Nexsys’ Clear HOI platform will help to verify whether a homeowner applying for a mortgage has insurance or not

Nexsys Lemonade

Nexsys partners with Lemonade. (Credit: Pixabay/Alexander Stein.)

Nexsys Technologies, a US-based fintech supporting the financial industry, has partnered with insurtech Lemonade to streamline the process of homeowners’ insurance verification.

Leveraging Clear HOI platform, Nexsys users can now use a tool to digitise the manual communication that used to happen between the mortgage lenders and homeowners insurance firms.

With Clear HOI, the process has been modernised via digital connections between insurers and mortgage lenders, removing the unnecessary delays and avoiding potential errors.

As Lemonade has now joined Clear HOI platform, mortgage lenders will now be able to use the tool for even more clients.

Nexsys Technologies executive vice president Mike Lyon said: “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 realising 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 realise that offering Clear HOI, and other innovative Nexsys tools, will allow them to compete and deliver a better experience for their clients.”

Nexsys’ APIs can securely pull insurance evidence directly

Nexsys Technologies claims to have developed a new set of application programming interfaces (APIs) allowing mortgage lenders to securely pull evidence of insurance directly into their loan origination systems (LOS) to ensure that the client’s privacy is safeguarded.

Using the APIs, the company will also work with the insurtech’s AI-powered insurance platform for the integration between Lemonade and a mortgage lender’s LOS.

This will allow Lemonade to confirm whether a client has provided consent to share his or her insurance information, which could, in turn, add to its efficiency.