Canadian insurtech Walnut secures funding for embedded insurance offering

Canadian insurtech Walnut secures funding for embedded insurance offering | Insurance Business Canada

Technology

Canadian insurtech Walnut secures funding for embedded insurance offering

It secured $4.6 million to enhance its capabilities

Technology

By
Althea Javellana

Canadian insurtech company Walnut has successfully secured $4.6 million in a recent funding round. The investment was led by the National Bank of Canada’s corporate venture capital arm, NAventures, with significant contributions from TELUS Global Ventures, Portage, Diagram Ventures, and Highline Beta.

The funding will enable Walnut to enhance its technological capabilities, scale its operations, and develop innovative insurance solutions that open new revenue channels for insurers and their business partners. The company is also planning to expand its engineering team, establish new partnerships, and explore new market opportunities.

Walnut’s platform allows users to instantly quote and enroll customers in a variety of insurance products. The service can be integrated into co-branded consumer experiences, advisor-driven processes, or using APIs.

Adrien Niblock, chief product officer and co-founder of Walnut, emphasized the need for an accelerated digital transformation in the insurance sector.

“The industry has been slow in adopting digital-first solutions. Our objective is to skip over traditional digitization phases and implement a forward-thinking, API-driven embedded distribution strategy,” Niblock said.

He said this approach not only streamlines distribution but also supports insurers and brokers with an infrastructure tailored for embedded-first strategies, ensuring that products are delivered to customers in a compliant manner.

James Povitz, principal at NAventures, commented on their ongoing support for Walnut, expressing confidence in the company’s vision and execution capabilities.

“Supporting Walnut through their next phase of growth is a reflection of our belief in their innovative approach to the insurance market,” he said.

François Lafortune, CEO of Diagram Ventures, highlighted the alignment of Walnut’s strategy with broader industry transformations.

“Walnut’s unique approach to embedded insurance distribution is pivotal in our support for transformative technologies that push the industry forward,” Lafortune said.

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