iA Financial Group invests $10 million in digital car-buying platform

iA Financial Group invests $10 million in digital car-buying platform | Insurance Business Canada

Insurance News

iA Financial Group invests $10 million in digital car-buying platform

The move expands the group’s digital distribution channels

Insurance News

By
Jonalyn Cueto

iA Financial Group has announced a $10-million investment in Clutch Technologies Inc. (Clutch), a Canadian business specializing in online sales of pre-owned vehicles.

According to a news release, this strategic move aims to integrate iA Financial Group’s insurance products into Clutch’s digital car-buying platform. The partnership allows iA Financial Group to leverage its expertise in digital product distribution, providing Clutch customers with an easy, all-in-one transaction for vehicle purchases and insurance coverage.

Founded in 2017 and headquartered in Toronto, Clutch has rapidly ascended to become one of Canada’s largest used vehicle retailers, according to the news release. In 2023, Clutch reported sales exceeding 8,000 vehicles through its online platform. Clutch users can currently purchase extended warranty and guaranteed asset protection products from iA Financial Group.

Dan Park, CEO of Clutch, expressed enthusiasm about the partnership. “Clutch was founded to offer Canadians a seamless and transparent car buying experience, ensuring complete peace of mind,” he said. “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, executive vice president and chief growth officer for Canadian operations at iA Financial Group, highlighted the investment’s strategic significance.

“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,” said Miron. “As a result, we are well positioned to serve consumers in their preferred way when they purchase vehicles and insurance products.”

Founded in 1892, iA Financial Group is one of Canada’s largest insurance and wealth management organizations. It operates in Canada and the United States.

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