What:
Verifying homeowners insurance throughout the mortgage lending process will now be a fast and seamless process thanks to the solution created by Nationwide and Assurant.
Why:
The integration of Nationwide’s Insurance Verification Digital Product into Assurant’s patent pending HOIVerifySM solution will enable the two companies to verify insurance coverage and limits efficiently.
How:
- Nationwide’s Insurance Verification Digital Product, developed in 2021, is a collection of APIs that allow a verified user to first confirm whether a customer holds a Nationwide homeowners, condo, or renters policy, then enables insurance details to be verified instantly.
- Digitizing insurance verification during the mortgage loan or renewal process reduces the need for manual processes and improves the speed of verification.
- Additionally, it enables property managers to make sure their tenants are adequately protected.
- Homeowners with Nationwide insurance policies will now have their policy details confirmed securely, conveniently, and automatically.
- This integration with Assurant’s HOIVerifySM will not only speed up the process of tracking homeowners insurance but also extend more sustainable processes.
- Assurant estimates that HOIVerifySM’s technology can eliminate 27 million sheets of paper, and save 2,250 trees, 70 million gallons of water, and 459 million watts of energy annually, based on 2021 figures.