Radian Group Inc. (NYSE: RDN), announced today that it has made a strategic investment in Covered Insurance Solutions, Inc., an independent digital insurance agency whose proprietary technology enables homebuyers to easily compare and purchase homeowners insurance at any time, including during the mortgage application process. Terms of the investment were not disclosed.
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Example – Covered Insurance Quotes Delivered to Homeowners (Graphic: Business Wire)
The investment is consistent with Radian’s commitment to ensuring the American dream of homeownership responsibly and sustainably through products and services that span the mortgage and real estate spectrum, as well as its focus on developing and leveraging next-generation digital business models powered by data, analytics and technology. This is another step in Radian’s strategy to deepen relationships with its customers by introducing them to unique and relevant solutions to help build their business.
Covered provides homebuyers with fast, free and unbiased homeowners insurance options from 19 major national carriers during the loan origination process and through the homeownership life cycle, partnering with mortgage lending, servicing and real estate providers. Its end-to-end software seamlessly integrates with banking and lending platforms, accelerating the closing process and providing partners with a value-add customer experience that improves borrower retention and engagement.
“The digitalization of our industry is well underway, and we believe that the most successful companies in the future will be the ones that most effectively leverage technology,” said Radian Chief Executive Officer Rick Thornberry. “That’s why we have made our own digital transformation such a priority, and that’s why we are investing in Covered, a promising fintech startup that is working to disrupt how homeowners insurance is bought and sold.”
Radian Senior Executive Vice President and Chief Franchise Officer Brien McMahon added, “In a short time, Covered has already gained recognition in our industry, winning the Housingwire Tech100 award for the past two years. We believe Covered can provide significant value to our customers and other industry participants, and we look forward to supporting their development and growth.”
Covered is based in Denver, Colorado and was founded by Chief Executive Officer Ross Diedrich and Chief Administrative Officer Chris Diedrich. It is a licensed insurance agency in 48 states.
“We are very excited to partner with Radian as we embark on this new phase of our development,” said Diedrich. “Radian’s comprehensive industry intelligence and deep relationships will be tremendous assets as we expand our reach into the mortgage ecosystem with comprehensive insurance offerings.”
Radian is ensuring the American dream of homeownership responsibly and sustainably through products and services that include industry-leading mortgage insurance and a comprehensive suite of mortgage, risk, real estate, and title services. We are powered by technology, informed by data and driven to deliver new and better ways to transact and manage risk. Learn more about Radian’s financial strength and flexibility at www.radian.biz and visit www.radian.com to see how Radian is shaping the future of mortgage and real estate services.
About Covered Insurance Solutions, Inc.
Covered is the smarter, easier, and faster way to buy homeowners insurance. We are an independent, consumer-first insurance agency focused on making insurance easy to understand and painless to purchase. Our integrated online marketplace combines intuitive technology with a human touch to help consumers quote, compare, and purchase the right coverage at the best price in minutes. We partner with mortgage lending, servicing, and real estate providers to make the home-buying process seamless. Covered is innovating insurance: We are a Housingwire 2018 & 2019 HW Tech100™ winner and one of Kairos’ “50 World-Changing Startups to Watch in 2019.” Learn more at https://www.itscovered.com/ and follow us on Facebook, Twitter, and LinkedIn. Covered is based in Denver, Colorado.