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AmeriSave Cuts Insurance Verification Work in Half with Canopy Connect

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AmeriSave Cuts Insurance Verification Work in Half with Canopy Connect

AmeriSave, a technology-forward mortgage lender with more than 24 years in business, and Canopy Connect, the leading insurance verification platform, today announced results from AmeriSave’s rollout of Canopy Connect across its mortgage pipeline. Compared with its manual insurance process, AmeriSave has cut insurance verification work by 56% and reaches clear-to-close 1.2 days faster on loans with Canopy documents.

That is time we didn’t have to spend chasing an insurance document down from a customer or an insurance agent. So what do we do with the remaining time? We close more loans,”

AmeriSave was early to give borrowers secure digital connections to their bank accounts and payroll providers. Insurance verification remained the manual step, relying on emails, faxes and calls to insurance agents, along with borrower uploads that often failed review. With Canopy Connect, borrowers log into their insurance carrier through a secure connection, and verified policy documents arrive directly from the source. AmeriSave went live one week after signing.

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Compared with AmeriSave’s manual insurance verification process, loans verified through Canopy Connect saw:

-56% less insurance verification time per loan, 53% fewer processor touchpoints, with requests to insurance agents nearly eliminated

-7x fewer document failures than manually collected insurance documents, with zero fraud flags across nearly 3,000 documents

-1.2 days faster to clear-to-close, with the insurance condition closing 13% faster

Borrowers also stayed engaged. Loans with documents from Canopy Connect saw a 5-point lift in pull-through from sale to underwriter approval, compared with loans where documents were not retrieved.


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