STOCK TITAN

Blend and Covered Insurance Announce New Strategic Partnership to Streamline Home Insurance Shopping

Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership

Blend (NYSE: BLND) and Covered Insurance Solutions have announced a strategic partnership to enhance home insurance shopping within Blend's mortgage platform. Through this collaboration, Blend will integrate Covered's marketplace into its mortgage application workflow, providing access to insurance carriers across all 50 states. Covered will take over Blend's insurance agency operations, transforming it from an in-house model to a partnership-driven approach. The integration aims to offer lenders an improved carrier panel, enhanced engagement tools, and expanded insurance options for borrowers throughout the mortgage lifecycle.

Blend (NYSE: BLND) e Covered Insurance Solutions hanno annunciato una partnership strategica per migliorare la ricerca di polizze assicurative per la casa all'interno della piattaforma di mutui di Blend. Grazie a questa collaborazione, Blend integrerà il marketplace di Covered nel suo flusso di lavoro per le domande di mutuo, fornendo accesso a compagnie di assicurazione in tutti i 50 stati. Covered si occuperà delle operazioni dell'agenzia assicurativa di Blend, trasformando il modello interno in un approccio basato su partnership. L'integrazione mira a offrire ai finanziatori un pannello di compagnie migliorato, strumenti di coinvolgimento avanzati e opzioni assicurative ampliate per i mutuatari durante l'intero ciclo di vita del mutuo.

Blend (NYSE: BLND) y Covered Insurance Solutions han anunciado una asociación estratégica para mejorar la búsqueda de seguros de hogar dentro de la plataforma hipotecaria de Blend. A través de esta colaboración, Blend integrará el mercado de Covered en su flujo de trabajo de solicitud de hipoteca, proporcionando acceso a aseguradoras en los 50 estados. Covered asumirá las operaciones de la agencia de seguros de Blend, transformando el modelo interno en un enfoque basado en asociaciones. La integración tiene como objetivo ofrecer a los prestamistas un panel de aseguradoras mejorado, herramientas de participación mejoradas y opciones de seguros ampliadas para los prestatarios a lo largo de todo el ciclo de vida de la hipoteca.

블렌드 (NYSE: BLND)커버드 보험 솔루션이 블렌드의 주택 담보 대출 플랫폼 내에서 주택 보험 쇼핑을 개선하기 위한 전략적 파트너십을 발표했습니다. 이 협력을 통해 블렌드는 커버드의 시장을 담보 대출 신청 작업 흐름에 통합하여 모든 50개 주의 보험사에 접근할 수 있게 됩니다. 커버드는 블렌드의 보험 에이전시 운영을 인수하여 내부 모델을 파트너십 기반 접근 방식으로 전환합니다. 이 통합은 대출 기관에게 개선된 보험사 패널, 향상된 참여 도구 및 대출 생애 주기 전반에 걸쳐 차용인을 위한 확대된 보험 옵션을 제공하는 것을 목표로 하고 있습니다.

Blend (NYSE: BLND) et Covered Insurance Solutions ont annoncé un partenariat stratégique pour améliorer la recherche d'assurances habitation au sein de la plateforme de prêt hypothécaire de Blend. Grâce à cette collaboration, Blend intégrera le marché de Covered dans son flux de demande de prêt, offrant ainsi un accès à des assureurs dans les 50 états. Covered prendra en charge les opérations de l'agence d'assurance de Blend, transformant le modèle interne en une approche axée sur le partenariat. L'intégration vise à offrir aux prêteurs un panel d'assureurs amélioré, des outils d'engagement renforcés et des options d'assurance élargies pour les emprunteurs tout au long du cycle de vie du prêt hypothécaire.

Blend (NYSE: BLND) und Covered Insurance Solutions haben eine strategische Partnerschaft angekündigt, um die Suche nach Hausversicherungen innerhalb von Blends Hypothekenplattform zu verbessern. Durch diese Zusammenarbeit wird Blend den Marktplatz von Covered in seinen Arbeitsablauf für Hypothekenanträge integrieren, was den Zugang zu Versicherungsträgern in allen 50 Bundesstaaten ermöglicht. Covered wird die Versicherungsagentur von Blend übernehmen und das interne Modell in einen partnerschaftlichen Ansatz umwandeln. Die Integration zielt darauf ab, den Kreditgebern ein verbessertes Anbieterpanel, erweiterte Engagement-Tools und ein größeres Angebot an Versicherungsoptionen für Kreditnehmer während des gesamten Hypothekenzyklus zu bieten.

Positive
  • Integration expands Blend's insurance carrier options across all 50 states
  • Partnership enhances Blend's end-to-end digital mortgage capabilities
  • Transition to partnership model potentially reduces operational costs
Negative
  • Relinquishing control of insurance agency operations to external partner

Insights

This strategic partnership represents a significant shift in Blend's business model, transitioning from an in-house insurance operation to a partnership-driven approach. The integration with Covered's marketplace expands Blend's insurance carrier options across all 50 states, potentially creating new revenue streams and operational efficiencies. The deal addresses a critical touchpoint in the mortgage process, streamlining insurance shopping while maintaining compliance and security standards.

The partnership could strengthen Blend's competitive position in the digital mortgage space by offering a more comprehensive solution. However, the transition from in-house operations to a partnership model suggests potential near-term revenue adjustments as the business model evolves. The expanded carrier panel and servicing programs may drive long-term value through increased customer retention and transaction volumes.

