PolicyMe to provide digitally underwritten policies up to $5-million
Digital life insurance platform, PolicyMe, in partnership with the Canadian Premier Life Insurance Company, announced it will now provide insurance coverage up to $5-million, using an underwriting process that is completely digital.
The company says the majority of users applying for the fully underwritten product receive an approval from the system within 20 minutes. “The majority of users are approved instantly and can buy their policy directly on the platform,” the company stated in an announcement.
“Now more than ever, consumers are demanding the ability to buy life insurance completely online, and we’re happy to deliver,” says PolicyMe co-founder and CEO, Andrew Ostro. “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.”
The company adds that its research shows that 51 per cent of Canadian policyholders say they would purchase life insurance through an online platform. That number jumps to 65 per cent among those between 18 and 34 years of age. “Consumers are increasingly ready for a fully digital life insurance product,” says PolicyMe.