Canadian digital life insurance solution PolicyMe has secured $13.52m (C$18m) in equity and debt funding in a Series A round, which saw the participation of three new investors.

Insurance firms RGAX, Securian Financial and SiriusPoint were the new backers in the round, where current investors HCS Capital and Westdale Properties also took part.

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Additionally, a tier 1 Canadian bank joined the round.

PolicyMe plans to use the capital to expedite the launch of its suite of products that will be distributed through direct-to-consumer and business-to-business-to-consumer (B2B2C) channels.

These products, expected to be launched in the next 12 months, are designed to serve large membership and employee groups.

The insurtech will soon unveil a new illness product offering to cover more than 40 health conditions.

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Besides, it plans to collaborate with two Canadian fintech firms to introduce its embedded solution this year. 

PolicyMe CEO Andrew Ostro said: “Our proprietary technology allows us to automate many aspects of the life insurance value chain while still staying close to the customer and personalising their experience.

“As a result, we believe we have built the best term life insurance platform in Canada, and are excited to continue pushing the industry forward with our innovative products, strong partnerships, and new distribution channels.” HCS Capital managing partner Luis Felipe San Martin said: “PolicyMe continues to make huge strides in the industry, and has solidified its standing with one of the simplest and most affordable life insurance offerings in Canada.”