Samos Insurance – an insurtech offering an innovative accidental death insurance policy for planned surgical procedures – received a US$3 million (approximately over $3.8 million) investment in its latest seed round.
The seed round was led by SiriusPoint, which said in a previous statement that Samos’ “first-of-its-kind” product filled a glaring gap in the market.
“SiriusPoint is very pleased to support Samos’s growth as the company offers tech-based risk management solutions to those undergoing vital surgeries,” said SiriusPoint US head of accident & health Tom Leonardo. “We are excited for the opportunity for both of our companies, and for the consumers this insurance product will serve.”
According to Samos, the funds raised will be vital for its growth plans. The insurtech also said that partnerships such as its current one with SiriusPoint would “aid enormously” in its future development.
In addition to the investment news, Samos has posted the results of a new poll conducted in collaboration with Forum Research Inc., which found that three in five Canadians are interested in purchasing surgical insurance. The survey also uncovered that another three in five Canadians said that they would be interested in purchasing such insurance at around the $90 to $150 price point – which is the typical cost of most of Samos’ plans.
“We know that many Canadians spend a lot of time planning for their recovery after a scheduled procedure, and this research shows us they are also interested in ensuring a plan is in place should the worst occur,” said Samos co-founder and CEO Eric Blondeel. “Samos Insurance’s unique service offering provides peace of mind to patients, so they can focus on getting better and not ‘what if’.”
Read more: Canadian insurtech Samos introduces ‘world-first’ coverage
First launched in March, the surgical accident insurance provided by Samos is backed by Berkley Insurance, based on a “proprietary underwriting model” for surgical risks designed to cover gaps in traditional accidental death policies.
