- Pineapple Financial Inc. (PAPL, Financial) partners with Canadian Protection Plan (CPP) to expand insurance offerings.
- The Canadian life and health insurance market generated $122 billion CAD in 2022, with a projected growth rate of 4.5% annually through 2027.
- The partnership aims to meet new regulatory requirements and tap into 700,000 new mortgages issued annually, with 47% of mortgages set to renew within three years.
Pineapple Financial Inc. (PAPL) has announced a strategic partnership with Canadian Protection Plan (CPP) to expand its Pineapple Insurance division. This collaboration aims to enhance the company's life, creditor, and disability insurance offerings for mortgage clients, tapping into the multi-billion dollar Canadian insurance market.
The partnership comes at a crucial time, as the Canadian life and health insurance sector generated $122 billion CAD in premiums in 2022 and is projected to grow at an annual rate of 4.5% through 2027. By integrating insurance offerings into the mortgage process, Pineapple is poised to capture a larger market share and expand its revenue streams.
With over 700,000 new mortgages issued annually and nearly 47% of existing mortgages set to renew within the next three years, the potential for cross-selling insurance products is substantial. The partnership aligns with recent regulatory changes that mandate insurance offers with all mortgage applications, further strengthening Pineapple's market position.
Pineapple Financial operates as a licensed Managing General Agent in Ontario, Manitoba, British Columbia, and Alberta, which enhances its capability to provide comprehensive financial solutions. This partnership with CPP is a strategic move to build on Pineapple Insurance's successful launch earlier this year, promising improved client retention and long-term growth.
"Our launch of Pineapple Insurance was well-received, and we're excited to build upon this success with CPP's offerings," said Kendall Marin, President and COO of Pineapple Financial. "This partnership not only strengthens our insurance offerings but also enhances client experiences by providing a seamless, all-in-one solution for their mortgage and insurance needs."
