Dominion forms built-in insurance partnership w/ Sonnet

Executive Summary

• Dominion Lending Centres Inc. (DLC) has entered into a referral agreement with Sonnet Insurance Company to exclusively promote Sonnet's home and auto insurance products within the DLC Group network.
• The agreement involves integrating Sonnet’s product offerings into the Velocity application process to help borrowers satisfy the prerequisite of valid home insurance.
• The partnership includes a future opportunity to build an application programming interface (API) to embed Sonnet's quote and bind engine directly into the Velocity platform.

Key Details

• Parties Involved: Dominion Lending Centres Inc. (DLC) and Sonnet Insurance Company (a federally regulated insurance company part of the Definity family of companies).
• Agreement Type: Exclusive referral agreement for home and auto insurance products.
• Integration Strategy: Sonnet products will be integrated into the Velocity application process to streamline the insurance requirement for mortgage borrowers.
• Technical Development: The agreement includes an opportunity for both teams to build an API to embed Sonnet's home and auto quote and bind engine into the Velocity platform.
• Strategic Rationale: DLC aims to evolve Velocity into a complete technology ecosystem for borrowers and mortgage professionals, leveraging Sonnet’s status as a national insurance company and technology leader.

Notable Quotes

• Gary Mauris, Chairman and CEO of DLC Group: "As all mortgage borrowers require a home insurance policy, integrating a home and auto insurance solution into Velocity is a natural evolution of Velocity's growth to become a complete technology ecosystem for borrowers and mortgage professionals to secure a mortgage. Sonnet is a national insurance company and a technology leader in the home and auto insurance sector, which makes them a perfect partner for the DLC Group."
• Paul MacDonald, Executive Vice-President, Personal Insurance and Digital Channels at Definity: "Sonnet is committed to making insurance simple, transparent and customized for Canadians. Partnering with DLC Group allows us to bring our digital-first home and auto insurance solution to customers at a key moment in their home ownership journey."