iA Financial Group, one of Canada’s largest insurance and wealth management organisations, has announced a $10m investment in Clutch Technology, a firm specialising in the online sales of pre-owned vehicles.
This strategic move aims to integrate iA Financial Group’s insurance products into Clutch’s digital car-buying platform, according to InsurTech Insights.
This partnership will enable iA Financial Group to leverage its expertise in digital product distribution, ensuring Clutch customers have an all-in-one transaction for vehicle purchases and insurance coverage.
Founded in 2017 and headquartered in Toronto, Clutch has become one of Canada’s largest used vehicle retailers. In 2023, Clutch reported selling over 8,000 vehicles through its online platform.
The company offers a seamless and transparent car-buying experience, currently providing extended warranty and guaranteed asset protection products from iA Financial Group.
The new funding will be used to enhance Clutch’s digital platform, expand its product offerings, and improve the overall customer experience.
By integrating iA Financial Group’s insurance products into their platform, Clutch aims to provide a comprehensive service that covers both vehicle purchases and insurance needs.
Dan Park, CEO of Clutch, commented on the partnership, “Clutch was founded to offer Canadians a seamless and transparent car-buying experience, ensuring complete peace of mind. We are thrilled to partner with iA Financial Group to further elevate our user experience and provide best-in-class warranty and insurance products to our customers.”
Pierre Miron, EVP and Chief Growth Officer for Canadian operations at iA Financial Group, added, “iA Financial Group has long been a leader in the Canadian dealer services market. With this strategic investment in Clutch, we are adding online sales as a new product distribution channel to our current extensive network of automotive dealer services. As a result, we are well positioned to serve consumers in their preferred way when they purchase vehicles and insurance products.”
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