The Wakefield Company - Making It Happen

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.

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