SAN FRANCISCO--(BUSINESS WIRE)-- Blend (NYSE: BLND), the leading origination platform for digital banking solutions, and Covered Insurance Solutions (Covered), a premier provider of embedded insurance solutions, have announced a new strategic partnership to further streamline the home insurance shopping experience.

“This partnership is a major step forward in providing borrowers with more options and convenience when shopping for home insurance quotes,” said Nima Ghamsari, co-founder and CEO of Blend. “By integrating Covered’s leading marketplace directly into our mortgage platform, we’re empowering borrowers with more choices and better value, while helping lenders accelerate the loan process. We look forward to a strong, long-term strategic partnership with the Covered team.”

By joining forces, the companies will jointly provide lenders an improved carrier panel and overall service offering, including an expanded range of available insurance carrier options with greater choice and value, as well as enhanced engagement tools.

By integrating Covered’s extensive marketplace directly into Blend’s mortgage application workflow, Blend will be in a position to offer its mortgage customers expanded access to top-rated national and regional insurance carriers across all 50 states, representing another milestone in strengthening its end-to-end digital mortgage capabilities.

"Together with Blend, we’re elevating the home lending experience, making it more efficient and customer-centric," said Ross Diedrich, CEO of Covered. “Partnering with Blend means we can bring enhanced carrier markets and more value to better serve Blend’s lender clients and their borrowers. Furthermore, Covered’s best-in-class mortgage servicing partnership programs will allow Blend’s lender clients to extend value beyond origination through the entire mortgage lifecycle. We’re excited to add value to Blend, their lender clients, borrowers across the country, all while accelerating our market share in the mortgage industry.”

Through this agreement, Covered has taken on Blend’s insurance agency operations, transitioning Blend’s insurance services from an exclusively in-house model to a partnership-driven approach that provides a more robust and comprehensive insurance marketplace. With a focus on continuity for lender partners, the partnership will leverage the robust compliance, data security, and infrastructure that exists today. Covered will be able to scale its marketplace presence directly within the Blend ecosystem, significantly expanding its reach across the U.S. mortgage market.

For more information, please visit itscovered.com.

About Blend

Blend is the leading origination platform for digital banking solutions. Financial providers— from large banks, fintechs, and credit unions to community and independent mortgage banks—use Blend’s platform to transform banking experiences for their customers. Blend powers billions of dollars in financial transactions every day. To learn more, visit blend.com.

About Covered Insurance Solutions, LLC.

Covered is the leading embedded insurance solution and most trusted partner for auto dealers, lenders, banks, servicers, and fintech companies. As an award-winning independent, innovative InsurTech, we offer a comprehensive online insurance marketplace with over eight insurance products, personalized quote options from 50+ carriers, and multiple policy purchase methods. We make it easy to compare, shop, and purchase personalized insurance in minutes with great coverage and rates, while our licensed Covered Advisors add a human touch to the insurance shopping experience by providing tailored service to each customer. Winner of Housingwire 2018, 2019, 2020 HW Tech100™ and one of Kairos’ “50 World-Changing Startups to Watch”, featured in Wired, Inc. Magazine, and more. Learn more at itscovered.com and connect with us on LinkedIn, Facebook, Instagram and Twitter.

Forward-Looking Disclaimer

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements generally relate to future events, future performance or expectations and involve substantial risks and uncertainties. Forward-looking statements in this press release may include, but are not limited to, quotations of management, our expectations regarding our product roadmap, future products/features, the timing of new product/feature introductions, the integration of Covered’s marketplace into our platform; market size and growth opportunities, macroeconomics and industry conditions, capital expenditures, plans for future operations, competitive position, technological capabilities and strategic relationships, as well as assumptions relating to the foregoing. The forward-looking statements contained in this press release are subject to risks and uncertainties that could cause actual outcomes to differ materially from the outcomes predicted. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “would,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other comparable terminology that concern Blend’s expectations, strategy, plans or intentions. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by which such performance or results will be achieved, if at all. Further information on these risks and uncertainties are set forth in our filings with the Securities and Exchange Commission. All forward-looking statements in this press release are based on information available to Blend and assumptions and beliefs as of the date hereof. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. Except as required by law, Blend does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

Press Contact

Chloé Demeunynck

Corporate Communications

press@blend.com

Source: Blend

FAQ

What is the purpose of Blend's (BLND) partnership with Covered Insurance?

The partnership aims to streamline home insurance shopping by integrating Covered's marketplace directly into Blend's mortgage platform, providing borrowers with more insurance options across all 50 states.

How will Blend (BLND) transition its insurance services under the new partnership?

Blend will transition from an in-house insurance model to a partnership-driven approach, with Covered taking over Blend's insurance agency operations.

What benefits does the Blend (BLND) and Covered Insurance partnership offer to lenders?

The partnership provides lenders with an improved carrier panel, enhanced engagement tools, and expanded insurance carrier options, along with mortgage servicing partnership programs throughout the entire mortgage lifecycle.

Blend Labs, Inc.

NYSE:BLND

BLND Rankings

BLND Latest News

BLND Stock Data

1.33B
222.82M
4.06%
63.74%
4.97%
Software - Application
Services-computer Programming, Data Processing, Etc.
Link
United States of America
NOVATO