Matic Insurance
Matic is disrupting the $95B homeowner's insurance (HOI) industry by providing insurance at the point of sale — when borrowers apply for a mortgage. We're an insurance agency built specifically for mortgage lenders, servicers and their customers. Why Lenders Need Matic: HOI is a requirement for nearly all single-family home loans, and in most cases, securing HOI is the borrower’s responsibility. Any hiccups in this process — for example, if the borrower fails to secure adequate HOI in time for closing, or if the insurance premium makes the borrower’s debt-to-income (DTI) ratio too high — can result in costly closing delays. Matic integrates with lenders to pull borrower and property data straight from the mortgage LOS or POS, so homeowners don’t have to manually enter data or try to guess the answers to questions they don’t know. Then Matic normalizes the data, figures out how much coverage the homeowner needs, and makes more than a dozen top carriers bid on the policy — in seconds. Without Matic, it takes an average of two to three days to get homeowner’s insurance. With Matic, it takes two to three minutes, meaning no delays in loan closings. Today's borrowers expect a modern home-buying experience that is as frictionless and intuitive as choosing and booking an Airbnb, and Matic gets lenders one step closer to delivering that experience. Why Servicers Need Matic: Matic helps servicers achieve the elusive cross-sale while also helping borrowers save on HOI. By analyzing a borrower’s existing policy and comparing it with multiple carriers, Matic optimizes the policy and the price. If a borrower could save money by switching their policy, Matic alerts the borrower on the servicer’s behalf. Then Matic updates the servicer and the escrow tracking, double checking for the correct mortgage payee on all new policies. The servicer gets paid for helping the borrower save money and often sees increased payment performance as a fringe benefit.
Year Organized: 2011
(818) 465-5388