"What we recognized was, buying a home is a really complex process, and there are a lot of documents and requirements, and just one of those was verification of insurance. As it exists today, that process is complicated, so we saw an opportunity to say, how can we take that piece of it and just simplify it? Tuttle shared that HOIVerify can take a process that once took several days and perform it in seven seconds."
"In an exclusive interview with HousingWire, Tuttle said the development of HOIVerify has been about a year and a half in the making. The integration of HOIVerify Origination into Assurant's data exchange ecosystem involves several key features, including real-time policy information, multi-carrier integration, automation and compliance. Several partners, like Spring EQ, are already using the platform as part of a pilot program."
Assurant built HOIVerify over approximately a year and a half to simplify homeowner insurance verification within the homebuying process. The platform reduces a task that previously took days to as little as seven seconds by automating verifications and integrating multi-carrier policy data in real time. HOIVerify Origination connects into Assurant’s data exchange ecosystem with automation, compliance checks, and multi-carrier support. Early pilots with partners such as Spring EQ have informed development and validated use cases. The solution aims to reduce friction for borrowers and streamline insurance verification for carriers, lenders, and mortgage origination workflows.
Read at www.housingwire.com
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