New functionality enables businesses to make consumer-permissioned edits to auto insurance policies
— Tolga Tezel, founder and CEO of Canopy Connect
BEAVERTON, ORE, US, November 1, 2023 /EINPresswire.com/ — Canopy Connect, a leading platform for collecting, verifying, and monitoring insurance information, today announced insurance policy servicing capabilities, which enables consumer-permissioned edits to insurance policies initiated by a Canopy Connect customer.
This transforms a process that can take days or weeks—into minutes. Updates can be made for changing lienholders, adjusting limits, adding a vehicle, or modifying coverages. No need to wait on carriers or agents to make changes.
“If you’re a business that needs a policy updated, it’s like a slow-motion game of telephone,” said Ray Huang, senior director of marketing at Canopy Connect. “A lender tells the insured, the insured tells their agent, their agent fills out a document and emails it to a carrier inbox, then the carrier service representative makes the actual policy edit, and then confirmations are passed back down the line.”
Using Canopy Connect, a business can easily request specific edits to a policy. The insured is notified and prompted to sign in through a secure Canopy Connect link to review and approve the change.
“By empowering Canopy-enabled businesses to request insurance edits directly from the insureds, we can improve the wait time a thousand-fold,” said Tolga Tezel, founder and CEO of Canopy Connect. “Updating insurance typically takes 2-3 days, but we’re able to make that 2-3 minutes.”
This functionality allows a dealership to help their customer add a purchased vehicle to their current insurance policy. The dealership can also help add or remove a driver from the policy.
Automotive finance companies will also want to make sure comprehensive insurance coverage and the correct lienholder information is included on the policy. Canopy Connect makes it easy to quickly update lienholders.
For loan servicing, Canopy Connect can be used to verify and monitor that an insurance policy is in force with the correct coverages, as well as to verify that a lienholder is correct—especially when a loan is bought or sold, it only takes minutes to update the lienholder information.
There’s many more applications to being able to make changes to policies quickly with Canopy Connect’s consumer-permissioned technology. Explore how this feature can benefit your business: https://www.usecanopy.com/blog/canopy-connect-unveils-auto-insurance-policy-servicing-capabilities
About Canopy Connect
Canopy Connect enables businesses to verify insurance information directly from carriers in seconds, resulting in a better client experience and enhanced workflow. Through its consumer consent-driven data sharing technology and secure cloud infrastructure, Canopy Connect enables insurance agencies, insurance carriers, lenders, and insurance innovators to deliver delightful, intelligent, and frictionless insurance services. Learn more at https://www.usecanopy.com
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