- Canada Life and nesto have entered into a strategic partnership
to provide mortgage service and administration for Canada Life's
residential mortgage customers
- Starting in January 2024, nesto
will begin servicing and administration of Canada Life's
residential mortgage portfolio
- Existing Canada Life mortgage customers will gain access to
nesto's award-winning customer service platform as part of a phased
implementation plan in mid-2024
WINNIPEG, MB, Dec. 4, 2023
/CNW/ - Canada Life today announced that it has entered into a
strategic partnership with nesto, a leading Canadian digital
mortgage company. As part of this partnership, the companies have
reached an agreement to transfer the servicing and support of
Canada Life's existing portfolio of residential mortgages to nesto.
This follows Canada Life's decision in 2022 to withdraw from the
residential mortgage market.
"We are very excited about nesto's award winning customer
service platform which was an important factor in our decision to
choose nesto. We wanted to ensure that our mortgage customers have
a best-in-class partner passionate about offering great service for
one of their most important investments," said Steve Fiorelli, SVP, Wealth Solutions, Canada
Life. "With the move to nesto, our customers will receive a modern,
digital customer experience and will also continue to receive
wealth and insurance advice from their current advisor."
This announcement is the beginning of an important relationship
between the two firms. In addition to servicing the existing
mortgages starting January 2024,
nesto will also be responsible for Canada Life mortgages at
maturity. Canada Life borrowers can expect to benefit from nesto's
competitive mortgage products, supported by its dedicated team of
Mortgage Advisors.
This partnership and mortgage transfer will increase nesto's
mortgages under management to more than $10
billion, marking an important milestone for the Montreal-based startup. Since its launch in
2018, nesto has achieved significant growth and has earned numerous
industry awards, including 2023 Canadian Mortgage Lender of the
Year by the Canadian Lending Association, Canada's Best Mortgage Lender by Forbes
Advisor and Deloitte's Technology Fast 50™.
"This partnership is totally aligned with our mission to offer a
positive and transparent home financing experience, simplified from
start to finish for all Canadians. For over 175 years, Canada Life
has raised the bar when it comes to improving the financial
well-being of Canadians. It's humbling for nesto to play a small
role in Canada Life's rich
history. Our teams are 100% committed to providing the highest
level of mortgage service possible" said Malik Yacoubi, CEO at nesto.
About The Canada Life Assurance
Company
Canada Life is a leading insurance, wealth management and
benefits provider focused on improving the financial, physical and
mental well-being of Canadians. For over 175 years, individuals,
families and business owners across Canada have trusted us to provide sound
guidance and deliver on the promises we've made. We proudly serve
more than 12 million customer relationships from coast to coast to
coast.
Canada Life is a subsidiary of Great-West Lifeco Inc. and a
member of the Power Corporation of Canada group of companies.
About nesto
nesto is Canada's leading
digital mortgage company. The company is on a mission to offer a
positive, empowering and transparent property financing experience,
simplified from start to finish to all Canadians. nesto is
delivering on this mission by offering Canadians the most advanced
direct-to-consumer digital mortgage experience.
nesto also enables Canadian Financial Institutions to transform
their mortgage experience via nesto's proprietary technology: the
nesto Mortgage Cloud.
- Awarded 2023 Canadian Mortgage Lender of the Year by the
Canadian Lending Association
- Awarded Best Mortgage Lender by Forbes Advisor
- Awarded Deloitte's Technology Fast 50™ program winners for
2023
Cautionary Note regarding
Forward-Looking Information
Certain statements in this news release constitute
forward-looking information. Forward-looking information includes,
without limitation, statements about the benefits of the strategic
partnership between Canada Life and nesto. Forward-looking
statements are not historical facts but instead represent only
Canada Life's belief regarding future events, many of which, by
their nature, are inherently uncertain and outside Canada Life's
control. It is possible that actual results will differ, possibly
materially, from the anticipated results indicated in these
statements. Factors that could cause actual results to differ,
possibly materially, from those in the forward-looking statements
are discussed in periodic filings by Canada Life with Canadian
securities regulators. These filings include Canada Life's
management's discussion and analysis for the year ended
December 31, 2022 (see "Risk
Management and Control Practices"), which, along with other
filings, are available for review at www.sedarplus.com. The reader
is also cautioned to consider these and other factors,
uncertainties and potential events carefully and not to place undue
reliance on forward-looking information. Other than as specifically
required by applicable law, Canada Life does not intend to update
any forward-looking information whether as a result of new
information, future events or otherwise.
SOURCE The Canada Life Assurance Company