Toronto startup combines the latest technology, intuitive design, and human expertise to make insurance buying simpler, straightforward and stress-free
Innovative insurance marketplace offers Canadians a simple, quick, online way to purchase life insurance
Toronto, ON (Apr. 17, 2019) – PolicyAdvisor.com, the simple, quick, online marketplace for Canadians searching for life insurance and related products, officially launched today. Buying life insurance, critical illness insurance, and mortgage protection products should be easy using the latest technology – PolicyAdvisor.com is proving just that.
Canadians are remarkably underinsured compared to their global counterparts. According to a recent study, nearly 60 percent of Canadians are anxious about their family’s financial security in case of unforeseen life events. PolicyAdvisor.com aims to relieve this anxiety with easier access to financial wellness and protection through its cutting-edge web applications and curated personalized advice.
“The Canadian insurance industry, and particularly life insurance, is due for a shakeup,” says Jiten Puri, PolicyAdvisor’s CEO and Founder. “Modern, connected Canadians are doing themselves a disservice by putting off insurance decisions, through no fault of their own. Insurance buying is needlessly complicated, with product details cloaked in secrecy. We’re here to play matchmaker, connecting Canadians to insurance products that suit their needs, all in the few minutes you spend on your phone in a parking lot, subway car, or grocery checkout line.”
Tech-savvy, mobile-first, Canadian consumers have grown used to the convenience of online services for most of their needs; the insurance industry has fallen behind, requiring potential policy buyers to make numerous, tedious, in-person appointments and preventing them from making insurance decisions.
PolicyAdvisor’s online approach ensures Canadians can shop for insurance, compare plans, and get quotes within seconds, wherever they have access to their computer, phone, or tablet. The company has seamless access to 16 of the largest Canadian insurance company products and quoting information.
Their digital solution combines a tech-first, algorithmic approach to parsing Canada’s wide-spectrum of complex insurance product information, with an independent and transparent approach to insurance advice and policy selection. This combination of technology innovation and real-world curation ensures PolicyAdvisor.com achieves their mission: making insurance more accessible, faster, and cheaper for Canadians.
By entering basic information into PolicyAdvisor’s easy-to-use digital tools, Canadians can determine their coverage needs and start shopping for plans in minutes, without the need to pay for such advice. Utilizing sophisticated algorithms, PolicyAdvisor.com offers users the lowest rates for life insurance, critical illness insurance, and mortgage protection products available from a large database of the country’s most trusted insurance companies.
The easy-to-use interface has been developed based on discussions with hundreds of insurance customers, financial advisors, insurance companies and other market participants. The company supplements its technology-first approach with real-world advice from experienced licensed brokers working behind the scenes, who clients can request to speak to online, on the phone, or through video.
PolicyAdvisor.com is also launching a digital magazine. It brings much-needed transparency to Canada’s insurance industry and helps explain how and why insurance works the way it does to a new generation embarking on big events and life changes, like marriage, home ownership, and parenthood, in a jargon-free tone and voice not often seen in the insurance industry.
PolicyAdvisor.com is today focused on term life, critical illness, and mortgage protection insurance products, with plans to add more coverage options to help protect more Canadians when they most need it. Available initially in Ontario, the company will roll out services to the rest of the country in the coming months.
“An entire industry is shrouded in secrecy, which keeps consumers from buying insurance products,” says Puri. “Through education and a seamless online experience, we are empowering Canadians to make more informed choices.”
1. RBC Insurance, Canadians favour a caffeine fix over financial security (Nov. 26, 2018).
PolicyAdvisor is transforming the way Canadians buy the financial protection they need. We are poised to disrupt a massive global industry by making insurance purchase simpler, transparent, and more human. With life insurance ownership at a multi-decade low and nearly 40 per cent of Canadians lacking any life insurance coverage at all, it’s clear that the old insurance model isn’t working. That’s why we’re building the tools to help more Canadians get coverage in a quick, intuitive manner. Visit www.policyadvisor.com to learn more.