Blend Insurance Agency (BIA), a long-time trusted partner of Estated and subsidiary of digital lending platform Blend, is a perfect example of how an innovative insurtech can use property data to enhance the home-buying process and provide an elevated customer experience for its clients.
Already having built a successful business model as a digital lending platform and emerging fintech solution that simplifies applications for mortgages, consumer loans, and deposit accounts, Blend aspired to take its vision and expertise in application simplification and apply it to the insurance industry—a sector rife with its own unique set of challenges.
Blend sought to evolve the industry by addressing the tediousness and frustration of the insurance application process by using property data to enhance its customer experience.
Blend quickly went to work building an insurance marketplace that offered a top-notch home-buyer experience as well as forming new insurance partnerships to help deliver on said insurance quotes offered through their marketplace.
Success for Blend or any other external carrier partner is defined by ensuring incoming cash exceeds replacement cost. Blend quickly realized that determining how to best calculate replacement cost for insurance partners was their guaranteed path to success.
Using property data supplied from Estated, Blend was able to nearly double their success rate in determining replacement cost—removing the frustration many home-buyers experience while trying to obtain reliable insurance quotes and ultimately speeding up the entire home-buying process for its customers.
If you want to learn more about this insurtech's partnership with Estated and what types of property data are being used by leading insurance companies today, download our case study below.
About Estated: Estated is a leading property data provider with records on over 150 million residential and commercial properties nationwide across the United States.
If you're an insurance company looking to streamline your underwriting processes and enhance your customer experience, Estated property data may be the perfect solution for you. Contact us here to get started!