Nexsys Technologies and Farmers to digitize the verification of homeowners insurance
Nexsys Technologies , the subsidiary of Rocket Companies that providing a suite of essential tech solutions for mortgage origination and closing, has begun working with Farmers to digitize the verification of homeowners insurance using Clear HOI.
Clear HOI modernized the process by allowing mortgage lenders to securely pull in evidence of insurance directly into their loan origination systems – communicating policy information consistently and accurately in seconds rather than days. Traditionally, that action was time-consuming and required lenders to contact carriers by phone. With Clear HOI, both lenders and insurance companies benefit from the digitized process.
“More and more of the mortgage process now takes place digitally. Many lenders and insurance companies, however, still rely on humans talking to each other over the phone, which can lead to inefficiencies and delays. At Nexsys, we identified an opportunity to provide the first-ever direct integration with the nation’s leading homeowners insurance companies. We are proud to add Farmers to a growing list of insurance providers joining the Clear HOI platform to make the mortgage process easier for lenders who need to verify their clients’ homeowners policies. This is just another example of the way Rocket Companies’ tech-driven mortgage, title and real estate platform is driving efficiency and transforming the industry.” – Mike Lyon, Executive Vice President of Nexsys Technologies.
“At Farmers Insurance, we are focused on making it easy for consumers to do business with us and are driven by a deep-rooted commitment to help improve the customer experience at every point of engagement. This shared technology collaboration with Nexsys enables us to provide real-time, automatic insurance verification for mortgage lenders and our customers closing a mortgage—helping us fulfill our mission to provide first-rate, on-demand, personalized customer experience.” – Aidan McGlinchey, Head of Strategic Planning and Execution at Farmers.
Since launching the collaboration in March, Farmers Insurance has delivered more than 20,000 insurance declaration pages, creating a streamlined, automated experience for almost 90% of loans that were sent through Nexsys using the Clear HOI integration.