Over the past few years, lenders have been putting their processes under the microscope to see where they could improve the borrower journey. But there may be one area they still overlook. HousingWire spoke with Kara Shipulski, Vice President of Strategic Partnerships at Liberty Mutual, and Sean Larney, Vertical Head of Strategic Partnerships at Liberty Mutual, to discuss how partnering with a recognized insurance company in national level improves engagement of borrowers for lenders.
HousingWire: With rates rising and refi volume drastically reduced, mortgage companies across the industry now need to do more with less to be profitable and competitive. What is a potentially overlooked opportunity for lenders to stand out in their origination deals and increase efficiency?
Kara Shipulsky: As mortgage companies seek to balance profitability and competitiveness, they likely find themselves putting even more effort into deepening their relationships with customers beyond the mortgage transaction.
Lenders can expand their relationship by expanding their product offerings, and some of the most relevant products include other financial products such as auto, home, or small business insurance offered by lender partners.
Access to products like these allows a mortgage company to make things easier for its customers, which helps build trust and encourages repeat business and future referrals. Offering these adjacent products also allows the mortgage company to generate additional revenue, allowing them to focus more on improving their core products instead of cutting costs, which benefits everyone. .
HW: How can partnering with a nationally recognized insurance company improve borrower engagement for lenders?
Sean Larney: Committed borrowers make customers happier and more profitable, but how do lenders ensure high customer engagement? Satisfaction. Increasing borrower satisfaction helps the lender build trust, which keeps the customer engaged.
In a world where a borrower’s choice of lenders is seemingly endless, one of the ways a lender can capture the customer’s attention and keep them engaged is by providing value-added services.
Offering even one more product alongside a loan product shows a customer that you understand the whole home buying process – you see them as a traveling home buyer, not just an applicant and it helps solidify your place as the lender of choice. A lender can quickly improve brand awareness by partnering with a strong company in an adjacent field, such as home insurance. The key here is to deliver these services by leveraging partnerships with big, respected brands in a way that allows you to meet customer needs without a heavy investment.
What are the main pain points for a lender who may not have a partnership with an insurance company?
KS: In many cases, the idea of partnering with another product to distribute to customers can be overwhelming for organizations. At Liberty, we strive to make things easier for our partners with responsive, personalized service from a dedicated relationship management team*. This team is specifically aligned to understand the needs of partners in various housing-related industries and can help a partner navigate the nuances and complexities of the insurance industry.
More broadly, consumers are getting used to and demanding simplicity in all their daily transactions. For businesses that want to stand out in a competitive landscape and improve customer satisfaction and loyalty, offering home insurance seamlessly at a relevant time of purchase can help streamline the customer experience and create a one-stop shop. for all customer home buying and financing needs. Failure to provide this seamless experience can put lenders at a disadvantage against their competitors.
HW: How do Liberty Mutual Partner programs work and what do lenders need to know to get started?
SL: We offer a wide range of diverse and innovative partnership models, selling auto, home, pet, business insurance and more through partner organizations. Our wide range of partnership models allows us to tailor our partners’ needs, whether you are working for the first time with an insurance company or have your own P&C license. We have multiple ways to connect to a lender’s existing processes and are actively working to expand our tool belt to deliver turnkey partnership models that maximize value and ease, while minimizing set-up costs. work and operation.
*Level of program support may vary depending on group size
To learn more about Liberty Mutual’s programs, visit libertymutual.com/partner-programsor contact us at [email protected].
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