Spruce recently announced their partnership with Munich Re to lower title insurance costs up to 20% in some states via automation. Munich Re joins their existing relationships with leading underwriters First American, Fidelity, and WFG.
Patrick Burns, Spruce CEO and co-founder mentioned in a news release that the consumer experience is at the core of their mission and values. Their automated underwriting paired with the backing and security of Munich Re allows them to offer lower pricing for title insurance and a best-in-class experience for lenders, real estate companies, and consumers. As a result, they can further reduce the friction in real estate and mortgage transactions for all involved, bringing them closer to a one-click checkout for real estate transactions.
Since launching in 2016, Spruce has enabled more than $3.5bn of transaction volume and continues to grow revenue at more than 400% annually. They work with mortgage lenders, real estate investors, and proptech companies nationwide to fulfill real estate transactions in all 50 states and D.C. Spruce’s partners can 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.
Landy Liu at Better.com said that at Better.com they strive to give their customers the most efficient and accessible mortgage experience possible. By working with other tech-first companies like Spruce, they’ve been able to provide customers competitive pricing and a more seamless experience.
American Digital Title Insurance Company, which is owned by Digital Partners, a Munich Re company, will underwrite the title insurance policies. They’re currently working with American Digital in Arizona, Colorado, and Tennessee, with more states coming soon.