December 13, 2021

What you need to know about insurance and how Walnut does one better

Written by

Insurance protects you from life’s unexpected events. The problem is, traditional insurance is expensive & hard to understand. Find out how Walnut is different.

Let’s say you just got your hands on the latest and greatest laptop on the market. 

The sales associate asks if you’d like to tack on an extended warranty in case of accidental damage. You decline because you’re always careful and have never had a problem before.

Two years go by and you have a freak accident. You’ve got a huge dent on the side of your laptop and a spider crack that’s the size of the entire screen.

Now you have to shell out hundreds of dollars for a new laptop. But if you had the extra warranty from day one, you’d be fully covered for a repair or replacement.

Whether you have a valuable item, pet, car, home, business, or family, we all need insurance to cover our backs. But most people assume everyday risks anyway because insurance premiums can cost a pretty penny. 

But what if that wasn’t the case? 

How insurance works: the old song and dance

Insurance companies cover your risks in exchange for doling out a monthly or annual premium, which doesn’t usually come cheap.

These payments are pooled together (with other people’s premiums) by the insurance company, and they use it to pay for the losses experienced by claimants.

Pooling is a sure-fire way to ensure there’s enough funding available for significant claims situations, so if you suffer a major loss, your insurance company can foot the bill.

The thing is: insurance only covers the losses outlined in your policy. So it may not protect against every problem that might arise, and it’s definitely not meant to cover regular maintenance for your home, car, business, or asset. 

Instead, insurance is about giving you peace of mind for unpredictable or accidental events. 

But the insurance industry gets a bad rap. Just ask anyone if they enjoy getting insurance. The answer is probably not because it’s slow-going, expensive, and not customer-focused despite that being the whole point.

The good news is there’s a new player in town.

Walnut does insurance differently

Paying for something that may or may not happen means something big in our books. It means you trust us to have your back, and we take that seriously.

That’s why at Walnut, we’re changing the way Canadians look at life insurance. What you see is what you get. We’re fully transparent about our membership pricing and insurance process, so you get eyes into our shared pool. 

We’re working with some of the most trusted names in insurance like RBC, but as an insurtech, we focus on delivering a seamless digital-first experience our industry has yet to see in full swing. That includes a 100% online application process to get you insured.

Operations like underwriting policies, analyzing claims, and playing the middleman between the insured and insurance agents improve with automation and innovative technology.

We have to say, it makes things a whole lot easier, and that’s the way it should have been all along.

As a Walnut member, you can select from budget-friendly plans, enjoy optional wellness benefits that boost your quality of life, and apply for coverage from the comfort of your bedroom.

We know there’s more to life insurance than just planning for the future. It’s also about enjoying what you have now and celebrating a wholesome life. 

That’s why members get access to valuable brands like Headspace, ClassPass, and Dashlane to help them live better lives – and all for less than a cup of coffee.

That means you can have your cake and eat it too!

Insurance that values people over profit

Protecting the people you care about, your assets, and minimizing risks are par for the course in insurance.

But at Walnut, we go one step further. Actually, quite a big leap further, if you ask us. We’re taking the most disliked industry and giving it a facelift.

We’re changing the narrative in the insurance space by putting people like you first, customizing policies, and making holistic wellness and protection affordable, so you can squeeze out more savings and spend more time focusing on the things that matter most.

Just see for yourself. Get a quote now to get in on the kind of insurance you’ll actually enjoy.