Radian invests in digital insurance start-up Covered
US Mortgage insurer Radian Group has made a strategic investment in Covered Insurance Solutions, an independent digital insurance agency that provides homeowners insurance from 19 major national carriers during the mortgage application process.
Denver, Colorado-based Covered Insurance, founded by Ross Diedrich and Chris Diedrich, is a licensed insurance agency in 48 states. Its end-to-end software seamlessly integrates with banking and lending platforms, accelerating the closing process and providing partners with a value-added customer experience that improves borrower retention and engagement.
“The digitalization of our industry is well underway, and we believe that the most successful companies in the future will be the ones that most effectively leverage technology,” said Rick Thornberry, chief executive officer of Radian. “That’s why we have made our own digital transformation such a priority, and that’s why we are investing in Covered, a promising fintech startup that is working to disrupt how homeowners insurance is bought and sold.”
Brien McMahon, Radian senior executive vice president and chief franchise officer, added: “In a short time, Covered has already gained recognition in our industry, winning the Housingwire Tech100 award for the past two years. We believe Covered can provide significant value to our customers and other industry participants, and we look forward to supporting their development and growth.”
Ross Diedrich, CEO of Covered, commented: “We are very excited to partner with Radian as we embark on this new phase of our development. Radian’s comprehensive industry intelligence and deep relationships will be tremendous assets as we expand our reach into the mortgage ecosystem with comprehensive insurance offerings.”
