Leasepath, a cloud-based CRM and origination system for the equipment finance and leasing sector, has entered into a strategic partnership with insurance solutions provider instaCOVER.

Through its point-of-sale automated insurance solutions, instaCOVER serves financial institutions, leasing brokers, manufacturers, and equipment dealers.

The partnership will utilise each other’s technology and industry expertise while exchanging resources for innovative new solutions.

Leasepath CEO Jeffrey Bilbrey said: “The Intelligent Workplace is all about enabling innovative solutions to classic industry challenges, and we targeted the insurance process as one that was ready for change since it is customarily done much later in the process and requires an entirely different channel.

“instaCOVER is a logical fit with their already streamlined, high technology approach.”

The alliance is expected to benefit the broader equipment finance community.

The integration of instaCOVER’s insurance quoting process with Leasepath’s finance origination system is expected to help brokers and dealers and also their customers with a transparent quote for the finance and insurance components of the deal, noted Leasepath.

instaCOVER managing director Colleen Shelby called the tie-up a “natural fit”.

Shelby noted: “We feel that Leasepath’s team and platform offers a gateway to exciting new solutions for our customers. Markets will continue to change rapidly, and will need flexible solutions to fill the demand.

“Leasepath and instaCOVER are perfectly aligned to develop those solutions and bring them to market.”