Walnut Insurance

Walnut Insurance, founded in 2020, is a Canadian insurtech company that provides an embedded insurance platform for businesses. The company's technology enables partners to integrate insurance offerings into their products and services within 30 days or less. Walnut's platform covers both Property & Casualty and Life & Health insurance, offering more than 20 types of insurance products from over 15 carriers. The company's API-driven distribution approach allows brand partners to integrate once and gain access to multiple insurance products, including custom programs tailored to their audience and embedded journeys.

Walnut's platform is designed to make insurance purchasing experiences digital-first, simple, and convenient, creating greater accessibility across various insurance lines. The company's technology infrastructure powers embedded insurance for retailers, financial services, and consumer platforms. Walnut enables businesses to set up branded home, auto, renters, and life insurance portals alongside bespoke insurance plans that can be added to any consumer funnel or product. The company's approach aims to close coverage gaps and create meaningful value for consumers while providing a revenue stream for partners.

In August 2024, Walnut secured USD 4.6 million CAD in funding to expand its embedded insurance capabilities. This investment has allowed the company to focus on "platforming" its offering, enabling insurers to turn their products into APIs for distribution through partners. Walnut's platform integrates with more than 10 insurers, and the company charges setup and software-as-a-service fees, as well as participating in some commissions as a broker.

Key customers and partnerships

Walnut Insurance has established partnerships with several prominent companies in Canada. Neo Financial, one of the largest fintechs in the country, utilizes Walnut's platform to power life insurance and mobile protection offerings for its credit card reward Bundles. This partnership, announced in October 2022, connects Walnut to Neo Financial's customer base of over one million users.

Other notable partnerships include TELUS Communications, for which Walnut provides a geolocation-based travel insurance program. The company also works with ATCOenergy to offer a home appliance and home systems warranty bundle. Additionally, Walnut has partnered with Tim Hortons to provide insurance on their card.

In the telecommunications sector, Walnut has collaborated with TELUS to launch an embedded insurance product in less than three months. The company has also worked with National Bank of Canada to implement a similar quick-launch insurance offering. These partnerships demonstrate Walnut's ability to integrate insurance products rapidly into various digital ecosystems, typically taking one to three months to launch an embedded insurance product.