Press Release

SALT LAKE CITY, December 1, 2022 – LenderDock Inc., a SaaS company offering the only truly digital Property and Casualty Insurance policy verification solution, announced a new partnership with Farm Bureau Insurance Company of Idaho. LenderDock also specializes in automating lienholder process management services.

“LenderDock is proud to be partnered with Idaho Farm Bureau given their laser focus on their customers and a strategic commitment to managing internal resources, optimizing business processes, and mitigating costs. Their thoughtful approach to technology solutions and partnerships is exemplary,” said Frank Eubank, LenderDock’s CEO.

Through the partnership, the use of LenderDock’s Base Platform will help Idaho Farm Bureau’s service and support teams eliminate time-consuming lender communications. LenderDock Base includes the Verifi™ and Correxion™ services. In addition, Idaho Farm looks to implement LenderDock’s Notifi™ service, which facilitates the electronic delivery of loss payee, billing notifications, and escrow billing.

Founded as Idaho Farm Insurance Company in 1947, the company began by offering only auto insurance. Today, Idaho Farm Bureau is one of the Gem State’s leading auto insurers, as well as the state’s largest writer of farm and ranch insurance. It is the largest insurance company wholly based in Idaho.

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 lien holder 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.

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 gooseheadinsurance.com.

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.

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.

Personalization

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.

Scalability

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.

Agility

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 www.dreamfactory.com.

SALT LAKE CITY, UTAH – June 20, 2022 – LenderDock Inc. and Palomar Insurance (Palomar) have announced a new partnership that strategically supports the goal of having a comprehensive lienholder process automation solution by fully digitizing lienholder verifications, mortgagee correction requests, and escrow payments.

As the company continues to expand, finding a solution that reduces operational costs related to mortgagee communication has been an ongoing effort for Palomar. Having a single provider that addresses the variety of tasks and requests from banks and lenders was pivotal in their decision. Recently, more and more time has been spent manually processing proof of insurance verifications, mass mortgagee change requests, and escrow billing errors. These tasks are impediments to the company’s growth.

In addition to utilizing LenderDock’s Verifi™ and Correxion™ base platform, Palomar looks to implement LenderDock’s Notifi™ and LenderPymts™ services which will facilitate the electronic delivery of loss payee, billing notifications, and digital escrow payment reconciliations.

Palomar is a rapidly growing and innovative insurer that provides specialty insurance to residential and commercial customers in underserved markets. Focusing on earthquake, hurricane, and flood insurance, they leverage proprietary data analytics and a modern approach to deliver unparalleled products and services.

“Palomar is an insurer partner that sees the value of new technology and the impact that it makes when tackling outdated workflows and business processes. We are excited about the opportunity to support their continued growth and expansion.” Frank Eubank, LenderDock CEO

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.

SALT LAKE CITY, UTAH, – June 15, 2022 – On Wednesday, LenderDock Inc. and Grange Insurance Association (GrangeAssociation) announced a new partnership that advances the goal of an all-digital lien holder process automation solution by fully digitizing lien holder verifications and mortgagee correction requests.

Grange receives a high volume of calls and policy change requests from lenders that monopolize the time of their Customer Service representatives and Operations team members. They have struggled to manage the volume of large lists received from lenders notifying them of the need to update lien holder information on their policies.

Without an automated and standardized process, it had forced them to review each policy and manually make changes within their system. Due to the number of mortgage transactions in the last few years, they would likely be forced to hire additional staff just to keep up. Yet this is how it has been done at Grange for more than a decade. They needed to find a way for them to better utilize their internal resources for more meaningful activities.

The decision to partner with LenderDock’s cloud-based lien holder process automation platform was based on their long-term strategic objective of improving their operational efficiencies. This partnership’s aim is to help drive down costs, save valuable time and conserve internal resources.

Founded in 1894, Grange Insurance Association has grown into a regional mutual insurance company serving the needs of farming families, “Main Street” communities in urban and suburban markets. They currently offer services in California, Colorado, Idaho, Oregon, Washington, and Wyoming.

“We are thrilled to be partnered with Grange Insurance. They have a long history of being very customer-centric and adapting to the changing market. We are excited to help them leverage new technology that will help accomplish their goals of securing cost savings and operational efficiencies.” – Travis Rodak, LenderDock CTO

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.

SALT LAKE CITY, UTAH – June 13, 2022 – LenderDock Inc. and Hippo Insurance (NYSE: HIPO) announced a new partnership that advances the goal of an all-digital lienholder process automation solution by fully digitizing lienholder verifications and mortgagee correction requests.

Hippo has made a concerted effort to focus on improving the customer experience and mitigating friction in providing payment information for escrow billing.

Ease of use and data accuracy were also important enhancements the company is looking for. Despite having implemented its own basic lender portal over a year ago, the company decided to find a more robust and comprehensive solution. Their decision to partner with LenderDock’s cloud-based lienholder process automation platform was due to how closely it aligned with Hippo’s key business objectives; drive better customer experience and reduce manual activity as they scale.

