How Canadians find and purchase life insurance in a digital world: PolicyMe

Digital life insurer exposes its first year of metrics since launching in Canada

Toronto, ON (Feb. 4, 2020) – PolicyMe has released its first report on findings over the last year of business, highlighting how Canadians find and purchase life insurance in a digital world.

PolicyMe, launched by Laura McKay, Andrew Ostro and Jeff McKay in 2018, is Canada’s first digital life insurance platform designed to help Canadians navigate the industry.

Today, 97% of life insurance products are sold by individual agents, however since the average age of a life insurance advisor in Canada is 62, that model is becoming increasingly ineffective. “In a world where almost anything can be bought with a few taps of a smartphone screen, we believe this protection gap will continue to grow if the life insurance industry does not stay in touch with the expectations of the newer generation,” said McKay, COO and Co-Founder of PolicyMe.

Our team has dedicated time and energy into getting to know the people looking for an easier way to buy life insurance, and we are thrilled to share what we found!

What You Need To Know:

  • 78% of Canadians who buy life insurance online are married or have a partner.
  • The ages of these customers range from 30-45 years of age and most have at least one child.
  • On average, they need $488,000 of coverage at about $37.09/month.

Surprising Statistics:

  • 88% of customers don’t smoke, but the 12% that do are more likely to apply online.
  • Canadians are 2x more likely to buy life insurance on a desktop rather than a mobile phone.
  • 51% of people completed the process human-free without contacting our customer success team.

In 2020, PolicyMe will continue on its mission to make the life insurance industry more personalized and fair.

Please reach out if you are interested in speaking with a member of the PolicyMe team or if you require more information.

Access the Report

To read the report in full, click here.

About PolicyMe

PolicyMe is a digital insurance company that is making life insurance simpler and more affordable by revolutionizing an industry that has been historically slow to adopt technological change. PolicyMe uses modern technology to give smart, honest & personalized advice on the type and amount of life insurance users need, before allowing shoppers to compare products across trusted providers in the industry. Their straightforward, stress-free digital application process allows consumers to quickly submit an online application (via mobile, computer or tablet) for a life insurance policy without multiple face-to-face meetings with a broker.

PolicyMe is on a mission to make life insurance simpler and more affordable for anyone who needs it. You can take their free, automated life insurance check-up to get a personalized recommendation in less than 5 minutes at www.policyme.com.

Source: PolicyMe

Tags: , ,