Truv, an income and employment verification provider, has expanded its product suite to include insurance verification for mortgage and auto lenders.
Collecting, recording and verifying insurance policy information takes time and resources. 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 60 seconds, the company says. 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 is adding this new insurance verification product to their income and employment verification product.
“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,” says Truv’s co-founder and 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.”