Mortgagetech Blend launches insurance agency
Mortgagetech company Blend is venturing into insurance. The San Francisco-based company has launched Blend Insurance Agency, an extension of its digital mortgage platform that offers borrowers a range of options for homeowners insurance, reports Julie Muhn at Finovate.
Homeowners insurance is required to be in place before the borrower closes on their home, and since Blend already has data about the home, borrower, and loan on file, the company can offer an application process.
Greg Isaacs, an insurtech expert Blend hired earlier this year to launch Blend Insurance Agency, says it “will help to make the process of buying a home a little less daunting”.
To support this new offering, Blend is building an office in Los Angeles that will be staffed with insurance professionals able to help borrowers find a product that fits their needs.
At launch, the company has partnered with six US insurance providers, including MetLife, Stillwater Insurance, and Swyfft, with plans to add more.
The insurance option is presented to the borrower early on in the home buying process to offer them time to shop and to give loan processors time to verify insurance before closing the loan.
Earlier this year, Blend teamed up with Ellie Mae to leverage its electronic disclosure delivery.
And in June, the company introduced Blend Vision, an OCR solution with built-in quality control. Blend’s most recent round of funding brought its total capital to more than $160 million. Nima Ghamsari is CEO and co-founder.