Leasepath, provider of the cloud-first Finance Origination (LOS) and Customer Engagement (CRM) platform built exclusively for asset finance, announced the formation of a strategic partnership with technology-driven insurance solutions provider instaCOVER. The relationship will seek to leverage each other’s technology and industry expertise and share resources towards innovative new solutions.
Founded in 2005, the Bothell, WA-based instaCOVER has grown on the power of its proprietary point-of-sale insurance application and underwriting automation offerings to all types of equipment finance companies.
“This partnership is a natural fit for instaCOVER, which is dedicated to providing customized insurance solutions to customers through an easy and comprehensive technology experience,” said Colleen Shelby, instaCOVER Managing Director. “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.”
Leasepath and instaCOVER expect their partnership will be a benefit to the broader equipment finance community, as well as their individual missions to their customers. Leasepath’s cloud-first, Intelligent Workplace platform brings opportunity for secure, real-time connections with complementary service providers like never before. Combining instaCOVER’s quick insurance quoting process with Leasepath’s streamlined finance origination system means that equipment finance companies have fewer tasks to complete while shortening the path to the sale and providing transparency for both the finance and insurance components of the overall deal. The result is a more informed customer, better customer service, a more seamless underwriting and insurance process, and increased trust and relationship for the equipment finance company providing the service.
“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,” said Jeffrey Bilbrey, Leasepath CEO. “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.”