As Radian Group continues to focus its attention on the mortgage and real estate sector, the private mortgage insurer announced its strategic investment in Covered Insurance Solutions, a digital insurance agency and back-to-back HousingWire Tech100 winner in 2019 and 2018.
Over the last three years, Covered Insurance has secured partnerships with top 10 lenders and top 10 servicers, accelerating their product development to bring more valuable products to the market, and in 2018 alone, they provided homeowners insurance estimates to more than 100 million U.S. residential properties.
“We are very excited to partner with Radian as we embark on this new phase of our development,” said Covered Insurance Co-founder and CEO Ross 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.”
Diedrich added that even though innovation in big, regulated industries is hard, the space is still moving toward unique customer insights and personalized experiences, along with an extra emphasis on ecosystems that support customers for life and retention strategies.
This latest investment from Radian follows recent moves from the company to prioritize its core mortgage insurance and real estate segments, highlighting the importance of data-driven, digital transformation.
“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 CEO Rick Thornberry. “That’s why we have made our own digital transformation such a priority, and that’s why we are investing in Covered.”
Commenting on the how Covered Insurance is disrupting the way homeowners insurance is traditional bought and sold, Thornberry stated that Covered Insurance is a promising fintech startup, as it aligns 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.