4 of nation’s top 10 providers of homeowners insurance now integrated with real-time verification platform Clear HOI.

Lenders are increasingly less likely to need to pick up the phone to confirm that borrowers have homeowners insurance before approving a mortgage, with four of the nation’s top 10 homeowners insurance providers now integrated into Nexsys Technologies’ real-time insurance verification platform, Clear HOI.

Released in December, Clear HOI automates communications between mortgage lenders and insurance providers, providing proof that homeowners insurance is in force within seconds — and eliminating what can otherwise be a cumbersome manual process that leads to unnecessary delays in mortgage closings.

Nexsys announced Wednesday that Nationwide is now integrated into Clear HOI, joining existing top 10 insurers Allstate Corp., Liberty Mutual, and Farmers Insurance Group on the platform.

Integration allows participating insurers to confirm that their clients have provided consent to share their information, and then provide proof of insurance to lenders over an encrypted network in seconds.

Top 10 providers of homeowners insurance

  1. State Farm (17.9 percent)
  2. Allstate Corp. (8.9 percent)
  3. USAA Insurance Group (6.7 percent)
  4. Liberty Mutual (6.3 percent)
  5. Farmers Insurance Group (5.5 percent)
  6. Travelers Companies Inc. (4.4 percent)
  7. American Family Insurance Group (4.0 percent)
  8. Nationwide Mutual Group (3.0 percent)
  9. Chubb Ltd. (2.8 percent)
  10. Progressive Corp. (1.7 percent)

Top 10 providers of homeowners insurance by market share (percent). Source: Insurance Information Institute.

Detroit-based Nexsys, a subsidiary of mortgage giant Rocket Companies, also offers Clear Sign, an eClosing platform that connects consumers with notaries to facilitate digital closings.

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

Email Matt Carter

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