Founded in 2015, the Palo Alto, CA-based insurance company is an Insurtech leader that uses technology to streamline the homeowner’s insurance process. Hippo is currently available in 37 states with more coming soon. The company plans for significant growth and has more than 620 employees, spread across locations in Austin and Dallas, Texas, Palo Alto, Calif., Bedminster, N.J., and Tel Aviv.

“Hippo Insurance embodies the spirit of technology and the critical role it plays in advancing growth, service, and operational efficiencies. It is exciting to work with a partner that shares the same vision of how cloud-based automation solutions are delivering real results in driving down operational costs and boosting internal efficiencies.” – Frank Eubank, LenderDock CEO

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.

Salt Lake City, Utah, – February 16, 2022 – LenderDock Inc., Universal Insurance Holdings (NYSE: UVE), Olympus Insurance, Cabrillo Coastal, and Citizens Property Insurance Corp. announced a new partnership that advances the goal of a fully digital lienholder process optimization solution by automating on-demand lienholder verifications and mortgagee correction requests.

LenderDock’s innovative policy Verification-as-a-Service platform and suite of services eliminate millions of unwanted lender-originated phone calls, emails, faxes, and letters while attaining the highest digital delivery of escrow billing and interested-party notifications in the industry. The complete end-to-end solution provides significant cost savings and operational efficiencies for insurance providers.

“LenderDock’s overall objective is to give insurance providers a complete end-to-end solution that drives down costs and sunsets antiquated and obsolete business processes that distract from serving, supporting and retaining customers.

In today’s competitive landscape, we are streamlining a way for carriers and insurance providers to get back to the business of focusing exclusively on their policyholders.” – Frank Eubank, LenderDock CEO

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

For more information, please call Frank Eubank at 801-358-7303 or email [email protected]

Salt Lake City, Utah, – February 16, 2021LenderDock Inc. and The Hanover Insurance Group, Inc. (NYSE: THG) have announced a new partnership that advances the goal of an all-digital lienholder data management solution by fully automating on-demand lienholder verifications and mortgagee correction requests.  

Founded in 1852, the Worcester, MA-based insurance company is one of the largest insurance businesses in the United States. Together with its agents and wholly-owned subsidiaries, The Hanover offers standard and specialized insurance protection for small and mid-sized businesses, along with homes, automobiles, and other personal items.

“Lenderdock is delivering on its promise of handling many of our financial institution inquiries through its platform, which has resulted in a reduction of calls to our Customer Service Center, allowing us to spend more time with our customers and agents. From the initial engagement all the way through post-implementation support, Lenderdock has been a highly collaborative and innovative vendor partner.” Glenn Margosian – AVP, Process, Technology, Analytics for The Hanover Insurance Group

LenderDock’s innovative policy Verification-as-a-Service (VaaS) platform and services suite are eliminating the millions of unwanted lender-originated phone calls, emails, faxes, and letters while attaining the highest digital delivery of escrow billing and interested-party notifications in the industry.  The complete end-to-end solution provides significant cost savings and operational efficiencies for insurance providers.   

“LenderDock’s objective and overall design is to empower insurance providers with a comprehensive solution that drives down costs and sunsets antiquated and obsolete business processes that distract from serving, supporting, and retaining customers,” said Frank Eubank, LenderDock’s CEO.  “In today’s competitive landscape, we are streamlining a way for carriers and insurance providers alike to get back to the business of exclusively focusing on their policyholders.”  

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

To learn more about LenderDock’s real-time policy Verification-as-a-Service platform, please contact [email protected]

LenderDock and Security First Insurance Announce Strategic Partnership

FOR IMMEDIATE RELEASE

Salt Lake City, Utah August 13, 2020LenderDock is pleased to announce a fully integrated partnership with Florida-based homeowner’s insurance company, Security First Insurance (www.securityfirstflorida.com).  Delivering the industry’s first ever automated lien holder data management solution. LenderDock’s real-time web service API processes on-demand lien holder policy verifications, mortgagee corrections and digital delivery of loss payee, and escrow billing notifications automate key mortgagee transactions and create greater operational efficiencies for Security First.

As Florida’s premiere homeowner’s insurance company, Security First Insurance provides home, renters, condo unit owners, dwelling fire insurance, and flood insurance coverage to thousands of Floridians.

Through LenderDock’s services suite including eVerifi™, eNotifi™ and Direct Connex™, insurers are eliminating the millions of unwanted lender-originated phone calls, emails, faxes and letters while receiving the highest digital delivery of escrow billing and interested-party notifications in the industry. The complete end-to-end solution provides significant cost savings and operational efficiencies for insurance providers anywhere in the country.   

Ben Bomhoff, Vice President of Enterprise Systems

“LenderDock’s services has enabled us to automate this part of our business, provide better service, lower costs, and increase efficiencies, specifically allowing our staff to work on higher value customer interactions We are very pleased with the ease of integrating these services into our core platform and the value it brings to our business.”   

LenderDock Inc.

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

  • 1