Properties additionally took half.
Moreover, a tier 1 Canadian financial institution joined the spherical.
PolicyMe plans to make use of the capital to expedite the launch of its suite of merchandise that might be distributed by means of direct-to-consumer and business-to-business-to-consumer (B2B2C) channels.
These merchandise, anticipated to be launched within the subsequent 12 months, are designed to serve massive membership and worker teams.
The insurtech will quickly unveil a brand new sickness product providing to cowl greater than 40 well being situations.
In addition to, it plans to collaborate with two Canadian fintech companies to introduce its embedded answer this 12 months.
PolicyMe CEO Andrew Ostro stated: “Our proprietary know-how permits us to automate many facets of the life insurance coverage worth chain whereas nonetheless staying near the shopper and personalising their expertise.
“Because of this, we consider we’ve got constructed the perfect time period life insurance coverage platform in Canada, and are excited to proceed pushing the trade ahead with our revolutionary merchandise, robust partnerships, and new distribution channels.” HCS Capital managing accomplice Luis Felipe San Martin stated: “PolicyMe continues to make large strides within the trade, and has solidified its standing with one of many easiest and most inexpensive life insurance coverage choices in Canada.”