Florida’s insurance market is nearing complete failure. This man-made calamity is putting financial strain on consumers as the average homeowner’s insurance policy is nearly three times the national average in 2022.

While hurricanes have undoubtedly caused some of the issues – three major ones have made landfall in the state in the last six years – the natural disasters in the state of Florida aren’t the major reason for the failure of the insurance market.

The real cause

According to the Florida governor’s office, the state is home to 79 percent of all homeowners insurance lawsuits over filed claims across the nation. Yet, the state’s insurers receive just 9 percent of the U.S.’s homeowners insurance claims.

The numerous lawsuits have no doubt made an impact on insurer operating costs. In the last 10 years, the Florida Office of Insurance Regulation (OIR) reported that $51 billion was paid out by the state’s insurers, with 71 percent of that sum going to attorneys’ fees and public adjusters. In the last two years (2020-21), net underwriting losses for Florida’s homeowners’ insurers totaled more than $1 billion per year.

Citizens Property Insurance Corp., the state-backed property insurer of last resort in the state, has seen its policy count climb rapidly. In a report published late last year, the company estimated that its policy count would reach 1.1-1.3 million by the end of 2022, up from just 420,000 three years ago. The company provides insurance coverage to homeowners who cannot secure a homeowners insurance policy from a private-sector insurer.

Third-party rating bureaus have even downgraded the financial ratings of some of the insurers operating in Florida, making homeowners insurance even more unaffordable and unavailable in the state.

According to figures from Triple-I, compiled using data and analysis from the National Association of Insurance Commissioners (NAIC), Florida’s OIR, and their own estimates of home replacement cost, the typical homeowners’ insurance policyholder paid $2,505 for coverage in 2020. Just one year later, the figure rose to $3,181, an over $600 annual increase.

In a special legislative session in May 2022, Florida lawmakers passed Senate Bill 2B, which Gov. Ron DeSantis subsequently signed into law. The measure is meant to ease homeowners’ premium increases and reduce excessive litigation.

What can you do?

All things considered, what can Florida property owners do?  Experts have provided a couple of options to explore:

  1. Shop around for better rates from another carrier.  Most likely you won’t find a significantly cheaper alternative to what you are currently paying but it might be wise to simply check and see.
  2. Look into adding additional surplus lines of insurance offered by non-Florida-based insurance companies.  The problem with this is that they won’t be covered by any backup fund provided by the state of Florida if they happen to fail.

Insurance specialists also recommend if you are unable to find an alternative plan then it might be best to remain with your current carrier.  Even if they drop you for some reason, you will most likely be placed with Citizens of Florida Insurance Company.  They are the state-run insurance program used as a backup plan should another Florida company fail.  Bear in mind, you’ll probably be paying more for your policy but at least your property will remain insured.

Finally, it is recommended that you check your current policy’s replacement cost coverage.  With spiraling inflation on housing materials, you may have to adjust your limits higher in order to cover the uptick in costs.   The last thing you would want after a disaster is to have to pay extraordinarily large out-of-pocket expenses in order to rebuild or repair your damaged home.

SALT LAKE CITY, Nov. 2, 2022 – LenderDock Inc., the leading provider of online Property and Casualty Insurance policy verification and automated lienholder process management services, today announced a new partnership with Goosehead Insurance Inc. (NASDAQ: GSHD), a rapidly growing independent personal lines insurance agency, to automate their lender-servicer interactions such as lienholder verifications and mortgage correction requests. Through the partnership, LenderDock’s Base Platform, which includes the Verifi™ and Correxion ™ services, will help Goosehead’s service and support teams eliminate thousands of time-consuming lender-originated communications. 

With this launch, lenders now have access to a shared portal specifically built for loan originators, trackers, and financial third parties that need to interact with policy information but don’t want to call, email, or fax it over. The shared portal facilitates verifications, corrections, and documents while streamlining request volume intake where necessary for efficient processing.

