NEW YORK CITY — (BUSINESS WIRE) — Today, Truv, the market-leading income and employment verification provider, announced that they expanded their product suite to include insurance verification. Truv’s new product provides further progress on their vision to help organizations unlock the power of consumer-permissioned data.
Mortgage and auto lenders drain precious time and resources by collecting, recording, and verifying insurance policy information. Historically, this verification process is done as customers manually upload documents for an employee of the lender to manually review on the back-end. This creates a slow process full of friction while increasing the risk of fraudulent documents.
With Truv’s new insurance verification product, mortgage and auto lenders can instantly verify 90% of U.S. insurance policy holders in less than sixty-seconds. Lenders can now embed the Truv Connect Bridge into their loan onboarding flow where applicants will be able to login directly to their insurance provider. After a connection is successfully established, mortgage and auto lenders receive over 100 different data fields from the insurance provider including current coverages, deductibles, and premiums.
Truv adds this new insurance verification product to their already robust income and employment verification product to continue their mission of unlocking data silos for lenders to underwrite with confidence. Truv’s income and employment verification product currently covers over 85% of the U.S. workforce with over 12,800 unique integrations.
“With the addition of insurance verification to Truv’s product suite, we are able to further automate the mortgage and auto loan approval process while reducing risk for these lenders,” said Truv’s Co-Founder & CEO Kirill Klokov. “We’re looking forward to partnering with mortgage and auto lenders to help them approve more loans faster through the combination of income, employment, and insurance verification.”
First appeared on Business Wire.