Canadian insurtech company Walnut Insurance has successfully closed a C$4.6m ($3.3m) funding round to enhance its embedded insurance technology platform.
This platform aims to revolutionise the distribution of insurance products by integrating them into the services of enterprises and financial institutions.
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The funding round was spearheaded by NAventures, the venture capital arm of the National Bank of Canada, with contributions from TELUS Ventures, Diagram Ventures, Portage and Highline Beta.
Walnut’s approach to insurance distribution utilises technology and strategic partnerships to create a more sustainable and efficient model.
It plans to use the investment to grow its technology and team, and to establish new strategic partnerships.
Walnut also hopes to use the funding to enter new markets, leveraging the opportunity to deploy embedded insurance solutions on a larger scale.
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By GlobalDataThe company’s technology allows insurance products to be quoted and enrolled in real time within various consumer experiences, benefitting insurers, brokers and partners by increasing average revenue per user, enhancing customer relationships and reducing churn.
It also allows for partner co-branding and headless insurance distribution, as well as support for policy delivery and management.
For consumers, it simplifies the insurance purchase process and offers tailored products at the right time.
Walnut said it is currently focused on loan and debt protection products due to the current economic climate.
These products are designed to protect consumers against income loss and provide support during uncertain times.
With mortgage renewals on the horizon for many, Walnut’s creditor insurance offerings are positioned to protect both consumers and financial institutions.
Walnut CPO and co-founder Adrien Niblock said: “The insurance industry has yet to complete its digital transformation, with many insurers and brokers still operating in traditional, non-digital fashions. We aim to leapfrog traditional digitisation and support a modern API [application programming interface]-enabled embedded distribution strategy.
“Our embedded insurance platform captures distribution, supports insurers and brokers with embedded-first infrastructure, and delivers products to our customers in a compliant manner. This funding allows us to expand our technology stack, scale our operations, and bring innovative insurance solutions to both insurers and businesses looking to drive new revenue streams.”