“We’re excited to partner with LenderDock, not just because of their industry expertise, platform simplicity, and track record of success, but also because it means our teams can spend less time speaking with lenders, and more time speaking with customers,” said Marisa Wagner, Managing Director at Goosehead. “Our service teams can spend up to a third of their day on lender-related e-mails and faxes, and LenderDock’s cloud-based technology will free up that time so they can focus on what they do best- delivering world-class customer experiences.”

Goosehead Insurance is reinventing the traditional approach to distributing personal lines products and services throughout the United States. As the agency continues to scale, this partnership will also help Goosehead reduce overhead costs and eliminate antiquated business processes.

“We are honored to be collaborating with a great insurance provider who has committed to driving operational efficiencies through process and data automation technology. Goosehead is a brand that continues to represent initiative and innovation when it comes to serving their customers,” said Frank Eubank, LenderDock’s CEO.

About LenderDock Inc.

Headquartered in Salt Lake City, Utah, LenderDock Inc. is the leading provider of online Property and Casualty Insurance policy verification and automated lienholder process management services. The policy verification-as-a-service (VaaS) platform offers banks, lenders, and financial third parties the ability to digitally verify and correct home and auto policy-related data in real-time.

About Goosehead

Goosehead (NASDAQ: GSHD) is a rapidly growing and innovative independent personal lines insurance agency that distributes its products and services throughout the United States. Goosehead was founded on the premise that the consumer should be at the center of our universe and that everything we do should be directed at providing extraordinary value by offering broad product choice and a world-class service experience. Goosehead represents over 150 insurance companies that underwrite personal lines and small commercial lines risks, and its operations include a network of 12 corporate sales offices and 2,287 operating and contracted franchise locations. For more information, please visit

SALT LAKE CITY – Oct. 21, 2022 – LenderDock Inc. (LenderDock) and IMT Insurance have recently formed a new partnership.

As the business landscape has become increasingly more competitive, IMT was looking for ways to enhance the level of service and value to their customers while reducing operational costs. 

LenderDock’s Notifi™ service provides the solution with its all-digital solution that ensures electronic delivery of all third-party notifications and escrow bills.  The cloud-based platform helps mitigate the expense of traditional print and postage and leverages real-time analytics and reporting.  

“We are very excited to be partnering with IMT as they remain laser-focused on delivering the best customer experience as possible to their clients.  It’s an honor for us to contribute to their goal of sourcing digital solutions to meet their needs”, says Frank Eubank, LenderDock’s CEO.      

IMT is a Midwest US company founded in 1884. Today, IMT continues to offer strong lines of personal and commercial insurance products along with providing exceptional service for a competitive price. IMT serves companies through Independent Agency locations in six states – Iowa, Illinois, Minnesota, Nebraska, South Dakota, and Wisconsin.

Headquartered in Salt Lake City, Utah, LenderDock Inc. is the leading provider of online Property and Casualty Insurance policy verification and automated lien holder process management services. The policy verification-as-a-service (VaaS) platform offers banks, lenders, and all financial third parties the ability to digitally verify and correct home and auto policy-related data in real-time.

Insurers are familiar with the many problems caused by cyberattacks, but how familiar is the industry with the specific types? 

The insurance and insurtech industries are more than aware of the potential dangers of cyberattacks. After all, insurers provide coverage to many of the entities that may be vulnerable to or targets of scammers that aim to disrupt business and steal data or monetary funds. 

With the issues they face today, what is the insurance industry doing to protect itself from these attacks and how will the current climate of the economy affect the ability of insurers to battle cyberattacks? 

What threats should providers be aware of? 

Insurtechs and insurance carriers face a variety of threats, including ransomware attacks, data exfiltration, email phishing scams, and dedicated denial of service (DDoS) attacks. 

Insurance companies store large amounts of both financial and personal data, which means that any successful cyberattack could have dire consequences for them as a company and for their customers. 

It comes as no surprise that the finance and insurance industries are targets of cyberattacks. Along with the possibility of unmitigated data loss, malware and DDoS attacks have the ability to cause disruption to financial institutions while leaving customers without access to services. 

