PolicyMe Announces $30 Million CAD in Funding and Expanded Product Suite, Transforming Digital Insurance

PolicyMe has expanded from Life Insurance into a new Health & Dental offering and introduces an end-to-end white-labeled platform, advancing its mission to make insurance more effortless for Canadians.

TORONTO--(BUSINESS WIRE)--PolicyMe, Canada’s leading digital insurance provider, announced $30 million CAD in additional funding—secured through multiple tranches of equity and debt financing between 2023 and 2025— from strategic partners, including Blue Cross Life Insurance Company of Canada (Blue Cross Life) and Securian Canada. These investments have fueled PolicyMe’s successful expansion of new products, including white-labeled digital offerings and Health & Dental coverage, both already gaining significant market traction. This follows its $3.3 million CAD Seed Round in 2020 and its $18 million CAD Series A in 2022, bringing total funding to $51 million and advancing its goal of developing new insurance products and a strong B2B2C channel.

“We’ve seen tremendous success over the past three years,” said Andrew Ostro, CEO & Co-Founder of PolicyMe. “At PolicyMe, we’re not just growing—we’re revolutionizing the insurance journey and setting a new standard for a customer-centric experience. By balancing digital speed with human support, we give customers the choice between a fully online process or advisor guidance, making coverage truly seamless.”

In Canada, nearly 22% of adults—approximately 7.3 million gig workers and self-employed individuals—participate in gig work or self-employment in some capacity. Among those who rely solely on gig work for their income, nearly 50% remain underinsured or uninsured. Now, PolicyMe’s enhanced Health & Dental offerings, backed by Securian Canada, directly address this gap, having already issued thousands of policies across multiple brands. This addition complements PolicyMe’s growing product suite, including Life Insurance with unique features like free child coverage and joint applicant discounts, and Critical Illness Insurance covering 44 conditions.

PolicyMe has also transformed its end-to-end digital journey into a comprehensive white-labeled solution, which is powering new product launches for several partners across Canada. This platform integrates quoting, underwriting, and policy issuance into one cohesive experience, reducing an insurance carrier’s time-to-market for product launch to just 3–6 months. By offering a flexible framework tailored to each partner’s brand identity and product suite, PolicyMe enables organizations to leverage their existing customer bases and deliver a frictionless, customer-first approach in a competitive market.

Since rolling out its white-labeled solution, PolicyMe’s technology has driven transformative projects with major industry players. Blue Cross Life leveraged PolicyMe’s technology to launch direct-to-consumer life insurance and critical illness products featuring market-leading rates.

“At Blue Cross Life, our purpose is to improve the well-being and financial security of Canadians through innovative insurance solutions,” said Tim Mawhinney, President & CEO of Blue Cross Life. “By leveraging PolicyMe’s end-to-end digital platform, we’ve simplified what can be a complex process into something Canadians can complete in just minutes. This collaboration brings real value to families at every stage of life.”

Meanwhile, in partnership with Canada’s largest automobile association, Securian Canada leveraged PolicyMe’s platform to launch digital life and health & dental offerings for over seven million of their members, removing traditional barriers and making coverage more accessible.

“Working with PolicyMe has enabled us to deliver innovative, digital-first programs to our partners,” said Nigel Branker, CEO of Securian Canada. “Together, we're meeting the evolving needs of Canadians and revolutionizing how they access insurance, ensuring that financial protection is more accessible than ever before.”

Since its 2022 Series A funding, PolicyMe has expanded nationwide, selling over $10 billion in coverage and servicing thousands of Canadians monthly. Annual premium sales have grown 5.5x, and headcount has nearly tripled to 100 employees to support innovation and customer service. Now present in every province, PolicyMe continues to drive measurable growth and reshape the insurance industry, meeting critical market needs.

Looking ahead, PolicyMe is making significant investments in data, analytics and AI infrastructure to enhance underwriting and streamline the customer journey. With end-to-end data capabilities, PolicyMe is optimizing every touchpoint with precision. Combined with a technology-first operating model, PolicyMe is also uniquely positioned to lead the AI-driven transformation in the insurance industry. This advantage strengthens the direct-to-consumer experience and provides immense value to strategic partners, enabling them to expand into new channels, product lines, and underserved market segments.

PolicyMe remains dedicated to closing coverage gaps and ensuring every Canadian has access to transparent, efficient, and tailored insurance solutions.

ABOUT POLICYME
PolicyMe is Canada’s leading digital insurance solution, offering straightforward and affordable financial protection for families from coast to coast. Its product suite includes Life Insurance, Critical Illness Insurance, and Health & Dental Insurance, all tailored to Canadians' evolving needs. The company also offers B2B2C solutions, partnering with organizations to provide seamless digital insurance options. Founded by a team of insurance experts and technology entrepreneurs, PolicyMe is committed to making insurance simpler and more accessible. The company operates with a remote-first culture, attracting top talent from across Canada. To learn more, visit www.policyme.com.