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Nexsys & Lemonade partner to simplify homeowners insurance verification process

By Pavithra R

July 23, 2020

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Nexsys Technologies, a FinTech company focused on creating and delivering innovative solutions for smarter lending processes, has announced that the company has partnered with insurance company Lemonade to simplify the homeowner’s insurance verification process.

Nexsys’  Clear HOI makes the homeowner’s insurance process easy. It has modernized the annual communication process by creating a digital connection between insurers and mortgage lenders to remove unnecessary delays and eliminate potential errors. With lemonade joining the Clear HOI platform, mortgage lenders will be able to use the innovative tool with more clients.

Nexsys Technologies has also developed a set of application programming interfaces (APIs), allowing mortgage lenders to securely pull in evidence of insurance directly into their loan origination systems (LOS), ensuring that a client’s privacy is protected. The company, using these APIs, is planning to work with Lemonade’s AI-powered insurance platform to provide a smooth integration between Lemonade and a mortgage lender’s LOS. The integration will help Lemonade to confirm the client’s consent to share their insurance information, which in turn will maximize efficiency.

“Home financing has been totally redesigned, transforming it from a pen-and-paper system to a completely digital experience for more and more lenders. As mortgage lenders are adapting to this new reality, they are realizing sticking points where technology can be injected to clear hurdles and improve the process. Clear HOI is a solution that adds 21st-century innovation to one of the remaining manual steps in the mortgage transaction. We are proud to have Lemonade on board. We are quickly seeing the mission of Clear HOI being realized as more lenders and insurance providers sign on. We are approaching a tipping point where companies will realize that offering Clear HOI, and other innovative Nexsys tools, will allow them to compete and deliver a better experience for their clients,” said Mike Lyon, Executive Vice President of Nexsys Technologies.

Recently, InsurTech startup Hippo raised $150 mn in Series E at $1.5 bn valuation.

Founded in 2015, Detroit-based Nexsys Technologies is a technology company delivering innovative tech for smarter lending processes. The company, in addition to Clear HOI, offers Clear Sign, an electronic closing (eClosing) platform that improves the speed and efficiency of mortgage closings.

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