Fintech firm Nexsys Technologies has joined forces with insurance company Lemonade to simplify homeowners insurance verification process.

Under the collaboration, Lemonade joins the Clear HOI platform, a move that will enable Nexsys users access a tool that digitises the manual communication between mortgage lenders and homeowners insurance companies.

Clear HOI establishes a digital connection between insurers and mortgage lenders that eliminates unnecessary delays and reduces potential errors.

Nexsys Technologies executive vice-president Mike Lyon said: “Home financing has been totally redesigned, transforming it from a pen-and-paper system to a completely digital experience for more and more lenders.

“As mortgage lenders are adapting to this new reality, they are realising sticking points where technology can be injected to clear hurdles and improve the process. Clear HOI is a solution that adds 21st-century innovation to one of the remaining manual steps in the mortgage transaction.

“We are proud to have Lemonade on board. We are quickly seeing the mission of Clear HOI being realised as more lenders and insurance providers sign on. We are approaching a tipping point where companies will realise that offering Clear HOI, and other innovative Nexsys tools, will allow them to compete and deliver a better experience for their clients.”

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By GlobalData

Based in the US, Nexsys Technologies provides technologies to streamline lending processes. The company’s solution portfolio also includes Clear Sign, a mortgage e-closing platform.