Overview
Parachute Digital Solutions is a digital insurance distribution platform for life and supplemental health insurance products in Canada. Operating as a subsidiary of Munich Re, the company provides a turnkey, carrier-agnostic online platform that enables carriers, brokers, employers, associations, and retailers to offer protection plans through a fully digital end-to-end workflow.
The Parachute 2.0 platform covers the complete insurance lifecycle: marketing, purchasing, policy issuance, administration, and analytics. Customers can complete a policy purchase in under 10 minutes from any computer or mobile device. The platform features a real-time underwriting engine that delivers immediate decisions, dynamic product recommendations, and data-enabled product design tools.
The platform was initially launched in December 2017 as Parachute 1.0, with the enhanced Parachute 2.0 released in June 2020. Since January 2023, client-facing operations are serviced by GroupHEALTH, a wholly owned Munich Re subsidiary and one of the largest third-party group insurance administrators in Canada. All products sold through the platform are reinsured by Munich Reinsurance Company.
Products & Services
Parachute 2.0 Platform
A turnkey, carrier-agnostic online insurance platform providing a fully digital end-to-end solution for the complete insurance lifecycle: marketing, purchasing, policy issuance, administration, and analytics.
Key Features
- Real-time underwriting engine with immediate policy decisions
- Mobile and desktop accessible -- policy purchase completable in under 10 minutes
- Dynamic product recommendations and data-enabled product design tools
- Bilingual support (English and French)
- Analytics and reporting capabilities for platform operators
Target Users: Insurance carriers, brokers, employers, associations, and retailers
Life Insurance Plans
Digital-first life insurance products distributed through the Parachute platform, reinsured by Munich Reinsurance Company.
Key Features
- Immediate underwriting decisions
- Digital policy issuance
- Available to employer and affinity groups
Target Users: Employees and affinity group members via carriers and brokers
Supplemental Health Protection Plans
Critical illness and supplemental health insurance products distributed digitally through the Parachute platform.
Key Features
- Critical illness coverage
- Supplemental health protection
- Group marketing arrangement support
Target Users: Employer groups and individual customers via carriers and brokers
At a Glance
- Founded
- 2017
- Headquarters
- Toronto, Ontario, Canada
- Employees
- 1-10
- Funding
- Acquired
Category & Focus
- Category
- Distribution & Sales
- Subcategories
- Digital storefront quote-to-bind embedded insurance
- Insurance Verticals
- Life & Annuity Group Benefits
- Target Customers
- Carriers, Brokers, Employers
Customers
- GroupHEALTH -- third-party administrator servicing Parachute clients since January 2023
- Sonnet Insurance -- home and auto insurance partner; Sonnet customers access life and critical illness via Parachute platform (Sonnet Connect)
- Petline Insurance -- Petsecure pet insurance available to Parachute groups via group marketing arrangement
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Last updated: 2026-06-05