PolicyMe, which is known as Canada’s leading digital insurance provider, announced C$30 million in additional funding. The funding was 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.
This funding fueled PolicyMe’s successful expansion of new products, including white-labeled digital offerings and Health & Dental coverage, both already gaining significant market traction. And Tthis 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.
In Canada, nearly 22% of adults—about 7.3 million gig workers and self-employed individuals—participate in gig work or self-employment in some capacity. Among those who dependsolely on gig work for their income, nearly 50% remain underinsured or uninsured. PolicyMe’s enhanced Health & Dental offerings, backed by Securian Canada, directly address this gap, having issued thousands of policies across multiple brands.
This addition also 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 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. And 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 a white-labeled solution, PolicyMe’s technology has driven transformative projects with major industry players. And Blue Cross Life utilized PolicyMe’s technology to launch direct-to-consumer life insurance and critical illness products featuring market-leading rates.
In partnership with Canada’s largest automobile association, Securian Canada utilized PolicyMe’s platform to launch digital life and health & dental offerings for 7+ million of their members, removing traditional barriers and making coverage more accessible.
Since the company’s 2022 Series A funding, PolicyMe expanded nationwide, selling over $10 billion in coverage and servicing thousands of Canadians monthly. And 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.
PolicyMe is also making significant investments in data, analytics and AI infrastructure to enhance underwriting and streamline the customer journey. And with end-to-end data capabilities, PolicyMe is optimizing every touchpoint with precision.
KEY QUOTES:
“We’ve seen tremendous success over the past three years. 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.”
– Andrew Ostro, CEO & Co-Founder of PolicyMe
“At Blue Cross Life, our purpose is to improve the well-being and financial security of Canadians through innovative insurance solutions. 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.”
– Tim Mawhinney, President & CEO of Blue Cross Life
“Working with PolicyMe has enabled us to deliver innovative, digital-first programs to our partners. 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.”
– Nigel Branker, CEO of Securian Canada
