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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

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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.

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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twelve uploaded documents are fraudulent, creating a significant amount of risk for insurance policies that may be out of date or non-existent.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

Identity

First Name

John

Last Name

Doe

Email

johndoe@gmail.com

Phone

801.321.3232

Drivers

John Doe, Jane Doe

Address

123 Brown Lane, NYC, NY, 11201

Drivers License

PL2830402823

Policy

Insurance Provider

Best Insurance

Policy Type

Mortgage

Effective Date

01/01/2022

Renewal Date

01/01/2023

Canceled Date

Total Premium

$3,232

Status

Active

Agent Info

Agent Full Phone

Joe Smith

Phone Number

801.453.5432

Email

joe@bestinsurance.com

Vehicle

Year

2021

Make

Jeep

Model

Wrangler

Mileage

4,023

VIN

PN293213209232

Purchase Date

03/02/2021

Ownership Type

Loan

Lien Holder

Best Bank

Coverages

Comprehensive

Vehicle Premium

$823

Dwelling

Address

123 Brown Lane, NYC, NY, 11201

Coverages

$400,000

Dwelling Premium

$1,432

Driving Record

Incident Date

06/02/2021

Incident Type

Collision

Violation Type

Is At Fault

Yes

Loss Event

Date of Occurrence

09/22/2021

Type

Flood

Amount Paid

Yes

Is Subrogation

No

Is Claim Open

No

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

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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 more

Get Started with Automating Insurance Verification

Let’s partner together to accomplish your business objectives

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