Policy Search for Homeowners Insurance

04/05 Beta, 04/19 Prod

(Updated 4/12/22) 

Purpose of Update and Benefit

The Homeowners Insurance workflow has historically provided two services to borrowers: helping them shop for a new policy or giving them the option of uploading an existing one. More often than not, borrowers don’t have direct access to their policy details.

With this update, we have combined both the refinance and purchase experiences into a unified flow. And importantly, we are introducing an option for the borrower to search for their existing policy alongside the shopping experience - this will drive multiplicative value for purchase and refi borrowers.

Borrowers will be able to satisfy their Evidence of Insurance requirements quicker and if they are interested, give them an opportunity to shop to save on their existing policy.

In an initial pilot, borrowers closed their evidence of insurance requirements on average a day quicker. Additionally, borrowers were able to save, on average, up to $500 on their home insurance policy by switching to a policy that was more suitable to their needs.

In the future, we plan on exposing the insurance policy data through our public APIs with the intention of pushing the data directly into customer LOSes.

Current Behavior:

If a borrower indicates that they already have homeowners insurance, they only have the option to find and manually upload their existing insurance policy. 

New Behavior:

(Update) - Use this test address for the policy search when prompted:
344 Clinton Street, Apartment 3D, Brooklyn, NY, 11231

In the case where the user selects the latter option above to search for their existing policy, they’re presented with the option below:

After learning basic information about Policy Search, the user selects ‘Get Started’ to proceed. 

The user must grant access to Blend Insurance Agency’s data provider partner, Canopy Connect in order to run the Policy Search. If the user wishes not to, they must stay with their existing policy provider. 

The user will then select their current insurer. 

To test this in beta, the credentials are:

• Username: user_good

• Password: pass_good

In the case that the user wants to stay with their existing policy provider, they’re presented with the below screen:

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