Parachute 2.0 touches down in Canada

by Leo Almazora25 Nov 2020

Parachute Digital Solutions, a Munich Re company, is announcing a turnkey online platform for carriers, brokers, or retailers that wish to offer life and supplemental health insurance to their customers.

Described as a “carrier-agnostic online insurance platform,” Parachute 2.0 is offered to businesses or organizations that wish to provide life and supplemental health protection plans in an easy-to-use, secure, and streamlined digital environment.

“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 builds on Parachute 1.0, which was launched in 2017 to improve the insurance application and buying experience with a virtual environment where leads can be converted to sales with an immediate underwriting decision.

“[It] takes the realities of COVID-19 and the evolving needs of the online insurance consumer into account,” Letarte said. “Continuous innovation, industry resilience and adaptable creativity are core to our value proposition.”

Launched in June 2020, Parachute 2.0 offers insurance carriers, brokers, or retailers a fully digital end-to-end solution that encompasses everything from marketing to purchasing, policy issuance, administration, and analytics.

Once access is granted, customers can purchase a policy – all products sold through Parachute 2.0 are reinsured by Munich Reinsurance Company – in 10 minutes or less using any computer or mobile device.

“The effects of the COVID-19 pandemic will be with us for a long time,” said Letarte. “The Parachute 2.0 platform offers new levels of service to our clients, while shaping the future of our industry.”