SiriusPoint invests in tech-enabled Canadian life business

Bermuda headquartered specialty re/insurer has made a strategic investment in a digital life insurance provider PolicyMe.

The insurtech specialises in Canadian individual term life insurance and uses automated underwriting to streamline the buying process. SiriusPoint’s investment will support the development of PolicyMe’s product offering and marketing, including expansion into critical illness, non-medical life, travel, individual health and benefit, and group health and benefit business lines.

The transaction also provides SiriusPoint with direct access to Canada’s growing life re/insurance market.

“We are delighted to partner with PolicyMe – a company that has shown strong innovation, growth and market traction to date,” said Prashanth Gangu, SiriusPoint’s chief operating officer and president for insurance and services.

“The Canadian life insurance market is ripe for disruption. Life insurance sales in the country have seen a dramatic rise since the onset of COVID-19, with 24% of uninsured adults reportedly purchasing, or considering purchasing, life insurance since the onset of the pandemic. We believe PolicyMe is perfectly positioned to take advantage of this rise in demand, and we look forward to working with the team to create new products and solutions for the Canadian marketplace.”