The state of the 2022 cyber threat landscape 

According to the data from the 2022 IBM Security X-Force Threat Intelligence Index, server access attacks were the most common types of attacks aimed at insurance and finance organizations.  In 2021, they accounted for 14 percent.  

Common cyber threats insurance organizations face:  

  • Server access attacks – An attack that involves gaining access to a company’s servers, either by exploiting a system weakness or by using stolen or leaked passwords. 
  • Ransomware – Malware that prevents a user from accessing their own programs and files until they have paid a ransom to the scammers. 
  • Credential harvesting – A credential harvesting – or password harvesting – attack involves attackers gathering many compromised user accounts, usually by sending a phishing email attack. 
  • RATs – Remote access trojans are a type of malware that allows a criminal to remotely control an infected computer including accessing the files and data stored on it. 
  • Misconfiguration – An attack that occurs when a cybercriminal discovers vulnerabilities in the security configurations of a cloud, application, or web server. 

While the IBM Index shows that insurance and finance industries are no longer the most targeted for attacks – that title now belongs to the manufacturing industry – they still accounted for nearly a quarter of the threats (22.4 percent). 

Although the number is slightly lower than the previous year, this in no way means that insurtech and fintech companies are in the clear. 

Additionally, companies need to be aware of potential weaknesses within their organization that could leave them exposed to cyberattacks. Unfortunately, with recent staff layoffs as well as the rising cost of business operations, both insurtechs and insurance carriers are now as vulnerable as ever. 

LenderDock values security 

As a company, LenderDock takes possible security threats very seriously. Being SOC 2 certified, LenderDock is exceeding industry standards while protecting your data. Rest assured that your data is safe with LenderDock. 

While consumers are moving towards digital channels and apps more than ever before to complete daily tasks; the trend is also being seen in the insurance industry.

Let’s take a look at some of the risks you may face in the insurance sector.

Mobile apps: The risks

While many people moving to use apps for their insurance needs, it also means that many important pieces of valuable information end up concentrated in the apps. Medical information, addresses, account numbers, SSNs, etc. is far more valuable on the black market than the average credit card number, seeing as credit cards can be canceled. Personal information is usually permanent, and it can be used for fraud and other schemes by criminals.

With the large amount of information contained in the apps, it’s not particularly surprising that cybercriminals are targeting insurers and mobile apps.

Just recently in 2021, the New York Department of Financial Services fined multiple insurers for noncompliance breaches. Fines aren’t the only punishment for leaky insurers either. If companies are found negligent in protecting their mobile app, successful attacks often result in lawsuits.

Apps can be attacked in a multitude of ways, but there are six main ways the attacks occur. If proper steps are taken to protect consumer information, a vast majority of attacks will be unsuccessful.

1. Stealing personal policyholder information

Things like full legal names, marital status, date of birth, and social security numbers are often stored on insurance mobile apps. There can even be a driver’s license with car information (VIN, license plate number) stored on them.

To protect this data, it needs to be encrypted in the app by using the AES 256 or a similarly strong system. Data shouldn’t be the only thing that is encrypted, however. It should also cover the data used by the APIs. If things like tokens, URLs, passwords, etc. aren’t properly secured, cybercriminals can easily use them to access the insurer’s system.

2. Location information

Insurtech and insurance apps track location data for many reasons, including things like driver behavior to provide discounts or to activate or deactivate coverage based on location.

By rooting (Android) or jailbreaking (iOS) a device, hackers can gain more privileges that allow them to control the operating system and access location data. Apps should have the capability to detect when the device is jailbroken or rooted and shut them down to prevent unsafe data storage.

3. Keyloggers and overlays

The latest malware can employ a trick on its users, where it presents a fake screen over an insurance app, making the user think that they’re entering their data into a trusted source. Malware steals data in this way and can also take over accounts and other malevolent acts.

Keyloggers work similarly but run in the background while tracking every key entry a consumer makes in an application. Mobile apps need to detect these attack types so they can stop operating when they are in effect to protect the user and their data.

