Pineapple Financial Inc. Partners with CPP to Expand Pineapple Insurance Offering Building on Success and Unlocking a Multi-Billion Dollar Opportunity in Life, Creditor, and Disability Insurance for Mortgage Clients
Following the successful launch of Pineapple Insurance earlier this year, which has already received positive adoption across its customer base, this partnership with CPP will further elevate the company's ability to provide comprehensive and tailored financial protection solutions that seamlessly integrate with the mortgage process. Pineapple Insurance, which launched with great enthusiasm, is now expanding its reach and impact, ensuring that clients continue to receive the most relevant and secure coverage for their unique needs.
A Multi-Billion Dollar Opportunity with CPP Partnership
The addition of CPP to Pineapple Insurance provides clients with enhanced insurance options, allowing the company to offer a more diverse range of life, creditor, and disability coverage. The Canadian life and health insurance sector remains a significant opportunity, with $122 billion CAD in premiums generated in 2022 alone, and a forecasted annual growth rate of 4.5% through 2027. By integrating these offerings into the mortgage process, Pineapple is well-positioned to capture a larger share of this market and further expand its revenue streams. With over 700,000 new mortgages issued annually and nearly 47% of mortgages set to renew within the next three years, the potential for cross-selling insurance products remains immense.
The recent regulatory changes, which now require an insurance offer for all mortgage applications, further underscore the timeliness of this partnership. Pineapple Insurance is not only meeting this regulatory requirement but also creating an integrated, value-added solution that improves the client experience, while opening up new opportunities for growth. This partnership marks a pivotal point for the company, building on the early success of Pineapple Insurance and driving its next phase of growth.
Strategic Growth for Investors
Pineapple's partnership with CPP significantly enhances its revenue-generating potential. With the addition of CPP's insurance products, Pineapple continues to expand its multi-product offerings, positioning itself to tap into Canada's vast insurance market. By bundling insurance with mortgage services, Pineapple is increasing its cross-sell opportunities, building stronger client relationships, and enhancing revenue growth.
'Our launch of Pineapple Insurance has already been well received by our clients, and we're excited to expand upon that success with the addition of CPP's products,' said Kendall Marin, President and COO of Pineapple Financial. 'This partnership not only strengthens our insurance offering but also drives growth by offering our clients a seamless, all-in-one solution for their mortgage and insurance needs.'
Driving Client Retention and Long-Term Growth
The successful adoption of Pineapple Insurance by clients has already proven to be a key driver of retention, and the CPP partnership will only enhance this trend. Research consistently shows that offering multi-product solutions increases client retention by as much as 30%. By offering tailored insurance coverage alongside mortgage products, Pineapple is deepening relationships with its clients, ensuring they stay loyal over the long term.
'We promised our investors that the proceeds from our IPO would be used strategically to enhance shareholder value, and with the launch of Pineapple Insurance and this new partnership with CPP, we're delivering on that promise,' said Shubha Dasgupta, CEO of Pineapple Financial. 'This partnership strengthens our ability to offer our clients more value, and provides a clear path to sustainable growth and profitability for the company.'
Capital Deployment and Long-Term Value Creation
Pineapple Insurance's expansion, backed by the strategic deployment of proceeds from the November 2023 IPO, demonstrates the company's commitment to using capital efficiently to drive future growth. The partnership with CPP reflects Pineapple's long-term vision of building a fully integrated financial services platform. It is a key example of the company's efforts to maximize investor capital and create revenue-generating assets that will benefit shareholders in the years to come.
'Through this partnership with CPP, we're furthering our strategic goal of building a comprehensive, end-to-end solution for clients. This is just the beginning of a long-term, profitable journey,' concluded Shubha Dasgupta.
A Fully Integrated Financial Ecosystem
Pineapple Insurance, enhanced with CPP's offerings, adds a critical layer to Pineapple's all-in-one platform, providing a seamless experience for mortgage, insurance, and financial services. As a licensed Managing General Agent (MGA) operating in Ontario, Manitoba, British Columbia, and Alberta, Pineapple Insurance now offers clients access to personalized and secure coverage with the added benefit of a complete financial service suite.
This integration not only strengthens Pineapple's market position but also ensures that the company remains at the forefront of innovation in the Canadian mortgage and financial services sector.
About Pineapple Insurance
Pineapple Insurance Inc., a wholly owned subsidiary of Pineapple Financial Inc., offers a wide range of insurance products, including life insurance (term and permanent), creditor insurance, critical illness insurance, and disability insurance. Licensed as an MGA, Pineapple Insurance is dedicated to providing comprehensive financial protection to clients across Canada, ensuring that every mortgage client has access to personalized and secure coverage.
About Pineapple Financial
Pineapple Financial Inc. (NYSE American: PAPL) is a leading Canadian mortgage technology and brokerage company focused on delivering the ultimate experience for mortgage brokers, lenders, and clients. Pineapple provides cutting-edge tools, marketing automation, analytics, and proprietary technology designed to simplify and enhance the mortgage process. With a growing national footprint and a commitment to innovation, Pineapple is setting a new standard for excellence in the mortgage industry.
For more information, please visit www.gopineapple.com.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. 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. 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.
Given these uncertainties, you should not place undue reliance on these forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. We do not undertake any obligation to update any such statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments.
Media Contact:
For media inquiries, please contact Shubha Dasgupta, Chief Executive Officer, at Pineapple.
Email: [email protected]
Related Links:
https://gopineapple.com
http://empoweredbypineapple.com
Investor Relations Contact:
For investor relations inquiries, please contact Pineapple Financial Inc.
[email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/250596
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