Nexsys Technologies Partners With Lemonade to Simplify Homeowners Insurance Verification Process

By AIT News Desk On Jul 22, 2020

Clear HOI platform streamlines verification for insurers and mortgage lenders alike

Nexsys Technologies, a FinTech company that provides a suite of essential tech solutions for mortgage origination and closing, has partnered with insurance company Lemonade to simplify the homeowner’s insurance verification process. Using Clear HOI, Nexsys users will be able to leverage a tool which digitizes the previously manual communication between mortgage lenders and homeowners insurance companies.

In the past, verifying that homeowners insurance was in force for new mortgage transactions was an inefficient undertaking, with lenders contacting insurance carriers by phone to manually confirm. Clear HOI has modernized that process by creating a digital connection between insurers and mortgage lenders – removing unnecessary delays and eliminating potential errors. Now that Lemonade has joined the Clear HOI platform, mortgage lenders will be able to use the innovative tool with even more clients.

“Home financing has been totally redesigned, transforming it from a pen-and-paper system to a completely digital experience for more and more lenders. As mortgage lenders are adapting to this new reality, they are realizing sticking points where technology can be injected to clear hurdles and improve the process. Clear HOI is a solution that adds 21^st-century innovation to one of the remaining manual steps in the mortgage transaction,” said Mike Lyon, Executive Vice President of Nexsys Technologies. “We are proud to have Lemonade on board. We are quickly seeing the mission of Clear HOI being realized as more lenders and insurance providers sign on. We are approaching a tipping point where companies will realize that offering Clear HOI, and other innovative Nexsys tools, will allow them to compete and deliver a better experience for their clients.”

Nexsys Technologies has also developed a new set of application programming interfaces (APIs) allowing mortgage lenders to securely pull in evidence of insurance directly into their loan origination systems (LOS) – ensuring that a client’s privacy is protected. Using these APIs, the company will work with Lemonade’s AI-powered insurance platform to provide an easy integration between Lemonade and a mortgage lender’s LOS. This integration will allow Lemonade to quickly confirm a client has provided consent to share their insurance information, which in turn will maximize efficiency.

In addition to Clear HOI, Nexsys offers Clear Sign, an electronic closing (eClosing) platform that improves the speed and efficiency of mortgage closings. Clear Sign has been used to eClose more than 30,000 mortgage transactions since its launch in April 2019.