Detroit-based Nexsys Technologies, a fintech company and subsidiary of Rocket Cos., Which provides a suite of digital solutions for issuing and closing mortgages, has announced a partnership with Nationwide Mutual Insurance Co. from Columbus, Ohio to provide real-time insurance checks using Nexsys Clear HOI.
The digital tool automates communication between mortgage lenders and insurance companies, creating a simplified interface for checking if a homeowner’s policy is in place.
“With Clear HOI, we’ve been able to refine and simplify another manual step in home buying,” said Mike Lyon, executive vice president of Nexsys. “As more consumers transact online, Nexsys Technologies and Rocket Cos. We continue to develop new technologies to digitize and simplify the entire mortgage process. We are proud to continue to develop this technology by adding Nationwide, as well as increasing the speed and improving the quality of customer service. “
Prior to Clear HOI, providing proof of homeowners insurance required lenders and insurance companies to talk by phone. Manual exchanges often result in closing delays.
“Buying a home can be a tough time,” says Angie Klett, senior vice president of corporate development at Nationwide. “This partnership with Nexsys makes it easier for our clients to check insurance, speeds up the home buying process and gives them more time to focus on what matters most – living in their dream home. Nationwide continues to digitalize its ability to meet customers where they are in everyday life, which truly demonstrates that we are a defensive company that cares about our customers beyond insurance. ”
Nexsys encryption technology enables secure and instant exchange of insurance information. Nationwide will use simple product integration to quickly confirm that a customer has agreed to share their information.
Three of the top five property and casualty insurance companies, including Allstate, Liberty Mutual, Farmers Insurance and Lemonade, have already joined the platform since its release in early December 2020.
It can be integrated into a mortgage company lending system using an application programming interface (API) or using an online portal. In addition to Clear HOI, Nexsys offers Clear sign, an electronic closure platform that connects consumers with notaries.