Are Canadians ready for AI-powered life insurance?

By September 7, 2025
PolicyMe co-founders
PolicyMe co-founders, CEO Andrew Ostro, COO Laura McKay, and CTO Jeff McKay.
PolicyMe co-founders Laura and Jeff McKay discuss AI transformation in an industry based on risk, trust, and privacy.

We’ve discussed AI a lot on The BetaKit Podcast recently.

How rapid revenue growth from AI startups is changing the math VCs use to evaluate investments. How Canada can win the fight for AI talent and keep our IP north of the border. The philosophical (and psychological) implications of talking to a chatbot every day.

“We’re going to find in the next year or two that the amount of leakage actually goes up quite a bit because I think the focus on AI is just moving really, really fast. But I don’t see the same energy going into the security aspects.”

Jeff McKay
PolicyMe CTO

But we haven’t yet spoken to a Canadian tech company about how they’re embracing AI, both internally and within their industry.

I can think of no better industry to start with than insurance: it’s heavily regulated, in need of digital transformation, and an example of something every Canadian needs that you really don’t want to mess up.

This week on the podcast, we have PolicyMe sibling co-founders Laura McKay (COO) and Jeff McKay (CTO) to discuss why the company thinks AI is the future of the insurance industry. We also discuss how the insurtech startup is deploying AI for customers, adopting AI tools internally, and working to prevent things from going horribly wrong.

As Jeff notes on the podcast, there’s a rush amongst tech companies to experiment, but that energy isn’t being matched in implementing and testing data security, and he predicts more examples of data leakage (or perhaps vibe hacking) in the next 12-24 months.

For a business built in an industry based on risk, trust, and privacy, Laura said such a leak or hack would be an “existential threat.” But the sibling pair remain optimistic about the value that AI will deliver to the insurance industry, and acknowledged they wonder if they’re moving fast enough.

Are Canadians ready for AI-powered life insurance? Let’s dig in.

PRESENTED BY
K-GLOBE 2025
The BetaKit Podcast is presented by K-GLOBE 2025: Be part of the global innovation exchange.

Meet 18 of Korea’s top startups in AI, Deep Tech, Smart City, and ESS as they land in Toronto for K-GLOBE 2025. Featured at the Elevate Festival and an exclusive investor showcase, this is your chance to connect with the next wave of world-changing companies.

Learn more and register today at thewaycompany.ca.

Feature image courtesy PolicyMe. Recorded and edited at Toronto Podcasts.

0 replies on “Are Canadians ready for AI-powered life insurance?”