WINNIPEG — Canada Life has signed a partnership deal with online mortgage company Nesto that will see the company take over the service and administration of the insurer’s residential mortgage customers starting in January.
In addition to servicing the existing mortgages, Nesto will also be responsible for the Canada Life mortgages at maturity.
The partnership follows Canada Life’s 2022 decision to withdraw from the residential mortgage market.
Canada Life says customers will receive a modern, digital experience with the move to Nesto, which launched in 2018.
It says Canada Life mortgage customers will gain access to Nesto’s customer service platform as part of a phased implementation plan in mid-2024.
Canada Life is a subsidiary of Great-West Lifeco Inc.
This report by The Canadian Press was first published Dec. 4, 2023.
Companies in this story: (TSX:GWO, TSX:POW)
The Canadian Press