Digital life insurance platform PolicyMe has partnered with Canadian Premier Life Insurance Company to help Canadians buy life insurance digitally.
Through this deal, PolicyMe now lets Canadians buy up to $5m in life insurance coverage online, without any unnecessary paperwork, phone calls or in-person visits. It also claims the prices are more competitive than offerings currently on the market.
The digital product also speeds up the process, with most customers receiving protection within 20 minutes.
PolicyMe has witnessed strong growth over the past year, with a 700% year-over-year growth. This growth has been helped by the pandemic. A recent study from the InsurTech found that 24% of Canadian adults that did not have life insurance before the pandemic have either bought it or considered it following the coronavirus pandemic.
PolicyMe co-founder and CEO Andrew Ostro said, “Now more than ever, consumers are demanding the ability to buy life insurance completely online, and we’re happy to deliver.
“By slashing distribution costs and using advanced underwriting technology, we’re able to pass savings along to the consumer and speed up the process. It’s a major step forward in terms of making life insurance easier, faster, and more affordable for Canadians protecting their families.”
A recent study from PolicyMe found that 51% of Canadian policyholders would buy life insurance through a digital platform. For those aged between 18 and 34, this rose to 65%.
The new service aims to remove barriers with purchasing life insurance, such as medical exams, weeks of waiting and physical paperwork. Its algorithmic underwriting engine is designed to understand risk and give consumers an immediate decision.
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