Pineapple Financial Inc. Partners with Walnut Insurance to Add Additional Revenue Stream Tapping into $85 Billion P&C Insurance Market
Pineapple Financial Inc. (NYSE American: PAPL) has partnered with Walnut Insurance to integrate Property and Casualty (P&C) insurance into its PineappleONE deal management system. This collaboration taps into the CAD 85 billion P&C insurance market, offering a streamlined experience for homebuyers. Key highlights include:
- The Canadian mortgage market is valued at over CAD $2.1 trillion
- Pineapple's client base has grown by 35% year-over-year
- PineappleONE is projected to reduce mortgage closing time by 20%
- Brokers can now easily shop for property insurance across multiple providers
- The integration addresses common challenges like insurance decision delays
This partnership aims to enhance the digital mortgage experience, simplify insurance acquisition, and provide additional revenue streams for Pineapple brokers.
Pineapple Financial Inc. (NYSE American: PAPL) ha stretto una partnership con Walnut Insurance per integrare l'assicurazione contro i danni materiali e le responsabilità (P&C) nel suo sistema di gestione delle offerte PineappleONE. Questa collaborazione si inserisce nel mercato delle assicurazioni P&C da CAD 85 miliardi, offrendo un'esperienza semplificata per gli acquirenti di case. I punti salienti includono:
- Il mercato dei mutui canadese è valutato oltre CAD $2,1 trilioni
- La base clienti di Pineapple è cresciuta del 35% su base annua
- Si prevede che PineappleONE ridurrà il tempo di chiusura dei mutui del 20%
- Gli agenti possono ora facilmente confrontare le assicurazioni per immobili tra diversi fornitori
- L'integrazione affronta le sfide comuni come i ritardi nelle decisioni assicurative
Questa partnership mira a migliorare l'esperienza del mutuo digitale, semplificare l'acquisizione di assicurazioni e fornire ulteriori fonti di guadagno per gli agenti di Pineapple.
Pineapple Financial Inc. (NYSE American: PAPL) se ha asociado con Walnut Insurance para integrar el seguro de Propiedades y Responsabilidades (P&C) en su sistema de gestión de ofertas PineappleONE. Esta colaboración aprovecha el mercado de seguros P&C de CAD 85 mil millones, ofreciendo una experiencia simplificada para los compradores de viviendas. Los aspectos destacados incluyen:
- El mercado hipotecario canadiense está valorado en más de CAD $2.1 trillones
- La base de clientes de Pineapple ha crecido un 35% año tras año
- Se prevé que PineappleONE reduzca el tiempo de cierre de hipotecas en un 20%
- Los corredores ahora pueden buscar fácilmente seguros de propiedad a través de múltiples proveedores
- La integración aborda desafíos comunes como los retrasos en las decisiones de seguros
Esta asociación tiene como objetivo mejorar la experiencia digital de las hipotecas, simplificar la adquisición de seguros y proporcionar fuentes adicionales de ingresos para los corredores de Pineapple.
Pineapple Financial Inc. (NYSE American: PAPL)은 Walnut Insurance와 협력하여 PineappleONE 거래 관리 시스템에 재산 및 사고(P&C) 보험을 통합했습니다. 이 협업은 CAD 850억 달러 규모의 P&C 보험 시장을 활용하여 주택 구매자에게 간소화된 경험을 제공합니다. 주요 하이라이트는 다음과 같습니다:
- 캐나다 모기지 시장은 CAD $2.1 조 달러를 초과하는 가치가 있습니다.
- Pineapple의 고객 기반은 전년 대비 35% 성장했습니다.
- PineappleONE은 모기지 마감 시간을 20% 단축할 것으로 예상됩니다.
- 브로커는 이제 여러 공급업체 간에 재산 보험을 쉽게 쇼핑할 수 있습니다.
- 이 통합은 보험 결정 지연과 같은 일반적인 문제를 해결합니다.
이번 파트너십은 디지털 모기지 경험을 향상하고, 보험 취득을 간소화하며, Pineapple 브로커에게 추가 수익원들을 제공하는 것을 목표로 하고 있습니다.
Pineapple Financial Inc. (NYSE American: PAPL) s'est associée à Walnut Insurance pour intégrer l'assurance biens et responsabilités (P&C) dans son système de gestion des offres PineappleONE. Cette collaboration exploite le marché des assurances P&C de CAD 85 milliards, offrant une expérience simplifiée pour les acheteurs de maisons. Les points clés incluent :
- Le marché des hypothèques canadiennes est évalué à plus de CAD $2,1 trillions
- La base de clients de Pineapple a augmenté de 35 % d'une année sur l'autre
- PineappleONE devrait réduire le temps de clôture des hypothèques de 20 %
- Les courtiers peuvent désormais facilement comparer les assurances immobilières auprès de plusieurs fournisseurs
- L'intégration aborde des défis communs tels que les délais dans les décisions d'assurance.
