Digital banking solutions provider Blend has entered into a collaboration with Covered Insurance Solutions to optimise the home insurance shopping process for lenders.
Under the partnership, the companies will work together to offer lenders an upgraded carrier panel and service package featuring wider insurance carrier options, along with engagement tools.
The deal will see embedded insurance solutions provider Covered’s insurance marketplace integrated directly into Blend’s mortgage application workflow.
This approach will help Blend to provide its mortgage customers with various national and regional insurance carriers across all 50 states in the US.
Blend co-founder and CEO Nima Ghamsari said: “This partnership is a major step forward in providing borrowers with more options and convenience when shopping for home insurance quotes.
“By integrating Covered’s leading marketplace directly into our mortgage platform, we are empowering borrowers with more choices and better value, while helping lenders accelerate the loan process. We look forward to a strong, long-term strategic partnership with the Covered team.”
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Furthermore, Covered will take over the insurance agency operations of Blend, transitioning these services to a partnership-driven model from an in-house approach.
The focus of the partnership is to ensure continuity for lender partners while leveraging existing compliance, data security and infrastructure.
Covered will also be able to scale its marketplace directly within the Blend ecosystem, which will aid in expanding its reach across the US mortgage market.
Covered CEO Ross Diedrich said: “Partnering with Blend means we can bring enhanced carrier markets and more value to better serve Blend’s lender clients and their borrowers. Furthermore, Covered’s best-in-class mortgage servicing partnership programmes will allow Blend’s lender clients to extend value beyond origination through the entire mortgage life cycle.
“We are excited to add value to Blend, their lender clients, borrowers across the country, all while accelerating our market share in the mortgage industry.”
Covered offers a comprehensive online insurance marketplace with more than eight insurance products, personalised quote options from over 50 carriers and various policy purchase methods.
