# Parachute > Carrier\-agnostic online insurance platform for the Canadian market ## At a glance | Field | Value | | --- | --- | | Category | Distribution & Sales | | Type | Solutions Provider | | Region | NA | | Headquarters | Toronto, Ontario, Canada | | Founded | 2017 | | Stage | Established | | Employees | 1-10 | | Funding | Acquired | ## 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 ## Category & focus - Subcategories: Digital storefront, quote\-to\-bind, embedded insurance - Insurance verticals: Life & Annuity, Group Benefits - Target customers: Carriers, Brokers, Employers ## Notable 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 ## Links - Website: - Directory profile: - Linkedin: - Press release 2020: - Press release 2021: - Website \(canada en\): --- *Last updated: 2026\-06\-05*