Cette partenariat vise à améliorer l'expérience des hypothèques numériques, à simplifier l'acquisition d'assurance et à fournir des sources de revenus supplémentaires pour les courtiers de Pineapple.
Pineapple Financial Inc. (NYSE American: PAPL) hat sich mit Walnut Insurance zusammengeschlossen, um die Sach- und Unfallversicherung (P&C) in sein PineappleONE Angebotsmanagementsystem zu integrieren. Diese Zusammenarbeit nutzt den CAD 85 Milliarden P&C Versicherungsmarkt und bietet Käufern von Wohnimmobilien ein optimiertes Erlebnis. Die wichtigsten Punkte sind:
- Der kanadische Hypothekenmarkt hat einen Wert von über CAD $2,1 Billionen
- Die Kundenbasis von Pineapple ist um 35 % im Jahresvergleich gewachsen
- PineappleONE soll die Zeit bis zum Abschluss von Hypotheken um 20 % verkürzen
- Makler können jetzt problemlos Immobilienversicherungen bei mehreren Anbietern vergleichen
- Die Integration geht häufige Herausforderungen wie Verzögerungen bei Versicherungsentscheidungen an
Diese Partnerschaft zielt darauf ab, das digitale Hypothekenerlebnis zu verbessern, den Erwerb von Versicherungen zu vereinfachen und zusätzliche Einnahmequellen für Pineapple-Makler bereitzustellen.
- Partnership with Walnut Insurance taps into CAD 85 billion P&C insurance market
- Integration of insurance options into PineappleONE system streamlines home-buying process
- 35% year-over-year increase in Pineapple's client base
- Projected 20% reduction in average time to close a mortgage
- Additional revenue stream for Pineapple brokers through insurance referral income
- None.
Insights
Pineapple Financial Inc.’s partnership with Walnut Insurance marks a strategic move to tap into the lucrative CAD $85 billion P&C insurance market. By integrating insurance offerings into the mortgage process via PineappleONE, Pineapple is effectively creating a new revenue stream that can significantly enhance its profitability. This move is particularly impactful given the company's growing client base, which has increased by 35% year-over-year. This partnership could lead to a more streamlined, efficient mortgage process, reducing the average time to close a deal by 20%. For retail investors, this indicates a strong growth potential, as increased efficiency and added services typically lead to higher customer satisfaction and retention. Furthermore, the ability for brokers to earn referral income will likely enhance overall business profitability, making Pineapple a more attractive investment.
From a technology perspective, PineappleONE's integration with Walnut Insurance demonstrates a significant advancement in the digital mortgage landscape. The automation capabilities of PineappleONE, which can trigger insurance quotes at specific deal stages, streamline a traditionally cumbersome process. This not only enhances the user experience but also reduces operational inefficiencies. The tech-driven approach ensures that clients are promptly informed about necessary insurance coverage, which can mitigate risks associated with delayed insurance purchases. This seamless integration is likely to set a new benchmark in the industry, attracting tech-savvy clients who value convenience and efficiency. Investors should note that such technological integrations can act as a differentiator in a crowded market, potentially driving higher adoption rates and customer loyalty.
The Canadian mortgage market, valued at over CAD $2.1 trillion, coupled with the P&C insurance market projected to reach CAD $85 billion by 2025, presents a substantial growth opportunity for Pineapple Financial Inc. The partnership with Walnut Insurance directly addresses a market gap by offering integrated insurance solutions during the mortgage process. This not only simplifies the home-buying journey for clients but also positions Pineapple as a one-stop-shop for financial services. The expected increase in referral income for brokers further enhances the value proposition. For retail investors, this alignment with market demand signifies a robust growth potential, driven by innovation and customer-centric strategies. The year-over-year client growth of 35% underscores the increasing demand for such integrated solutions, making Pineapple a potentially rewarding investment.
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
FAQ
What is the new partnership announced by Pineapple Financial Inc. (PAPL)?
How does the Walnut Insurance partnership benefit Pineapple Financial Inc. (PAPL) brokers?
What is the projected efficiency gain from PineappleONE's automation features?
What is the current value of the Canadian mortgage market that Pineapple Financial Inc. (PAPL) operates in?
