Toronto-based Walnut, a trailblazer in insurance distribution, has successfully closed a $4.6 million funding round. This latest investment will be utilized to expand Walnut’s innovative embedded insurance technology platform, designed to cater to insurers, brokers, and enterprise businesses aiming to modernize their distribution strategies.
Leading the funding round was NAventures, the corporate venture capital arm of National Bank of Canada, with participation from TELUS Global Ventures, Diagram Ventures, Portage, and Highline Beta. This funding marks a significant milestone for Walnut as it continues to push the boundaries of insurance distribution, leveraging cutting-edge technology to create a sustainable and efficient business model.
Walnut’s platform integrates insurance products directly into enterprise businesses’ and financial institutions’ digital ecosystems, reducing marketing costs and driving distribution through strategic, partner-driven channels. This approach ensures consumers receive tailored insurance products when and where they need them, transforming the insurance purchasing experience.
Adrien Niblock, CPO and Co-founder of Walnut, emphasized the company’s mission to support a modern, API-enabled embedded distribution strategy, stating, “The insurance industry has yet to complete its digital transformation. We aim to leapfrog traditional digitization and drive a modern, efficient approach to insurance distribution.”
Walnut’s technology platform offers a host of benefits, including digitizing and optimizing customer journeys, enabling API-driven product delivery, and supporting multi-channel distribution with compliant and effective processes. The platform allows partners to quote and enroll customers in real-time, offering flexible solutions that integrate seamlessly within 30-90 days, compared to the years such integrations typically require.
As Walnut expands its technology stack and operations, the company remains focused on delivering creditor insurance products, especially critical in the current macroeconomic climate with increasing loan defaults and financial instability. These products aim to protect consumers against income loss, providing essential support during uncertain times.
François Lafortune, CEO of Diagram Ventures, highlighted Walnut’s potential to drive industry change, stating, “Walnut’s unique approach to embedded insurance distribution aligns with our vision of supporting transformative technologies.”
With the new funding, Walnut is set to enhance its platform, expand its engineering team, and enter new markets, capitalizing on the growing demand for embedded insurance solutions.
