Blend (NYSE: BLND), the leading origination platform for digital banking solutions, and Covered Insurance Solutions (Covered), a premier provider of embedded insurance solutions, have announced a new strategic partnership to further streamline the home insurance shopping experience.
“This partnership is a major step forward in providing borrowers with more options and convenience when shopping for home insurance quotes,” said Nima Ghamsari, co-founder and CEO of Blend. “By integrating Covered’s leading marketplace directly into our mortgage platform, we’re empowering borrowers with more choices and better value, while helping lenders accelerate the loan process. We look forward to a strong, long-term strategic partnership with the Covered team.”
By joining forces, the companies will jointly provide lenders an improved carrier panel and overall service offering, including an expanded range of available insurance carrier options with greater choice and value, as well as enhanced engagement tools.
By integrating Covered’s extensive marketplace directly into Blend’s mortgage application workflow, Blend will be in a position to offer its mortgage customers expanded access to top-rated national and regional insurance carriers across all 50 states, representing another milestone in strengthening its end-to-end digital mortgage capabilities.
“Together with Blend, we’re elevating the home lending experience, making it more efficient and customer-centric,” said Ross Diedrich, CEO of Covered. “Partnering with Blend means we can bring enhanced carrier markets and more value to better serve Blend’s lender clients and their borrowers. Furthermore, Covered’s best-in-class mortgage servicing partnership programs will allow Blend’s lender clients to extend value beyond origination through the entire mortgage lifecycle. We’re excited to add value to Blend, their lender clients, borrowers across the country, all while accelerating our market share in the mortgage industry.”
Through this agreement, Covered has taken on Blend’s insurance agency operations, transitioning Blend’s insurance services from an exclusively in-house model to a partnership-driven approach that provides a more robust and comprehensive insurance marketplace. With a focus on continuity for lender partners, the partnership will leverage the robust compliance, data security, and infrastructure that exists today. Covered will be able to scale its marketplace presence directly within the Blend ecosystem, significantly expanding its reach across the U.S. mortgage market.