Nexsys Technologies and Nationwide Insurance Team Up to Digitize Communication Between Mortgage Lenders and Homeowners Insurance Companies

Banking CIO Outlook | Tuesday, August 03, 2021

Another top ten home insurance company joins Clear HOI's platform. The homes insurance verification process is made more accessible and more automated with the use of FinTech technology.

FREMONT, CA: Nexsys Technologies, a FinTech firm and a subsidiary of Rocket Companies (NYSE: RKT), announced a partnership with Nationwide to provide real-time insurance verifications utilizing Nexsys Clear HOI. The game-changing solution streamlines and automates communication between mortgage lenders and insurance providers, resulting in a streamlined and automated process for confirming the existence of a homeowners policy.

"With Clear HOI, we have been able to innovate and simplify another manual step in the homebuying experience. As more consumers complete transactions online, Nexsys Technologies and Rocket Companies continue developing new technology to digitize and simplify the entire mortgage process," said Mike Lyon, Executive Vice President of Nexsys Technologies. "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."

Providing proof of homeowners insurance before the launch of Clear HOI was a time-consuming process that required lenders and insurance providers to communicate over the phone to verify that coverage was in place. Such manual information exchange frequently causes unnecessary delays in mortgage closings, generating difficulties and perhaps postponing closings.

"Buying a house can be a stressful time," said Angie Klett, Nationwide's senior vice president of Corporate Development. "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."

The industry-leading encryption provided by Nexsys Technologies enables the secure and fast exchange of insurance data. The Clear HOI connection will now be used by Nationwide to swiftly authenticate a client's consent to share their information, communicating it accurately and consistently in seconds.

The Clear HOI platform has already attracted three of the top five property and casualty insurers. Allstate, Liberty Mutual, Farmers Insurance, and Lemonade are among the cooperating businesses, in addition to Nationwide.

Clear HOI will be available to lenders nationally in early December 2020, according to Nexsys Technologies. An Application Programming Interface (API) or an online portal can be helpful to integrate the solution into the mortgage company's loan origination system. Nexsys also offers Clear Sign, an electronic closing (eClosing) technology connecting customers with notary signing agents for an exceptional digital closing experience.

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