4. Intercepting data through transactions

Many insurtech apps allow policyholders to pay for coverage as they need it, adding coverage as they go. While this is a great feature, it also makes these apps vulnerable to attacks on payment information. To protect payment data, all data types must be encrypted using a level to comply with the PCI (Payment Card Industry) standard.

If an insurer is found to be in violation of PCI compliance, fines and even the loss of ability to accept credit cards as a payment type may result.

5. Abuse of static and dynamic analysis tools

Software developers use this information to debug and complete other important tasks during software creation, but it can also be used by cybercriminals to discover an app’s internal logic. The insights enable them to create polished, targeted, and highly effective attacks on not only the apps, but also the app’s back-end services.

Obscuring the binary code will help prevent reverse engineering, while added shielding with anti-debugging, anti-reversing, and anti-tampering protections will strengthen the app’s defenses.

6. Network attacks

Many mobile apps from both insurtech and insurance companies communicate using TLS 1.1 and HTTP, neither of which are particularly secure. They allow for cybercriminals to perpetrate “man-in-the-middle” attacks on data while it’s being transmitted, which allows for them to steal and even alter it mid-stream. To protect against potential attacks, developers should implement TLS version enforcement, TLS 1.3, secure certificate validation and malicious proxy detection.

In conclusion

Both insurtech and insurance industry members have a great chance to grow and improve consumer satisfaction with mobile apps. These apps must be secure or a cybercriminal is waiting in the dark to execute their next attack. Securing against these threats will help ensure the safety of everyone and their data while building a foundation for digital expansion.

You have heard the terms digital transformation and cloud computing many times in the past decade, but now it has come to the insurance sector. Digital technologies have had a major effect on just about every industry from retail and manufacturing to healthcare and hospitality. The insurance industry is often slower to jump on any new trends. Insurance providers are set in tradition and don’t usually see much need to change. Digital transformation and blockchain strategies are not usually part of insurance technology. 

Insurance Companies and the Customer Experience

Although many aspects of the insurance industry have been digitized for many years, much of the work was still done with pen and paper, especially the underwriting of insurance policies. This has changed. To keep up with the demands of their clients and improve the customer experience, nearly all of their operations are now handled by automation and artificial intelligence. Any business, including startups wanting to stay competitive in the twenty-first century, must be willing and able to meet with new and current customers where and when the client chooses, in real-time. Understanding customer behavior is more important than ever.

The driving force behind the digital transformation of the insurance industry is artificial intelligence, predictive analytics, data analytics, machine learning, mobile access, live chat, and automation. This has allowed the insurance business to step into the modern world and compete effectively.

How Insurance Companies are Changing

Just as with other industries, there are a vast number of ways of how digital transformation has changed the insurance industry. For example, operations are streamlined, interactions with customers are in real-time over the internet through platforms such as Zoom, customer needs are instantly addressed over live chat, the claims process is electronic and automatic, financial services are more efficient, insurance products are easier to access and brokers are able to aggregate client information for a smoother, more accurate outcome. However, the most profound impact digital transformation has had on the insurance market can be summed up in four categories: Efficiency, Personalization, Scalability, and Agility.

Efficiency of Automation

The most obvious benefit of going digital is efficiency. There is no doubt machines can work faster and more accurately than humans. Primarily controlled by artificial intelligence and automation, and other technologies such as the Internet of Things, advanced analytics, and machine learning, nearly every process in the insurance industry has been optimized for speed and to better meet customer expectations.

Policyholders benefit from a faster claims process through mobile apps and underwriting takes much less time due to automation, getting insurance policies out to clients quicker. Digital transformation also greatly improves customer service because clients can access live chat and digital assistants around the clock – anytime they need help, help is available.


Customers don’t want to be just a number on their insurance policy. They expect an exceptional customer experience and personalized attention. Competition is fierce. If you can’t fulfill the needs of your clients, someone else will gladly take your place. Your customers want to know that their needs are being met and that you care about them.

Insurance is a very personal thing and that’s why it has been handled person-to-person for all these years. However, you can have digital transformation without losing that personal touch.

