NEW YORK, Sept. 29, 2020 /PRNewswire/ -- Spruce, the proptech company powering online real estate transactions nationwide, today announced its partnership with Munich Re, one of the world's leading reinsurers, to bring cost-effective title insurance fueled by automation to the U.S. market.
The partnership pairs Munich Re's technical and risk expertise and financial strength with Spruce's agility and proprietary API-driven technology to help solve a historically stagnant aspect of the title insurance and mortgage industries: price. In addition, U.S. homeowners, investors, and lenders will continue to have access to Spruce's digital real estate transaction process.
"The consumer experience is at the core of our mission and values," said Patrick Burns, Spruce CEO and co-founder. "Our automated underwriting paired with the backing and security of Munich Re allows us to offer lower pricing for title insurance and a best-in-class experience for lenders, real estate companies, and consumers. As a result, we can further reduce the friction in real estate and mortgage transactions for all involved, bringing us closer to a one-click checkout for real estate transactions."
Title insurance policies will be underwritten by American Digital Title Insurance Company, which is owned by Digital Partners, a Munich Re company. The partnership with Munich Re also builds on Spruce's existing relationship with Munich Re Ventures, which is an investor in the proptech company.
"The partnership aims to offer a faster and more efficient product for mortgage lenders, investors, and consumers," said Dave Brune, North American CEO, Digital Partners, and Director of American Digital Title Insurance Company. "At Digital Partners, we're partnering with tech startups that are using new tools to improve the entire insurance process for distributors and consumers alike. We're excited to support Spruce's unique tech-focused approach to alleviate some of the pain points for homebuyers and the mortgage industry."
Spruce's partners benefit from its national scale and local expertise, combining a tech-first model with a people-centric ethos that allows mortgage lenders, real estate investors, and proptech companies to scale confidently.
"At Better.com we strive to give our customers the most efficient and accessible mortgage experience possible," said Landy Liu at Better.com. "By working with other tech-first companies like Spruce, we've been able to provide customers competitive pricing and a more seamless experience."
Spruce works with mortgage lenders, real estate investors, and proptech companies nationwide to fulfill real estate transactions in all 50 states and D.C. Since launching in 2016, Spruce has enabled more than $3.5bn dollars of transaction volume, and continues to grow revenue at more than 400% annually.
ABOUT DIGITAL PARTNERS, A MUNICH RE COMPANY
Digital Partners, a Munich Re company, provides insurtechs and digital distributors with a comprehensive, go-to market partnership, built on the financial strength and expertise of Munich Re. Our partners bring excellence in customer engagement, technology, and brand while our support includes insurance capacity with experimental underwriting, alongside product expertise, data analytics, technology to manage data and carrier connectivity, execution and operational expertise, and venture capital to support growth.
Munich Re is one of the world's leading providers of reinsurance, primary insurance, and insurance-related risk solutions. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake through to the 2019 Pacific typhoon season. The company is playing a key role in driving forward the digital transformation of the insurance industry and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world's most sought-after risk partners for businesses, institutions, and private individuals.
Spruce is digitizing real estate transactions for forward-thinking real estate companies and mortgage lenders. By leveraging proprietary technology and best-in-class operations, Spruce provides its partners scalable infrastructure to build their businesses. Spruce was founded by Andrew Weisgall and Patrick Burns in 2016, and is headquartered in New York with hubs across the U.S. Learn more about how Spruce can bring your business digital: www.spruce.co.
Hadley Stecker, 978.473.1754
Jodi Dorman, 609.243.4533