Insurance Supermarket

What Insurance Supermarket does

Insurance Supermarket International Inc. ("ISI") is a private, Canada-domiciled insurtech founded in 2009 and headquartered in Concord, Ontario, that designs, markets, and distributes consumer life insurance and personal protection products. The company operates a direct-to-consumer model in which customers obtain quotes, apply, and receive policy issuance online or via phone-based advisors, with offices in Concord, Ontario (Canadian HQ) and Miami, Florida (US regional HQ), and a workforce of 501-1,000 employees. Its product portfolio spans Term Life (up to $500,000 in coverage), Permanent Life, Final Expense, Critical Illness, Accidental Death & Dismemberment, and Disability Insurance in Canada, plus Whole Life, Easy Life, and the Independent American Plan for US residents aged 18-85. The company also offers a freemium Prescription Savings Card providing up to 87% off retail pharmacy prices at 67,000+ US locations, plus an online Life Insurance Calculator tool, the latter serving top-of-funnel acquisition rather than underwriting.

Underlying the customer-facing layer is an insurtech platform centered on AI-powered underwriting that eliminates medical examinations and enables policy approvals in under 5 minutes, with policy delivery typically within 48 hours. Rather than acting as a risk-bearing carrier, ISI functions as a multi-carrier distributor, sourcing products and reinsurance capacity from Humania Assurance, EMC National Life, Reinsurance Group of America, Crum & Foster Insurance, and American Amicable. Its wholly owned operating subsidiaries include Insurance Supermarket Inc. and Specialty Life Inc.

The business model is primarily subscription/recurring premium revenue on life insurance policies, supplemented by a freemium prescription card offering that monetizes indirectly through funnel economics. Pricing is quote-based per individual risk profile, with coverage caps ranging from $20,000 (Independent American Plan, ages 76-85) to $500,000 (Paramount Term Life, Sentinel+ AD&D). The company reaches consumers through content marketing, SEO-optimized quote funnels, social media, and inside sales via 9am-9pm ET phone coverage. In July 2022, ISI closed a US$100 million minority equity investment from Gallatin Point Capital, described as the largest growth equity investment in the insurance sector, with proceeds earmarked to accelerate global expansion. The company states that hundreds of thousands of Canadian families rely on its products for financial security.

Name

Insurance Supermarket

Legal name

Insurance Supermarket International Inc.

Website

https://insurance-supermarket.ca

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Insurance Supermarket International Inc. is a Canada-based insurtech founded in 2009 that distributes no-medical-exam life, final expense, critical illness, AD&D, and disability insurance to Canadian and US consumers via a digital direct-to-consumer platform and a multi-carrier partner network.

Ownership category

akta.pro rank

Product category

Life Insurance

NAICS

Direct Life Insurance Carriers (524113), Agencies, Brokerages, and Other Insurance Related Activities (5242)

SIC

Life Insurance (6311), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Guaranteed Issue Whole Life Insurance (FSAIABAG)

akta.pro secondary industries

Guaranteed Issue Term Life Insurance (FSAIAAAG), Standalone Critical Illness Insurance (FSAIAKAA)

Keywords

• Life insurance products
• Final expense insurance
• No-medical life insurance
• Insurtech platform
• Term life coverage

Headquarters

HQ city

Concord

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Insurance Premium Revenue: Insurance Supermarket earns revenue through insurance premiums collected from policyholders. The company offers various life insurance products including term life, permanent life, final expense, critical illness, and AD&D insurance, with ongoing premium payments as the primary revenue stream.
2. Prescription Savings Card Program: Free prescription savings card program providing discounts of up to 87% off retail prices at 67,000+ pharmacies. The program is offered at no cost to cardholders.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Insurance Supermarket International is a direct-to-consumer insurtech that sells no-medical and guaranteed issue life insurance products to individuals and families in Canada and the USA. Its portfolio includes term life, permanent life, final expense, critical illness, accidental death and dismemberment (AD&D), and disability insurance, along with a free prescription savings card. Policies are issued through carrier partnerships and applied for online or by phone, supported by an AI-powered underwriting system that enables instant approvals without medical exams.

Product overview

Insurance Supermarket International Inc. operates as a global insurtech company offering a portfolio of consumer-facing life insurance and financial protection products. The company provides simple-to-understand personal protection products focused on life insurance and final expense solutions. The product lineup consists of core insurance products (Final Expense Plan, Term Life, Permanent Life, Critical Illness, AD&D, Disability Insurance for Canada; Whole Life, Easy Life, Independent American Plan for USA) along with a Prescription Savings Card add-on offering medication discounts at 67,000+ pharmacies, and a Life Insurance Calculator tool. The company offers no-medical and guaranteed issue plans designed to make life insurance accessible and affordable.

