PolicyMe, which helps consumers traverse the life insurance process, has scored $3.3m in its new funding round.
The round, which was backed by international and domestic investors and was co-led by Consorcio – HCS Capital and Westdale Properties.
Following the round close, the InsurTech is looking to enhance the life insurance buying process with new technology and financial literacy tools.
PolicyMe helps consumers with the life insurance process, giving them personalised advice, quote comparison and application support.
The company claims to have a transparent approach to life insurance. It states it has advised 26% of its 30,000 users to not buy a PolicyMe product because they do not need the insurance cover.
PolicyMe CEO and co-founder Andrew Ostro said, “We see far too many Canadians make misinformed decisions when buying life insurance.
“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.”
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