A bit about Project Parachute
In 2017, Parachute Digital Solutions was born. The Munich Re company develops 100% digital, end-to-end insurance solutions for carriers, brokers, employers, and retailers allowing both licensed and non-licensed partners the ability to sell life and health insurance in Canada.
For instance, Parachute Insurance Policies (critical illness and/or life insurance) are offered exclusively to eligible employees, associations, and students. Its Critical Illness insurance is underwritten by Temple Insurance Company and its Life insurance is underwritten by Humania Assurance.
“When the Munich Re New Ventures team started working on Parachute Insurance four years ago, our focus was providing convenience through a digital insurance tool that allowed Canadians to activate portable voluntary life coverage in 8 minutes or less, without having to leave their home or undergo a medical exam.
Voluntary life insurance is a simple and affordable way for Canadians to protect their family and gain additional peace of mind during these uncertain times. However, the challenges posed by payroll volatility and limited digital solutions could limit their ability to access this resource.
As the world changes around us, our focus has shifted from convenience to necessity. The path ahead will be bumpy and the uncertainty will be with us for a good long while. But it’s important to remember the power of human innovation and its ability to create solutions. Through teamwork, a client first approach, and a commitment to digital transformation, Munich Re, Munich Re New Ventures and Project Parachute are ready to enter this brave new world with our partners and the broader community.”- David Stevens, VP and Chief Information Officer at Munich Re New Ventures in a post titled How COVID-19 will alter the insurance and group benefits landscape published in June.
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Through Embroker Access, brokers are able to offer all of Embroker’s digital insurance products to their customer base, allowing them to benefit from coverage, instant quotes, and average premium savings of more than 25%. With the integrated management portal, brokers can maintain an overview of all their clients and their coverages, easily track, renew, or change their policies, and manage payments digitally.