Toronto, Ontario--(Newsfile Corp. - July 22, 2024) - Pineapple Financial Inc. (NYSE American: PAPL) ("the Company" or "Pineapple"), a tech-focused mortgage brokerage with a comprehensive network of partner brokerages and agents across Canada, proudly announces a groundbreaking partnership with Walnut Insurance. This collaboration aims to integrate Walnut's Property and Casualty (P&C) insurance into Pineapple's proprietary deal management system, PineappleONE, enhancing the home-buying process with a seamless insurance offering.
"We are super excited about this opportunity with Walnut. Every Canadian must purchase insurance as part of the mortgage process. This offering makes it super simple for applicants to receive quotes and purchase insurance within our dashboard. We see this as a significant revenue stream going forward," said Shubha Dasgupta, CEO of Pineapple Financial Inc.
The Canadian P&C insurance market is expected to reach CAD 85 billion by 2025, presenting a substantial opportunity for growth through integrated offerings. This strategic alliance addresses a significant gap in the market, ensuring clients receive a comprehensive suite of insurance options typically required when purchasing a home, including homeowners insurance, which has traditionally been managed separately. By incorporating these insurance options directly into the mortgage process, Pineapple is setting a new standard for streamlined client experiences.
Key statistics highlighting the impact of this partnership:
Market Size: The Canadian mortgage market is valued at over CAD $2.1 trillion, with a growing demand for streamlined and integrated services.
Client Growth: Pineapple's client base has increased by 35% year-over-year, reflecting the demand for innovative mortgage solutions.
Efficiency Gains: PineappleONE's automation features are projected to reduce the average time to close a mortgage by 20%, significantly enhancing the client experience.
Broker Benefits: Pineapple brokers are expected to see an increase in referral income from the integrated insurance offerings, enhancing their overall business profitability.
"This partnership marks a monumental advancement for our brokers and their clients," said Kendall Marin, Pineapple's President and COO. "The automated PineappleONE enhancement allows brokers to effortlessly shop for property insurance across multiple providers at the most crucial moments. It is particularly beneficial for first-time home buyers, reducing stress and simplifying the overall experience."
The integration with Walnut Insurance enhances the digital mortgage experience for Pineapple Mortgage Brokers and their clients. PineappleONE simplifies the insurance acquisition process, ensuring clients secure necessary coverage efficiently and conveniently. This partnership signifies a step forward in Pineapple's mission to deliver an all-in-one solution for homebuyers.
"We are thrilled to provide Pineapple and its brokers with an integrated home and auto insurance offering," said Derek Szeto, Co-founder and CEO of Walnut. "Pineapple's clients can now protect their biggest investment-their home-in minutes with our new P&C insurance offering."
Upon integration, Pineapple brokers can trigger automated insurance quotes for clients with a click of a button at specific deal stages, ensuring clients are promptly informed about the need to purchase required insurance coverage. This innovation delivers a best-in-class customer experience, and brokers benefit from referral compensation, adding significant value to their business.
Pineapple CEO Shubha Dasgupta emphasized that the integration addresses common challenges faced by clients who delay insurance decisions, which can cause closing delays or leave them unprotected. "Our integrated approach ensures clients are reminded to buy insurance that protects their assets and loved ones, promoting better risk management and reducing the likelihood of coverage gaps."
This strategic partnership aligns with Pineapple Financial's commitment to innovation, customer-centric solutions, and a seamless journey for brokers and clients. As demand for integrated financial services grows, Pineapple Financial and Walnut Insurance are optimally positioned to meet evolving consumer expectations, offering a more holistic and efficient mortgage experience.
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About Pineapple Financial Inc.
Pineapple Financial Inc. is an award-winning fintech and leading Canadian mortgage brokerage network, focusing on both the long-term success of agents and brokerages, as well as the overall experience of homeowners. With approximately 700 brokers within the network, Pineapple creates cutting-edge cloud-based tools and AI-driven systems to enable its brokers to help Canadians realize their dream of owning a home. Pineapple is active within the community and is proud to sponsor charities across Canada to improve the lives of fellow Canadians.
About Walnut
Walnut is a Canadian and US insurtech that enables companies to unlock the insurance opportunity inside their brand in 30 days or less. Walnut is driven by the purpose that insurance buying should be digital-first, simple, and convenient - creating greater accessibility across life, home, renters, auto, and embedded product lines. Walnut currently offers more than 20 types of insurance, which are provided by dozens of leading carriers today. To learn more, visit www.gowalnut.com.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements, including, but not limited to, the Company's proposed Offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the registration statement filed with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov.
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Related Links:
https://gopineapple.com
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Media Contact:
For media inquiries, please contact Alexandria Guo, Marketing Manager at Pineapple
Email: alexandria@gopineapple.com
Investor Relations Contact:
For investor relations inquiries, please contact Shubha Dasgupta, Chief Executive Officer, at Pineapple
Email: shubha@gopineapple.com
Phone: +1 (416) 669-2046
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/217235