You have the latest technology at your fingertips to provide the best of everything your clients want – personalized service, security, and protection. Plus, the convenience of checking the status of their insurance policy and claims online.


Digital transformation helps the insurance industry scale easier. Although much of the work was always done in the field, agents needed office space and the broker needed a home base of operations. Most agents now work from home, which saves you a lot of money in overhead. You can scale your business without adding extra office space or buying expensive technology. Cloud computing gives all of your agents instant access to everything they need to meet the client’s needs and access to IoT to make life easier.

Customer benefits include self-service dashboards, mobile apps, and wearables so they can easily access their insurance policies anytime they like.


Transforming to a digital world has helped insurers become more agile. Transporting data is instant. With just a few clicks an agent can complete a client application form and send it securely to the underwriting team. As the client base grows, there is no need for extra space or equipment. Your company is agile enough to grow with the times.

These new technologies, including digital transformation for insurance, are certain to evolve and you can be sure that with a solid technological foundation, your business will be able to grow right along with it without a hitch.

Why Digital Transformation for Insurance Matters

The whole world has embraced digital transformation and it is about time that the insurance industry has joined in, as well. APIs are critical for digital transformation for insurance. In addition to their architectural part in integrating apps, APIs and technological advancements empower you to implement new business strategies, agile and scalable business changes, unparalleled ecosystem connectivity, and superior customer relations.

The original, unedited version of this article was first published on

How is insurance verified?

To prove that coverage exists for an insured party, a COI (Certificate of Insurance) is often requested or required by a third party. For the insured, it is a digital or physical form that shows proof of being covered by a particular type of coverage (e.g., casualty, liability, etc.) in the event of a claim being filed against them by a third party.

Any time that a specific insurance plan needs to be verified by a regulatory body, legal representative, employer, etc., a COI is the final proof of its coverage. And while it isn’t a legal contract, it is evidence that an insurance contract exists between the person insured and the carrier.

What to look for on a COI

Usually, COIs contain one page of pertinent information organized in a recognizable pattern. Here are a few things to look for on a COI, confirming the document is legitimate and not fraudulent.

Basic information about both the policy and parties involved, including:

  • Effective policy date
  • Name of the insured with contact information
  • Producer serving the policy
  • Company providing the coverage, labeled using letters

COIs also contain detailed information about the specific coverage being provided and final information on the holder of the certificate, including:

  • Certificate holder that matches the “insured” above
  • Statement from the insurer stating they may – but are not obligated to – notify the holder of the certificate in the event of a cancellation of the policies on the certificate
  • Authorization representative of the insurer

Certificate management

Standardization of COIs streamlines the verification process while also making it feasible for companies to be able to process large amounts of COIs for different coverages, policies, and insureds. But even with standardization, it can be challenging for larger companies to manage the COIs with the growing network of their strategic partners.

LenderDock makes COI management simple & easy

LenderDock is the first and only cloud-based solution that empowers banks and lenders to generate On-Demand Certificates of Coverage and Evidences of Insurance all in real-time.  Insurance providers recapture significant time and resources by enabling a true self-service environment for loan originators and mortgage banks to access and verify necessary policy-related data.  Insurers across the country are taking advantage of LenderDock’s platform for immediate and valuable cost savings and operational efficiencies.  To learn more about LenderDock’s unique lienholder process automation ecosystem, contact [email protected].          

LenderDock recently passed the SOC 2® Type 2 Examination. So, what does this really mean for you?

What is the SOC 2 Type II report?

It is a report on the suitability of the design and operating effectiveness of the controls used on our primary systems, supportive system components, and business processes that warrant our principal service. It also provides assurance to external parties with respect to the security and availability of the systems that validate LenderDock’s lienholder process automation and the confidentiality of the information that is processed by these systems.

How is LenderDock’s SOC 2 certification measured?

The certification is issued through outside auditors. They measure the ability that LenderDock has demonstrated in following five core trust principles, which are broken down as follows:

1. Security

This section of certification refers to the protection of system resources against unwanted and unauthorized access. Access controls help prevent abuse of the system, unauthorized removal or changing of data, theft, and software misuse.

