Joint operations will begin on January 2024
Canada Life and nesto have announced the formation of a long-term strategic partnership that will primarily serve Canada Life’s residential mortgage clients.
Effective 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 2024,” the companies said in their joint announcement.
The partnership and administrative transfer will increase nesto’s mortgages under management to more than $10 billion.
“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,” said Malik Yacoubi, CEO at nesto.
“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.”
#CMPTalk: Tune in and uncover the potential impacts and what lies ahead for Canadian borrowers and the real estate sector, with insights from Francis Gosselin of Nesto.
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Steve Fiorelli, senior vice president of wealth solutions at Canada Life, said that nesto’s track record as a tech-powered platform was a major factor in their consenting to the agreement.
“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,” Fiorelli said.
“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.”
