Munich Re partners with proptech Spruce on title insurance

Munich Re's Digital Partners has partnered with property technology company Spruce to bring cost-effective title insurance fueled by automation to the US market.

Munich Re Ventures is an existing investor in Spruce.

The new partnership will enable Munich Re to leverage Spruce's agility and proprietary API-driven technology. In addition, US homeowners, investors, and lenders will have access to Spruce's digital real estate transaction process.

Title insurance policies will be underwritten by American Digital Title Insurance Company, which is owned by Digital Partners, a Munich Re 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. "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."

Patrick Burns, chief executive and co-founder of Spruce, added: "Our automated underwriting paired with the backing and security of Munich Re allows us 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."