Security tools used or installed by the IT department (e.g., web application firewalls, intrusion alerts, two-factor authorization) are helpful in preventing breaches that can lead to unauthorized access to company data and systems.

2. Availability

This principle refers to how accessible the system is, as well as the products and services that are stipulated in a contract or SLA (service legal agreement). The base acceptable performance level for the system’s availability is set by both parties.

While this principle does not include system usability or functionality, it does involve security-related items that could affect availability.

3. Processing Integrity

Processing integrity addresses if a system succeeds in its purpose (e.g., delivering data at the correct time). The data processing must be complete, timely, valid, accurate, and authorized.

4. Confidentiality

Data is labeled as confidential if its disclosure and access is restricted to specific personnel or organizations. Examples include business plans, intellectual property, company finances, and other types of sensitive information.

Encryption is important for the protection of confidential information during transmission. Both application and network firewalls and rigorous access controls can be used to safeguard company information that is being stored or processed on computer systems.

5. Privacy

The privacy section addresses the system’s ability to collect, use, retain, disclose, and dispose of personal information in compliance with LenderDock’s privacy notice, as well as the criteria set forth in the AICPA’s generally accepted privacy principles, also known as GAPP.

Personally identifiable information (PII) is information that can distinguish an individual (e.g., SSN, address, name). Some personal data related to sexuality, religion, health, and race is also considered sensitive and requires extra levels of security. Controls are required to protect all PII from unauthorized access.

Significance of SOC 2

SOC 2 audits are rigid, and SOC 2 Type 2 reports are attested per the SSAE-18 standards published by AICPA. The SOC 2 framework includes the 17 principles of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control-Integrated Framework, along with supplemental controls. LenderDock’s use of security controls aligns with the COSO principles and the supplemental controls.

What this means for you

LenderDock has put in place monitoring of the health of these systems by automating most areas and has a dedicated team that oversees the performance.

In other words, your data is secure, and your process is simplified using LenderDock’s services.

Brace yourself for an economic hurricane. 

That was the advice given by JPMorgan Chase CEO Jamie Dimon at a financial conference in June. Just a few days later, Tesla CEO Elon Musk echoed Dimon’s feelings, telling his executives that he has a “super bad feeling” about the current state of the economy amid plans to cut the company’s staff by 10 percent. 

What may be coming

While these major company CEOs feel the economy is trending in the wrong direction, they aren’t the only ones who feel this way. According to a survey by CNBC, more than 80 percent of Americans believe the country’s economy will fall into a recession by the end of 2022. The University of Michigan’s Consumer Sentiment Index is falling to levels not seen in over four decades. Even economists seem more gloomy than normal, saying the odds of a recession in the next year are at 30 percent – twice as high as they presumed just a few months ago. 

Add in worker shortages, supply chain issues, and the rise of inflation, and leaders in the business world are starting to grapple with the new reality, an economic recession that could be deep and lengthy. Companies are readying for a downturn, researching ways to insulate themselves from the worst of what is seemingly coming. 

The past is the key

To solve the issue and prepare themselves for what is next, business leaders would be wise to look to the past. After all, the last U.S. recession was only 15 years ago. Looking back can help companies survive, but also thrive once the recession has reached an end. That’s where Watermark Consulting comes in. 

For over ten years, Watermark has studied the connection between customer experience (CX) and shareholder return (via third-party feedback surveys and public company stock performance numbers). The resulting Customer Experience ROI Study has now become one of the most cited analyses of its kind. While the study showed how CX-leading companies outperform their competition over the long-term, we wanted to analyze the data from just the last recession (2007-09). The results were stunning. 

CX-leading companies weren’t safe from the effects of the last recession, but they clearly fared better than other businesses. While the market as a whole and the CX-lagging companies lost a large amount of their market value, the CX-leading ones actually netted positive shareholder returns.

