Radian Group, a US-based mortgage insurance services provider, has invested in Covered Insurance Solutions, a digital insurance agency which enables homebuyers to compare and purchase homeowners insurance.
Financial details related to the investment were not disclosed.
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As per Radian, the investment is part of efforts to focus on developing and leveraging next-generation digital business models through data, analytics and technology.
The company is also The investment in Covered Insurance Solutions advances Radian’s strategy to deepen relationships with its customers by introducing relevant solutions to help build their business.
Radian CEO Rick Thornberry said: “The digitalization of our industry is well underway, and we believe that the most successful companies in the future will be the ones that most effectively leverage technology.
“That’s why we have made our own digital transformation such a priority, and that’s why we are investing in Covered, a promising fintech startup that is working to disrupt how homeowners insurance is bought and sold.”
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By GlobalDataCovered Insurance Solutions is a licensed insurance agency in 48 states
Denver, Colorado-based Covered Insurance Solutions was founded by CEO Ross Diedrich and chief administrative officer Chris Diedrich. The firm is now a licensed insurance agency in 48 states.
Besides, home insurance, the agency also offers auto, renters, commercial, cybersecurity and pet insurance services.
Covered Insurance Solutions claims to offers quick, free and unbiased homeowners insurance options for homebuyers, from across 19 major national carriers during loan origination process and through homeownership lifecycle, by partnering with mortgage lending, servicing and real estate providers.
Its software is claimed to integrate with banking and lending platforms, speeding the closing process and offering partners with improved customer experience for enhanced borrower retention and engagement.
Diedrich said: “We are very excited to partner with Radian as we embark on this new phase of our development.
“Radian’s comprehensive industry intelligence and deep relationships will be tremendous assets as we expand our reach into the mortgage ecosystem with comprehensive insurance offerings.”
