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PolicyAdvisor.com ends record year with 5x growth
Leading online brokerage has quoted over $15 billion in coverage, helping 250,000 Canadian families make informed insurance decisions; outperforming traditional insurance advisors by 50x since launch
Toronto, May 4, 2021 – PolicyAdvisor.com, the fastest growing Canadian digital life insurance marketplace, today announced it has quoted over $15 billion in insurance coverage in the two years since its 2019 launch. The Company’s simple, digital application process has accelerated access to financial protection tools and affordable insurance coverage for Canadian families seeking to navigate the economic challenges of COVID-19 – all online and from the safety and comfort of their own homes.
With an overwhelming majority of Canadians reporting enormous shortfalls in their life insurance coverage, PolicyAdvisor.com makes it easy and transparent to obtain affordable and personalized insurance coverage options. PolicyAdvisor.com has so far helped over 250,000 Canadian families make informed decisions about their insurance coverage; on average helping a Canadian family every 2 minutes. The company’s proprietary algorithm offers instant access to more than 20,000 coverage options from the largest Canadian insurers – democratizing access to affordable coverage for its users.
The past 2 years demonstrate staggering growth for PolicyAdvisor.com across multiple metrics including site visitors, personalized quotes offered and total coverage placed. As a one-stop, fully online, financial protection shop, the company’s digital origination and easy online process has helped them outperform traditional advisors by 50x. The exceptional growth has helped validate a digital-first approach for more than 20 of Canada’s largest life insurance companies that have partnered with and share PolicyAdvisor’s mission: to simplify distribution of life insurance products.
Since launch, PolicyAdvisor has spurred several innovations in the Canadian life insurance market. While the company started as a life insurance marketplace, they have since rolled out several new related products for fully digital purchase, offering holistic coverage options for clients. In addition to its flagship term life insurance offerings, the company also offers a seamless fully online process for purchasing whole life insurance, children’s insurance, non-medical insurance, critical illness insurance, and disability insurance policies – all firsts in the Canadian insurance marketplace.
“Getting life insurance was historically a hassle, but we have proven it doesn’t have to be,” said Puri. “We’ve taken the pain points out of the process by letting more Canadians obtain appropriate insurance quickly and affordably, transforming a tedious process and bringing it into the digital age. And it doesn’t stop at life insurance, as we’ve introduced more policy possibilities to keep up with the consumers’ desire for online fulfillment.”
The appetite for a digital option continues to grow. Recent research conducted by PolicyAdvisor found that over half of Canadians are more likely to buy life insurance if they can do it online and that only 1 in 5 Canadians prefer to meet their life insurance advisor in person.
The company’s widest spectrum of online insurance tools and services ensures that Canadians don’t need to rely on face-to-face meetings or paper documents to make the right protection decision for themselves and their dependents. This has led to PolicyAdvisor receiving a 5-star rating from online reviews sites such as Reviews.io, TrustPilot, and Google Reviews.
“This era of social distancing and instant fulfilment makes Canadians realize they want to buy life insurance and other forms of financial protection in the same frictionless way,” said Puri. “The country was longing for a true online solution to the life insurance buying process. The past 24 months of growth and our 5-star reviews show that life insurance can be bought online – we’ve built it.”
Due to its growth, PolicyAdvisor.com has expedited growth plans, expanding its advisor and product teams to meet the accelerating demand and will soon be announcing several new innovations and partnerships.
About PolicyAdvisor.com
PolicyAdvisor.com is an innovative Canadian online insurance broker providing a digital solution to an archaic life insurance industry, combining modern technology, intuitive design, and real-world expertise to make insurance buying simpler, straightforward, and stress-free.
Media contact
Kaitlyn Kokoska – kaitlyn@policyadvisor.com
