Detroit-based Nexsys Technologies, a fintech company and subsidiary or Rocket Cos. providing a suite of digital solutions for mortgage origination and closing, announced it is partnering with Columbus, Ohio-based Nationwide Mutual Insurance Co. to deliver real-time insurance verifications using Nexsys Clear HOI.
The digital tool automates the communication between mortgage lenders and insurance providers, creating a streamlined experience for verifying the existence of a homeowner’s policy.
“With Clear HOI, we have been able to innovate and simplify another manual step in the homebuying experience,” says Mike Lyon, executive vice president of Nexsys. “As more consumers complete transactions online, Nexsys Technologies and Rocket Cos. continue developing new technology to digitize and simplify the entire mortgage process. We are proud to continue building this technology with the addition of Nationwide, along with the increased speed and enhanced client experience that comes along with it.”
Prior to Clear HOI, providing proof of homeowners insurance required lenders and insurance providers to communicate by phone. Manual exchanges often lead to delays in closing times.
“Buying a house can be a stressful time,” says Angie Klett, senior vice president of corporate development at Nationwide. “This partnership with Nexsys makes the insurance verification process seamless for our customers, making the homebuying process faster and gives them more time to focus on what matters most — living in their dream home. Nationwide continues to implement digital capabilities to meet customers where they are in their daily lives which truly demonstrates that we are a protection company that cares about our customers beyond insurance.”
Nexsys’ encryption technology allows for the secure and instantaneous exchange of insurance information. Nationwide will leverage the product’s easy integration to quickly confirm a client has provided consent to share their information.
Three of the top five property and casualty insurers, including Allstate, Liberty Mutual, Farmers Insurance, and Lemonade already have joined the platform since its release in early December 2020.
It can be integrated into the mortgage company’s loan origination system using an application programming interface (API), or it can use an online portal. In addition to Clear HOI, Nexsys offers Clear Sign, an electronic closing platform that connects consumers with notary signing agents.