August 1, 2022

Can insurance offerings improve the borrower experience?

Over the past few years, lenders have put a microscope to their processes to see where they can improve the borrower journey. But there may be one area they’re still overlooking. HousingWire sat down with Kara Shipulski, vice president of strategic partnerships at Liberty Mutual, and Sean Larney, vertical manager of strategic partnerships at Liberty Mutual, to discuss how partnering with a nationally recognized insurance company improve borrower engagement for lenders.

HousingWire: With rising rates and dramatically lower refi volume, mortgage companies across the industry now have to do more with less to be profitable and competitive. What’s a potentially overlooked opportunity for lenders to stand out in their origination offerings and increase efficiencies?

KaraShipulski

Kara Shipulski: As mortgage companies look to balance profitability and competitiveness, they are likely finding themselves putting even more effort into deepening their relationships with customers beyond the mortgage transaction.

One way lenders can expand the relationship is through expanding their product offerings, and some of the most relevant products include other financial products such as auto, home, or small business insurance offered by lenders’ partners.

Providing access to products like these allows a mortgage company to make things easier for their customers, which helps build trust, and encourages repeat business and future referrals. Offering these adjacent products also enables additional revenue flow for the mortgage company, which allows them to focus more on enhancing their principal products instead of cutting costs – something everyone benefits from.

HW: How can partnering with a nationally recognized insurance company improve borrower engagement for lenders?

SeanLarney

Sean Larney: Engaged borrowers make for happier and more profitable customers, but how do lenders ensure high borrower engagement from their customers? Satisfaction. Increasing a borrower satisfaction helps the lender earn trust which in turn keeps the customer engaged.

In a world where

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