Differentiator

Problem solved

Functional benefit

Products and services

• Final Expense Plan Helps cover funeral costs and other final expenses without financial burden for loved ones, for Canadian households seeking affordable end-of-life coverage.
• Paramount Term Life Insurance Affordable, flexible term life insurance for a set period with up to $500,000 in coverage, fixed premiums, and an effortless application process, targeted at Canadian families.
• Permanent Life Insurance Provides lifetime coverage ensuring loved ones are taken care of upon death, for Canadian consumers seeking permanent protection.
• Critical Illness Insurance Pays a lump sum upon diagnosis of a critical illness to help cover medical expenses, lost income, and other associated costs, for Canadian consumers.
• Sentinel+ Plan (Accidental Death & Dismemberment) Provides up to $500,000 of coverage in case of fatal accident or qualified serious injury, including rehabilitation benefits at no extra charge, for Canadian customers.
• Disability Insurance Pays a portion of income if unable to work due to injury or illness, helping maintain lifestyle and support family, for Canadian consumers.
• Whole Life (USA) Lifelong no-medical, guaranteed issue whole life coverage up to $25,000 that accumulates cash value over time, for US residents ages 18-80, provided by EMC National Life.
• Easy Life (USA) Simple whole life insurance up to $50,000 for US residents ages 18-80 with instant coverage, no medical exams, premiums that never increase, and cash value accumulation.
• Independent American Plan Affordable whole life insurance by American Amicable for US residents up to age 85, with coverage up to $35,000 (ages 50-75) or $20,000 (ages 76-85), no medical exams required, and premiums payable to age 100.
• Prescription Savings Card Free medication savings program providing discounts up to 87% off retail prices at 67,000+ pharmacies nationwide, accepted for insured, uninsured, and underinsured individuals including pet medications.

Quantifiable outcome

• Coverage approval in under 5 minutes with no medical exams
• +3 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core.

• Humania Assurance Inc.coreOthersInsurance carrier partner providing reinsurance and insurance products. One of the reliable carrier and reinsurance partners with decades of combined excellence and reliability.
• EMC National LifecoreOthersInsurance carrier partner providing whole life and easy life insurance products for the US market. Products include Easy Life and Whole Life plans with no medical exam requirements.
• Reinsurance Group of America (RGA)coreOthersReinsurance Group of America - major reinsurance partner with decades of combined excellence and reliability.
• Crum & Foster InsurancecoreOthersInsurance carrier partner with decades of combined excellence and reliability. One of the top industry names in ISI's carrier partner network.
• American AmicablecoreOthersInsurance provider offering the Independent American Plan - a whole life insurance plan providing affordable, lifetime protection without medical exams for US residents up to age 85.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Haven Life: Online term life insurer (backed by MassMutual) offering medically-underwritten and instant-decision policies via a digital application. Highly comparable to ISI on D2C distribution and technology-enabled underwriting.
• Policygenius: Online insurance marketplace distributing life, disability and other coverage from multiple carriers via a digital quote experience. Comparable to ISI as a digital-first life insurance distributor with multi-carrier aggregation.
• Ethos Life: US-based D2C insurtech offering term and whole life insurance with AI-driven underwriting and no-medical-exam applications. Closely comparable to ISI's simplified-issue, digitally distributed life insurance model.
• Bestow: D2C term life insurance provider using algorithmic underwriting to issue policies entirely online without medical exams. Directly competes with ISI on the simplified-issue, digitally delivered life proposition.
• Quotacy: Online term life insurance brokerage comparing multiple carriers through a digital quote engine. Comparable to ISI on D2C term life distribution with multi-carrier access.
• Ladder Financial: D2C term life insurtech offering fully online application and adjustable coverage. Comparable to ISI on simplified digital purchase of life insurance for individual consumers.

Broad incumbents

• Manulife Financial: Major Canadian life and health insurer operating in both Canada and the US. Overlaps with ISI on life insurance products, simplified-issue offerings, and the Canadian/US cross-border footprint.
• Globe Life: Large publicly-traded insurer focused on life and supplemental health insurance, including final expense and whole life products sold to middle-income consumers. Comparable to ISI on final expense and guaranteed-issue life but at much larger scale and via traditional/agent distribution.

Regional players

• Canada Protection Plan: Canadian no-medical, guaranteed-issue life and disability insurance provider. Directly comparable to ISI on simplified-issue Canadian life insurance products, serving a similar Canadian consumer demographic.

Emerging players

• Breeze (Insurance): US-based digital life insurance platform with no-medical-exam instant decision policies. Comparable emerging D2C insurtech competing for the same simplified-issue consumer segment as ISI.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/InsuranceSuper
• Facebookfacebook.com/InsuranceSupermarket

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Insurance Supermarket