Walnut Insurance, a Toronto, Canada-based innovator in the insurance distribution industry, raised $4.6M in funding.
The round was led by NAventures, National Bank of Canada’s corporate venture capital arm, with participation from TELUS Global Ventures, Diagram Ventures, Portage, and Highline Beta.
The company intends to use the funds to enhance its technology platform for insurers and brokers, expand its engineering team, and form new partnerships. The company also plans to enter new markets.
Walnut provides a platform that enables partners to quote and enroll customers into almost any insurance product in real-time within co-branded consumer experiences, advisor driven processes or headless via API. The company offers a flexible and efficient solution for integrating insurance into various digital ecosystems within 30-90 days where typically this can take years. This approach ensures a multi-channel delivery, enhancing the customer experience and leading to effective product delivery.
While Walnut supports delivery of many insurance products, in the current macroeconomic climate, with increasing loan defaults and financial instability, its focus is on loan and debt protection products. These products are designed to safeguard consumers against income loss, providing support in uncertain times.
FinSMEs
08/08/2024