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.
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“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.
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“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.
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