INSURANCE TECHNOLOGY

Parachute Digital Solutions Launches New Online Insurance Platform

Parachute Digital Solutions | November 23, 2020

Parachute Digital Solutions Inc., a Munich Re company, reports the dispatch 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 a simple to-utilize, secure and smoothed out 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 takes the realities of COVID-19 and the evolving needs of the online insurance consumer into account.”

The underlying Parachute 1.0 platform was dispatched in December 2017 to improve the insurance purchasing experience and brought the life and supplemental health insurance application/purchasing measure into a virtual environment by changing leads over to deals with a prompt endorsing choice.

Parachute 2.0, which was dispatched in Canada in June 2020, makes it a stride further. From showcasing to purchasing, policy issuance, administration, and analytics, Parachute 2.0 is a completely digital start to finish arrangement. The platform is accessible to any insurance transporter, dealer or retailer wishing to offer life and supplemental health insurance items to their clients. Whenever access is in all actuality, clients can buy a policy shortly or less from any PC or cell phone in a completely digitized online experience. All items 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.”

About Parachute Digital Solutions Inc.
Parachute Digital Solutions Inc., a Munich Re company is an insurance agency that offers a fully digital, end-to-end platform, hosting an array of insurance and protection solutions with our partners. The company’s platform, Parachute, provides carriers, brokers, employers, associations, and retailers with the tools and tactics they need to help future-proof their insurance business and offerings.

About Munich Re
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals. “Munich Re” is a registered trademark of Munich Reinsurance Company.

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Learn how to tell the Insurance Digital Transformation story, enabling you to engage prospects on current industry challenges. Explore how companies can re-imagine their business models. Learn what digitalization means in the Insurance industry.

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