INSURANCE TECHNOLOGY
PolicyMe | November 08, 2022
Toronto-based Insurtech PolicyMe announces the launch of a new Critical Illness Insurance product that offers the most complete coverage in Canada. In partnership with and underwritten by Canadian Premier Life Insurance Company (“Canadian Premier”), this new product covers 44 conditions—10-15 more than the average Canadian insurer. This launch follows PolicyMe’s Series A announcement and will complement their existing core Term Life Insurance offering, enabling Canadians to gain accessible, affordable, and comprehensive financial protection across a wider range of health and life events. With 42% of Canadian parents having one month or less of expenses in emergency savings, PolicyMe’s Critical Illness Insurance product provides Canadian families with the financial protection to withstand lost income or unforeseen medical expenses due to a critical illness.
“Having personally battled cancer years ago, I know first-hand how stressful a critical illness diagnosis can be, By offering Critical Illness Insurance, we hope that we’re able to remove the financial stress of a diagnosis so our customers can focus on what’s most important: their recovery.”
-Jeff McKay, Co-Founder & CTO of PolicyMe
How PolicyMe is building a better Critical Illness Insurance product
Since launching PolicyMe Term Life Insurance in March 2021, there has been consistent interest from customers about the possibility of bundling Critical Illness coverage into their Life Insurance policies. PolicyMe’s research shows that over 60% of customers believed that Critical Illness Insurance would be a valuable product to own; however awareness and knowledge around the product remained low amongst Canadians. Guided by their mission of building simpler and more affordable insurance products for Canadian families, the PolicyMe team set out to better understand the Critical Illness Insurance needs of Canadians and identify opportunities where they could use their technology to improve the product and experience for customers.
From our many conversations with customers, it was clear that the majority preferred a plan that maximized coverage for more illnesses. There are plans out there that only cover the three major illnesses Canadians experience—cancer, strokes, and heart attacks. But those aren’t the only illnesses that affect people financially. We made sure to cover every serious medical condition we could that can cause hardship. The result is a much lower probability that someone suffers an illness and doesn’t get the financial resources they need, and a lower chance that someone thinks they’re insured for something when they really aren’t, states Andrew Ostro, Co-Founder & CEO of PolicyMe.
How PolicyMe is bringing more critical illness coverage to Canadians
PolicyMe offers the most complete Critical Illness coverage in Canada for adults, covering 44 conditions (27 critical conditions and 17 early stage conditions).
Given the prevalence of cancer and cardiovascular conditions in Canada, PolicyMe has incorporated coverage for more early-stage cancers and cardiovascular conditions than any insurer in the country, without sacrificing affordability.
Keeping with PolicyMe’s simplified approach to technology, new customers can apply for life insurance and be underwritten for critical illness insurance through one single and concise application.
We wanted to ensure that comprehensive coverage is affordable and accessible to Canadian families who are already juggling the demands of rising living costs, By removing inefficiencies from the traditional insurance model, we continue to work towards our goal of providing low-priced, high-value products with extensive coverage,said Ostro.
Critical Illness Insurance is the first new product launch of many as PolicyMe kicks off its product expansion post Series A, delivering accessible insurance to help Canadian families financially withstand a broader range of unexpected life events. As PolicyMe continues to build its vision of being there for every family when life unexpectedly changes, Critical Illness Insurance enables the company to provide not only death benefits, but also living benefits to policyholders.
We’ve received overwhelming demand from both customers and industry partners to expand our portfolio of high-quality, digital-first insurance products that deliver on our promise of value and simplicity, Over the next 12 months, we’ll be accelerating product development in the health and dental space, and will be rapidly scaling our in-house capabilities to do so,says Ostro.
About PolicyMe
PolicyMe is a Canadian digital life insurance solution built to make financial protection for families simple and affordable. PolicyMe makes it easy to get a quote and apply for term life insurance and critical illness insurance online in 20 minutes or less. Using technology, they've streamlined the traditional insurance process resulting in a fully-underwritten insurance policy that delivers the same quality protection customers deserve but with fewer steps and lower costs.
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CORE INSURANCE
Alliant Insurance Services | November 04, 2022
Alliant Insurance Services has acquired FutureSense, a national provider of people-focused HR, compensation, and organizational development services. The move expands Alliant’s consulting capabilities across a breadth of geographies and industry categories within its Employee Benefits Group.
“FutureSense has earned a reputation as a national leader in management consulting through its focus on putting people first, They have a diverse team of expert consultants who excel at delivering strategies and solutions that improve business performance and help employees thrive.”
-Kevin Overbey, President, Alliant Employee Benefits
Founded in 1995, FutureSense has emerged as an innovative force in HR, compensation, and organizational development consulting through the deployment of multifaceted strategies that focus on helping companies grow and seeing people succeed. The firm has a national reach and is active across a broad cross-section of industries with a large presence in the healthcare and high-tech sectors.
FutureSense has always taken a holistic and strategic approach to working with our clients. While focusing on people, we strive to deeply understand the ‘business of the business’ and the resultant strategic, tactical, and transactional needs of our clients, By aligning with Alliant, we gain access to a robust set of competencies that will expand our reach and provide powerful new tools and resources to our existing clients,said Jim Finkelstein, Founder, President and CEO of FutureSense.
Additionally, FutureSense has been a virtual company since its founding, giving its team unparalleled insight into the virtual workplace as more organizations embrace remote work.
We understand the remote worker because we have been remote for our entire existence, said Finkelstein.
FutureSense and its national team of consultants will join the Alliant family of companies and will continue operating under its current name and brand. Terms of the agreement were not disclosed.
About Alliant Insurance Services
Alliant Insurance Services is one of the nation’s leading distributors of diversified insurance products and services. We operate through a network of specialized national platforms and local offices to offer our clients a comprehensive portfolio of solutions built on innovative thinking and personal service. The business of managing risk is getting more complex, and Alliant is meeting this complexity head-on, not with more layers of management, but with more creativity and agility. Alliant is changing the way our clients approach risk management and benefits, so they can capitalize on new opportunities to grow and protect their organizations.
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CORE INSURANCE
Inszone Insurance | November 24, 2022
Inszone Insurance Services: a rapidly growing, national provider of benefits, personal and commercial lines insurance, announced today the acquisition of Capizzi Insurance.
Capizzi Insurance was founded in 1971 by Vincent Capizzi. With one location Capizzi Insurance primarily operated as a standard-preferred personal lines and small-mid commercial lines property and casualty agency. Throughout their history they have focused on helping their clients in finding the best program that fits their specific needs.
The Capizzi Insurance team will transition over to Inszone’s Lakewood location and continue serving customers under the Inszone Insurance brand. Customers will experience a seamless transition and continue to receive the same standards of service they have come to expect.
“We’re excited to welcome Capizzi Insurance into the Inszone Insurance family, We continue to grow within specific areas in California, we are happy to be able to add additional avenues of support and additional service offerings as we expand in the state."
-Chris Walters, CEO of Inszone Insurance
About Inszone: Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm which provides a broad array of property & casualty insurance, along with employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically, as well as through acquisitions. With 32 locations across California, Arizona, Nevada, Utah, Colorado, Missouri, Texas and Illinois, the company is looking to further expand throughout the United States.
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