Fintech InsurTech News

Parachute Digital Solutions Launches New Online Insurance Platform in Canada

Parachute Digital Solutions Launches New Online Insurance Platform in Canada

Parachute Digital Solutions Inc., a Munich Re company, announces the launch of Parachute 2.0, a turnkey product and carrier agnostic online insurance platform for carriers, brokers, employers, associations, and retailers to offer life and supplemental health protection plans in an easy-to-use, secure and streamlined digital environment.

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“The new platform takes the realities of COVID-19 and the evolving needs of the online insurance consumer into account.”

“Parachute 2.0 reinforces our core philosophy and commitment to making insurance simpler for all involved, whether that’s carriers or brokers who want to make life easier for their clients, or Canadian families who want coverage that fits their lifestyles and the current reality,” said Richard Letarte, Head of Parachute Digital Solutions. “The new platform takes the realities of COVID-19 and the evolving needs of the online insurance consumer into account.”

The initial Parachute 1.0 platform was launched in December 2017 to improve the insurance buying experience and brought the life and supplemental health insurance application/buying process into a virtual environment by converting leads to sales with an immediate underwriting decision.

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Parachute 2.0, which was launched in Canada in June 2020, takes it a step further. From marketing to purchasing, policy issuance, administration, and analytics, Parachute 2.0 is a fully digital end-to-end solution. The platform is available to any insurance carrier, broker or retailer wishing to offer life and supplemental health insurance products to their customers. Once access is granted, customers can purchase a policy in 10 minutes or less from any computer or mobile device in a fully digitized online experience. All products sold through Parachute 2.0 are reinsured by Munich Reinsurance Company.

“The effects of the COVID-19 pandemic will be with us for a long time. Continuous innovation, industry resilience and adaptable creativity are core to our value proposition,” said Letarte. “The Parachute 2.0 platform offers new levels of service to our clients, while shaping the future of our industry.”

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