Sontiq Partners with Walnut
sontiq® Expands Personal Cyber Insurance Footprint with Unique Insurtech Partnership
Life Insurance Producer Walnut Teams with Sontiq to Transform Consumer Experience and Empower Widespread Digital Delivery
August 18, 2021
Sontiq, the leader in Intelligent Identity Security (IIS), today announced a new digital distribution partnership with life insurance producer, Walnut. Sontiq is embracing Walnut’s platform to reach more consumers, including millennials, even faster, especially as time online has increased exponentially. Walnut provides brokerages, financial institutions, fintechs, digital platforms and employers with the ability to distribute member benefits within existing products and product experiences. As a result of this partnership, Sontiq will empower more consumers with peace of mind through personal cyber protection, restoration services and 24/7 online incident support.
“Like most legacy industries, insurance is reimagining its age-old distribution process for the digital era, especially as we want to reach broader audiences, like millennials,” said Matt Cullina, Sontiq head of global insurance business. “To-date, personal cyber protection has been delivered as a rider on an existing homeowners’ policy. That’s not always a simple transaction and often requires consumers to initiate the first step. With cybersecurity education and buying options embedded into a familiar and trusted experience, such as fintechs or an employer’s benefits app, consumers have fingertip-access to cyber protection products that are more needed today. Sontiq is excited to join Walnut in the digital delivery of personal cyber protection.”
Cyberscout personal cyber protection plans, part of the Sontiq brand, protect today’s always-connected individuals and families from the increasing risk of digital fraud and identity theft. Cyber restoration services help members recover from a range of identity crimes, including ransomware attacks, financial losses, reputational damage and system compromise. Sontiq’s restoration team provides Cyberscout cyber protection holders with proactive risk-mitigating support, incident remediation and education on the latest cyber protection strategies. The team also assists in notifying third parties and securing credit reports.
“Across the span of organizations we work with, cyber insurance continues to come up as a priority offering and competitive differentiator,” said Derek Szeto, Co-Founder of Walnut Insurance. “Thanks to our partnership with Sontiq, Walnut will be the first to bundle comprehensive personal cyber insurance with other emergent products and allow any business to distribute this membership to their customers or employees.”
Businesses can now bundle the Cyberscout personal protection offering into a membership with other products focused on various aspects of a consumer’s financial, physical and wellness journey. Via the Walnut API, this personalized membership can be then distributed within consumer-focused products, purchase journeys and employee experiences.
In addition to helping financial service businesses, digital platforms and employers to integrate protection into their experiences, Walnut also enables single purchase businesses to “subscriptionize” their business model. Businesses can now create customizable monthly subscriptions, providing the opportunity to create recurring revenue streams and build long-lasting consumer relationships. Walnut’s clients often experience a dramatic uptick in penetration while simultaneously generating recurring revenue. The so-called subscription economy drove revenue growth 5 times faster for subscription businesses than for retail and S&P 500 firms from January 2012 through June 2019. (SOURCE: CBinsights, Feb. 26, 2020)
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing an actionable picture of each person so they can be reliably represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good®.
A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences, and personal empowerment for hundreds of millions of people. https://www.transunion.com
Sontiq, a TransUnion company, is an intelligent identity security company arming businesses and consumers with a full range of award-winning identity and cyber monitoring solutions, as well as best-in-class restoration and response offerings. Sontiq products empower millions of customers and organizations to be less vulnerable to the financial and emotional consequences of identity theft and cybercrimes. Sontiq has an outstanding track record for delivering high-touch support and fraud remediation services, demonstrated through its 99% customer satisfaction ratings. https://www.sontiq.com
Walnut provides life insurance and personal protection products in a premium membership. Simple plans, instant coverage and additional member benefits. The Walnut digital protection membership is currently available in Canada and the United States at www.gowalnut.com. Walnut Insurance Services LLC is a licensed insurance producer.
The information contained herein is for general informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any product or service. Any description set forth herein does not include all policy terms, conditions and exclusions. Bound insurance policies, rather than summaries thereof, govern. Not all insurance coverages or products are available in all states and policy terms may vary based on individual state requirements.