Homebuyers can receive quotes from 30+ A-rated home and auto insurance carriers within seconds through their FinLocker app.
FinLocker, a leader of digital, consumer-permissioned personal financial assistance tools that deliver hyper-personalized journeys for homebuyers, continues to enhance its end-to-end consumer experience with a strategic partnership with Matic, a digital insurance marketplace with 30+ A-rated home and auto carriers.
Mortgage lenders require homeowners to maintain homeowners insurance until the mortgage is paid in full. As part of the mortgage process, homebuyers must obtain a homeowners insurance policy and provide proof of insurance to their mortgage lender before their loan is due to close.
FinLocker’s partnership with Matic makes it quick and easy for homebuyers to obtain homeowners insurance on their new property by embedding the purchase experience within the FinLocker app. Matic’s proprietary quoting platform provides multiple, customized insurance quotes to each consumer in seconds. It allows them to compare personalized coverage options then select and buy their policy online within minutes. Homebuyers who would prefer to talk with a licensed insurance advisor can choose a day and time to speak with a Matic advisor to review policy details and finalize their policy before purchase.
“Embedded insurance is a proven consumer engagement and service offering most financial services organizations are rapidly embracing,” said Brian Vieaux, President, FinLocker. “For independent mortgage bankers, in particular, the FinLocker-Matic partnership helps them deliver continued value to the consumer well after a mortgage transaction has closed.”
“Securing homeowners insurance is one more thing a homebuyer needs to worry about before closing. If problems occur, lenders can experience costly delays,” said Ben Madick, co-founder and CEO, Matic Insurance Services. “We built Matic to solve this problem by embedding our unbiased insurance platform into the home buying experience. We’re thrilled to partner with FinLocker and provide their customers with a transparent, fast, and affordable approach to insurance.”
Once the homeowners insurance policy has been obtained, the homebuyer can upload the policy to the Document Vault inside their FinLocker app. The Vault enables the homebuyer to retain a secure record of their policy and makes it easier to share the document directly from their FinLocker app with their lender to add to their mortgage application.
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Since 2014, Matic has changed the landscape of the insurtech industry by integrating insurance within the home and auto ownership experience. Today, Matic’s digital insurance marketplace has over 30 A-rated home and auto carriers, as well as distribution partners in industries ranging from mortgage origination and servicing to banking, real estate, and personal finance. With a single-minded focus on advocating for policyholders, Matic has created an effortless and transparent comparison-shopping process, saving customers days of work and over 30% in premiums each year. For more information visit: Matic.com