Markets
Pineapple Financial & Walnut Insurance Partner for $85B Market Entry
By Hazle Jakubowski
July 22, 2024
Toronto, Ontario (Newsfile Corp., July 22, 2024) Pineapple Financial Inc. (NYSE American: PAPL), a tech-focused mortgage brokerage with an expansive network of partner brokerages and agents across Canada, has announced a new partnership with Walnut Insurance. The collaboration aims to incorporate Walnut's Property and Casualty (P&C) insurance into Pineapple's proprietary deal management system, PineappleONE.
"We are super excited about this opportunity with Walnut," said Shubha Dasgupta, CEO of Pineapple Financial Inc. "Every Canadian must purchase insurance as part of the mortgage process. This offering makes it simple for applicants to receive quotes and purchase insurance within our dashboard."
The integration is expected to streamline the home-buying process by providing prospective homeowners access to necessary insurance directly through their mortgage application platform. With the Canadian P&C market projected to reach CAD 85 billion by 2025, this strategic alliance presents significant potential for growth.
Traditionally handled separately from mortgages, homeowner’s insurance will now be incorporated directly into the purchasing process thanks to this innovative collaboration between Pineapple and Walnut Insurance.
"This partnership marks a monumental advancement for our brokers and their clients," said Kendall Marin, President and COO of Pineapple Financial Inc. "It allows brokers to effortlessly shop for property insurance at crucial moments in the buying process."
Walnut Insurance enhances its digital mortgage experience through integration with PineappleONE, which simplifies acquiring necessary coverage conveniently while ensuring efficiency.
Derek Szeto, co-founder and CEO of Walnut, expressed his excitement about being able to offer integrated home-auto-insurance services on behalf of clients via partnership with Pineapples’ extensive network: “Our new P&C offering enables them to not only protect but also secure their biggest investment—their homes.”
Through automation facilitated by integrating systems provided, both companies can trigger automated quotes for specific stages of deals, making sure that customers are promptly informed when they need to purchase the necessary coverage.
Shubha Dasgupta, Pineapple's CEO, explained that this integration can help customers avoid common pitfalls such as delaying insurance decisions, which can cause closing delays or leave them unprotected.
The partnership aligns with Pineapple Financial's commitment to innovation and creating a seamless journey for both brokers and clients. It also positions the two companies well to meet the growing demand for integrated financial services.
About Pineapple
Pineapple Financial Inc., an award-winning fintech company, is one of Canada’s leading mortgage brokerage networks committed to the long-term success of its agents and brokerages while enhancing the overall experience of homeowners. With approximately 700 brokers within their network, they focus on developing cutting-edge cloud-based tools and AI-driven systems to help Canadians realize their dream of owning a home.
About Walnut
Walnut is an insurtech operating in both Canada and US markets, empowering companies to unlock insurance opportunities within their brand swiftly—typically in less than 30 days. They are driven by the purpose that insurance buying should be digital-first, simple, and convenient, creating greater accessibility across life. Home renters auto-embedded product lines currently offer more than 20 types, providing dozens of leading carriers today.
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