Progressive Insurance is now serving home buyers in the digital mortgage process by using information they’ve already entered for their loans to deliver homeowners’ insurance quotes with a single click.
Working with mobile-first digital mortgage software company StreamLoan, the insurer is extending its HomeQuote Explorer platform that provides comparative quotes from multiple carriers into the home buying process.
“Ease, mobility and speed are what customers expect,” said Progressive’s Tammy Louck, who heads direct quoting. “Offering homeowners quotes with one click right at the point in the mortgage process where borrowers need to enter insurance information is a great example of how we’re making sure our customer experience is best-in-class,” Louck said.
StreamLoan CEO Stephen Bulfer noted that obtaining homeowners insurance is necessary before mortgage underwriters can finalize a loan. “Having Progressive’s quoting engine built right into our platform saves borrowers time and removes a roadblock for lenders to getting the loan closed,” he said.
StreamLoan is a technology firm for mortgage lenders. The company’s digital workflow allows lenders, borrowers and realtors to collaborate in real time. The company says it connects to many large commercial banks, wealth management firms, insurance companies, payroll processors, tax providers, and other financial agencies— more than 15,000 firms in total.
StreamLoan was founded in 2015 and is backed by Silicon Valley venture capitalists who invested $2 million in 2018.
*This story appeared previously in our sister publication Insurance Journal.
(Photo: The Progressive Corp. headquarters is seen in Mayfield Village, Ohio. Photographer: John Quinn/Bloomberg)