Up To $5 Million in Coverage
New partnership with Canadian Premier Life Insurance Company results in a 100% digital process that’s faster and has the most competitive pricing in Canada†
Toronto, ON (Apr. 7, 2020) – PolicyMe, a digital life insurance platform, is pleased to introduce a completely digital way for Canadians to purchase life insurance. In partnership with Canadian Premier Life Insurance Company (“Canadian Premier”), PolicyMe now enables Canadians to purchase up to $5 million in life insurance coverage entirely online — no unnecessary paperwork, phone calls, or in-person visits — with prices more competitive than offerings currently on the market. The fully underwritten digital product also speeds up the process, with the majority of users receiving an approval within 20 minutes, down from an average four- to six-week waiting period.
Today’s announcement follows a record year for PolicyMe, which saw over 700 per cent YoY growth as one of Canada’s leading digital life insurance platforms, processing thousands of applications amidst a pandemic that saw a surge in demand for life insurance protection. PolicyMe found almost one quarter (24%) of Canadian adults who did not have life insurance prior to the pandemic reported either purchasing it or considering purchasing it since the onset of COVID-19.
“Now more than ever, consumers are demanding the ability to buy life insurance completely online, and we’re happy to deliver,” says Andrew Ostro, Co-Founder & CEO of PolicyMe. “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.”
Life Insurance 2.0: A Better Way for Canadians to Stay Protected
According to PolicyMe, 51 per cent of Canadian policyholders say they would purchase life insurance through an online platform, and that number jumps to 65 per cent for people aged 18-34. Consumers are increasingly ready for a fully digital life insurance product.
PolicyMe’s new digital offering, in partnership with Canadian Premier, is eliminating barriers associated with the traditional way of purchasing life insurance, including in-person meetings with agents, medical exams, physical paperwork, and weeks of wait time. In addition to the peace of mind afforded by a contactless process, the new product means Canadians will also get covered faster and at a lower price. Powered by an algorithmic underwriting engine, PolicyMe is designed to determine risk and give consumers an immediate decision, without having to work with an agent or endure lengthy applications. The majority of users are approved instantly and can buy their policy directly on the platform.
“Canadian Premier is embracing digital solutions to make the customer journey and purchase process an informed, fast and easy one,” explains Suzette Huovinen, CEO of Canadian Premier. “The pandemic has accelerated overdue change in the life insurance industry. Our partnership with PolicyMe expands our footprint in the Canadian market, while protecting our customers and those they care about most.”
† Pricing comparisons are based on a review of publicly available rates. In some cases, additional underwriting and medical exams may be necessary and require additional time. Currently not available in Quebec, New Brunswick and Newfoundland.
PolicyMe is a new kind of digital life insurance platform built for the modern consumer who values ease and affordability. PolicyMe makes it easy to get a quote, apply for coverage, and get approved in minutes, not weeks. The fully-underwritten term life insurance policies we offer are stripped of unnecessary bells and whistles, resulting in fewer steps, lower costs, and the same high quality coverage you deserve. PolicyMe is licensed to operate in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Prince Edward Island, Nova Scotia, Yukon Territories, Northwest Territories & Nunavut. For more information, visit www.policyme.com.
About Canadian Premier
For more than 60 years, Canadian Premier has been committed to providing financial security to Canadians and their families in the face of uncertainties. Canadian Premier offers individual term and group life, accident & sickness, credit and creditor insurance solutions to a number of leading financial institutions, retailers and affinity groups, insuring over 2 million Canadians and families coast-to-coast. Canadian Premier is a wholly-owned subsidiary of Securian Financial Group. To learn more about Canadian Premier, visit www.canadianpremier.ca.
Source: PolicyMeTags: coronavirus, Digital Insurance, epidemic, launch, partnership, PolicyMe