partnership

What is no medical life insurance

PolicyMe Launches Fully Digital Life Insurance Product

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.

Canadians can now 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. (PolicyMe)

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.”

Notes

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.

About PolicyMe

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: PolicyMe

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What is no medical life insurance

Next Insurance, Amazon Business Prime partner on affordable digital insurance for small businesses

Next Insurance will provide access to instant, customized coverage to Business Prime members

Palo Alto, CA (Mar. 31, 2021) – Next Insurance, the leading digital InsurTech company transforming small business insurance, today announced a partnership with Amazon Business to provide eligible members the opportunity to access customized small business insurance. This partnership will allow Business Prime members to easily obtain a quote from Next Insurance and quickly purchase General Liability, Professional Liability, Workers’ Compensation, Commercial Auto, and Tools and Equipment insurance coverage.

Historically, the process for purchasing business insurance has been a significant pain point for small business owners, with large insurers taking a one-size-fits-all approach. As a result, many small businesses end up with a poor customer experience and paying more for coverage that often doesn’t fit their specific needs. Next Insurance gives small businesses easy access to insurance products that are highly customizable based on the needs of their business.

“We believe the future of the insurance buying experience involves meeting customers where they already are and making it easy to purchase customized and affordable policies,” said Guy Goldstein, CEO of Next Insurance. “We are proud to continue to be chosen by top companies, like Amazon, who understand the best way to serve small businesses is through digital solutions. With Amazon Business Prime, we are taking a large step toward providing greater access to seamless insurance coverage.”

Next Insurance transforms small business insurance by leveraging new technology, including artificial intelligence and machine learning, to deliver a simple and affordable purchasing experience. In less than 10 minutes, small business owners can get a customized quote for their business that can be adjusted based on personal preferences and receive a certificate of insurance completely digitally.

“We know that small business owners are looking for innovative and cost-effective ways to streamline their businesses and save time, and that’s what this partnership with Next Insurance helps achieve,” said Todd Heimes, Director of Amazon Business Prime. “We believe Next Insurance offering products to Business Prime is another example of how this program provides value and benefits to members.”

Amazon Business helps millions of customers worldwide—from small businesses, schools, hospitals, and government agencies, to large enterprises with global operations—reshape their procurement with cost and time savings, greater productivity, and insightful purchasing analytics. Amazon Business customers can also take advantage of Prime’s fast, free shipping and exclusive business-relevant benefits with Business Prime, which starts at $69 per year as an add-on for customers with Amazon Prime on their personal account or $179 per year for up to three users.

To further support small business owners, and provide a seamless purchasing experience, Next Insurance prioritizes partnerships with companies that are most often used by its small business customers, such as its integration with Intuit Quickbooks. Additionally, the company’s recent acquisition of AP Intego, whose deep relationships with some of the largest small business software ecosystems in the U.S., will provide greater access to Next Insurance’s innovative digital insurance products.

For Amazon Business Prime customers, Next Insurance is offering an exclusive 10% discount for General Liability and Professional Liability policies. Start a quote with Next Insurance today to explore coverage options tailored to your business.

About Amazon

Amazon (NASDAQ: AMZN) is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Fire tablets, Fire TV, Amazon Echo, and Alexa are some of the products and services pioneered by Amazon. For more information, visit www.amazon.com/about.

About Next Insurance

Next Insurance is transforming small business insurance with simple, digital and affordable coverage tailored to the self-employed. Next Insurance offers policies that are easy to buy in 10 minutes or less and provides 24/7 access to Live Certificates of Insurance, Additional Insured, and more, with no extra fees. Revolutionizing a historically complicated insurance industry, Next Insurance utilizes AI and machine learning to simplify the purchasing process and drive down costs by up to 30% compared to traditional policies. Founded in 2016, the company is headquartered in Palo Alto, has received a total of $631 million in venture capital funding and has been recognized by Forbes Fintech 50, JMP Securities InsurTech 50 and Forbes Best StartUp Employers. For more information about the company, visit nextinsurance.com.

SOURCE: Next Insurance

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Read the original article at Insurance-Canada.ca