Leasepath formed a strategic partnership with technology-driven insurance solutions provider instaCOVER. The relationship will seek to leverage each company’s technology and industry expertise and share resources toward new solutions. Founded in 2005, Bothell, WA-based instaCOVER provides a proprietary point of sale insurance application and underwriting automation offerings to equipment finance companies.
“This partnership is a natural fit for instaCOVER, who is dedicated to providing customized insurance solutions to customers through an easy and comprehensive technology experience,” Colleen Shelby, managing director of instaCOVER, said. “We feel that Leasepath’s team and platform offers a gateway to exciting new solutions for our customers. Markets will continue to change rapidly and will need flexible solutions to fill the demand. Leasepath and instaCOVER are perfectly aligned to develop those solutions and bring them to market.”
By combining instaCOVER’s insurance quoting process with Leasepath’s finance origination system, the two companies aim to reduce the number of tasks for equipment finance companies in addition to shortening the path to the sale and providing transparency for both the finance and insurance components of overall deals.
“The intelligent workplace is all about enabling innovative solutions to classic industry challenges, and we targeted the insurance process as one that was ready for disruption since it is customarily done much later in the process and requires an entirely different channel. instaCOVER is a logical fit with their already streamlined, high technology approach,” Jeffrey Bilbrey, CEO of Leasepath, said. “Our partnership with instaCOVER is a great example of using smart technology workflow to make work in the asset finance industry faster and more intelligent.”
Leasepath is a provider of a cloud-first finance origination (LOS) and customer engagement (CRM) platform for the asset finance industry.
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