Munich Re has partnered with property technology firm Spruce to help bring cost-effective title insurance fueled by automation to the U.S. market.
The partnership will see Munich Re leverage Spruce’s proprietary API-driven technology.
In addition, US homeowners, investors, and lenders will continue to have access to Spruce’s digital real estate transaction process.
Spruce Chief Executive Officer, Patrick Burns, described the combination of his company’s automated underwriting and the backing of Munich Re as an opportunity 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,” Burns added.
Title insurance policies will be underwritten by American Digital Title Insurance Company, which is owned by Munich Re subsidiary Digital Partners.
The partnership with Munich Re also builds on Spruce’s existing relationship with Munich Re Ventures, which is an investor in the proptech company.
“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.”
