Homeowners Insurance

Home ownership necessitates homeowners insurance. During the loan production process, the data necessary to underwrite the subject property’s eligibility for homeowners insurance is gathered. The property appraisal provides a plethora of data that can be evaluated by a business rules management system populated with insurance underwriting guidelines. The flood certificate specifies whether the property is in a flood plain. The credit report and supporting data support the customer’s character and ability to pay premiums.

The loan production infrastructure that we design includes a capability to automate the homeowners insurance underwriting process, issue an online quote and an electronic binder to the customer and the lender. A critical feature of this design offers a homeowners insurance quote only to those customers who are eligible for coverage. This eliminates a potentially negative interaction with the customer. Offering homeowners insurance through this “eligible only” and online process, results in penetration rates of over 60% and provides the lender with a meaningful additional revenue and profit stream.