Technology solutions are addressing the complex process of monitoring homeowners insurance coverage associated with mortgages. (Golden Sikorka/Adobe Stock)
The general process of monitoring homeowners insurance coverage associated with mortgage loans has proven complex. Mortgage transfers frequently take place between servicers, making it difficult for carriers to keep up-to-date records. Policyholders may have multiple loans, multiple types of coverage and multiple carriers. Ongoing changes to legal requirements can impact specialized risks such as flood coverage. Currently, the data-sharing process used to monitor insurance is often clumsy and costly. Improving the automation of these data exchanges can provide a more efficient customer experience with the added benefit of cost savings.
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