Toronto’s digital-first Insurtech startup Walnut Insurance has struck a strategic partnership with Canadian fintech giant Neo Financial to support their recently launched subscription-based credit card reward Bundles.
The partnership connects Walnut to Neo’s customer base of over 1 million users through their API-driven embedded insurance offerings that are integrated with the Neo Card™ Bundles.
Neo’s new reward Bundles provide their customers the flexibility to subscribe to specific insurance and reward plans based on their needs and lifestyle, such as travel, everyday spending, mobile protection, and health and wellness.
Across Neo’s various Bundles, Walnut’s platform is powering their life insurance and mobile protection offerings, alongside 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 Derek Szeto, Co-founder of Walnut Insurance.
“Our focus has been on making insurance more accessible and more beneficial to people, and Neo’s Bundles do exactly that”.
Walnut is helping retailers, financial services, and consumer platforms embed insurance into their value proposition to meet consumer needs and add a meaningful source of revenue. Within Canada, 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.
“We’re excited to partner with the Walnut team, bringing insurance into the digital age and creating greater access to protection for all Canadians” says Andrew Chau, Co-founder of Neo Financial.
“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.”