Customer experience matters 

It has been shown through many different studies that a great customer experience in turn leads to financial performance. It helps raise revenues, and since loyal customers stay around longer, they tend to be less price sensitive. They also entertain ideas for other products and services and they refer new customers to your company. A great customer experience also helps control – if not even reduce – expenses, since less needs to be spent on new business acquisitions (thanks to referrals and repeat business). The cost of serving these customers also decreases as fewer complaints means less pressure on the company’s operating arm. 

There are other conclusions that can be found from Watermark’s CX ROI data, mainly that the company’s customer experience quality really does influence its chances of successfully navigating an economic downturn. 

CX-leading firms appear to be better cushioned from the more severe issues of a recession, and they also seem to bounce back sooner when the economy improves. That is likely due to how customer behavior is shaped by both great product and service experiences. Businesses that offer these outstanding experiences become one of the last places that people make budget cuts, while also being one of the first they return to when their budget is less restricted. 

When an economic downturn is near, many business leaders result to knee-jerk reactions by cutting expenses to try to overcome the impact – cutting travel, freezing hiring, postponing investments, etc. – but the data in the Watermark study shows that if cost-cutting begins to undermine the quality of a customer service experience, then it could damage the company’s ability to battle back following the recession. 

So, how does a CEO or business owner capitalize on client experience to protect their company from the worst effects of the looming recession? Here are three possible strategies: 

1. Give customers a reason to return 

We aren’t quite in a recession just yet, and both consumer and business spending are at strong levels. This means companies have many chances to shape customer impressions. Take advantage of the opportunity before people begin to cut back on spending. Polish and refine your customer experience now so that there is a reason to return in the future. 

2. Cut costs by anticipating avoidable customer questions 

Believe it or not, it is possible to cut costs while also enhancing the customer experience. Shift your focus to upstream improvements that eliminate downstream and costly customer inquiries. You could have better product assembly guides, clearer, and more detailed invoices, or make the process of returns easier. These upstream improvements enhance the customer experience and can be delivered at a more competitive cost. 

3. Reexamine what is important to your consumer 

As economic conditions change, so may your customer’s needs, wants, fears, and aspirations. Product features or experiences that were relevant previously may no longer be as important. New customer requirements may also present a chance to engage consumers in a different, yet more enticing way. 

Prepare your business now

While it is not entirely possible to avoid all the pitfalls of an economic recession, the Watermark analysis does show that a better customer experience can help protect a company from the worst impacts of a downturn while also setting it up for success when the economy improves. If you deliver an experience that customers love, they’ll reward you with their business, either now or in the future. 

An original, unedited version of this article first appeared on 

It’s no secret that the insurance verification process can be a real hassle. But is the extra time and effort required worth the cost? In this blog post, we’ll take a look at the pros and cons of manual insurance verification and offer some tips on how to make the process as painless as possible.

When you consider how much time, energy, and resources go into manually verifying homeowners’ insurance, it is evident that the costly and tedious process is outdated.

Many costs involved

According to numbers gathered by a third party, the true cost of manually verifying insurance can be broken down into numerous categories and steps.

Loan officer and processor

A loan officer that tracks down a client to make corrections and gather information costs on average $1.61 per minute. If just those few details take only five minutes to assemble, the overall cost is now $8.

Add in the duties of the loan processor (follow-up calls, reviewing information, keying in data, etc.) at an average of $.60 per minute for 15 minutes of estimated work, and the total cost of verifying sits at just over $17.

The mortgage side

The responsibilities of the mortgage underwriter – loan parameters, setting and clearing conditions, etc. – cost an average of $.93 per minute. Adding a total of $4.65 for an estimated five minutes of work, the manual cost has increased to $21.70

A mortgage quality assurance assistant adds an extra $1.98 to the cost ($.66 per minute for an average of three minutes) to compare the policy against LOS.

The overall cost

With all the different steps and duties outlined, the cost of manually verifying homeowners’ insurance averages $23.68.

That is a lot of time, effort, and money to complete a somewhat simple task

How LenderDock helps

Through a lightweight integration, you can now couple specific policyholder data with LenderDock and instantly present third-party financial institutions with real-time, verifiable policy information.