Walnut Insurance forms strategic partnership with Neo Financial

Digital insurance company Walnut Insurance has entered a partnership with the Canadian fintech Neo Financial to support the latter’s latest subscription-based credit card reward bundles.

Neo Financial’s Neo Card bundles offer the fintech’s over one million customers the capability to subscribe to specific insurance and reward plans based on their needs and lifestyle. Walnut will provide its platform to power Neo Financial’s life insurance and mobile protection offerings, as well as premium subscription memberships to Dashlane, Headspace, and FitOn PRO.

“Neo Financial is a leading example of how we work with partners to create embedded insurance offerings that support consumers’ daily lives, make insurance more accessible to the underinsured, and drive revenue for partners, ” said Walnut Insurance co-founder and CEO Derek Szeto. “Our focus has been on making insurance more accessible and more beneficial to people, and Neo’s Bundles do exactly that”.

“We’re excited to partner with the Walnut team, bringing insurance into the digital age and creating greater access to protection for all Canadians” added Neo Financial co-founder and CEO Andrew Chau. “Just as we have disrupted the financial industry, Walnut has done the same for insurance, and we’ve been impressed with how their infrastructure has been able to support us in growing our product offering.”

Founded in 2020, Walnut is a Canadian and US insurtech that has created technology infrastructure that can power embedded insurance for retailers, financial services, and consumer platforms. The tech can be used to set up branded home, auto, renters, and life insurance portals.