Insurance Verification
Quickly verify the status of a consumer’s auto or home insurance policy to further automate the loan approval and onboarding process. In turn, you’ll provide a best-in-class digital experience for your customers while reducing risk for your organization.
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Efficiently Verify Insurance Information
Problem
Collecting, recording, and verifying insurance policy information can drain precious time and resources. Traditionally, it requires customers to manually upload documents, which creates friction in the loan approval and onboarding process, often causing qualified customers to go to another lender for their needs.
Solution
By enabling your customers to connect directly to their insurance provider, Truv provides you with verified policy information in less than 60 seconds. Current coverages, deductibles, premiums, and even the entire declaration page will be sent to you to minimize the cost associated with manual labor and decrease risk from fraudulent uploaded documents.
Approve Auto & Mortgage Loans Faster with Insurance Verification
Traditional Approach
- Slow & High Friction Consumers have come to expect automated digital experiences, and manually uploading insurance verification documents can take up to three days to verify which creates churn.
- Risk of Fraud One of every twelve uploaded documents are fraudulent, creating a significant amount of risk for insurance policies that may be out of date or non-existent.
- Expensive Manually verifying insurance eligibility can be an expensive process, as you need to allow your customers to manually upload documents that an employee must review.
- One Time Report With manual insurance verification, you get a one-time snapshot of their current coverage and are in the dark with any changes that occur.
Truv
- Automated Provide your customers with a streamlined and best-in-class digital process to verify their insurance. Doing so allows you to minimize the number of applicants who drop-off due to manually verifying their insurance.
- No Fraud Receive all of the auto and mortgage insurance information directly from the source, and in doing so, you can move forward with confidence knowing that it’s accurate data.
- Reduce Costs Automate your insurance verification process to remove costs associated with manual labor to verify insurance.
- Reverify Insurance Coverage Receive any updates to changes to your customers’ insurance policies including policy status, deductibles, premiums, and all other coverage details.
Use Cases for Insurance Verification
Access All of the Necessary Data from the Insurance Provider
Best-in Class Coverage
We successfully connect to homes and auto insurance accounts covering over 90% of U.S. policy holders.
Complete
Coverage for All Major Insurance Providers
90%
Coverage of Auto Insurance Policies
80%
Coverage of Home Insurance Policies
Truv is Enterprise-Ready and FCRA Compliant
Combine Income & Employment Verification with Insurance Verification in a Single Experience
Truv enables you to verify insurance, income, and employment data all in a single experience. Verifying an applicant’s income and employment enables you to make more confident decisions that drive growth while reducing risk for your organization.
Learn moreGet Started with Automating Insurance Verification
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