MeasureOne has introduced its consumer-permissioned insurance data to the $1.2trillion insurance market, enabling access to and sharing and verification of auto and homeowners insurance.
With the addition of the insurance domain, the consumer-permissioned data platform has announced its intention to expand its services to cover home and auto insurance data.
The company provides businesses with access to consumer-permissioned data, including education, employment, income and insurance, and has enjoyed a 52 per cent average in month-over-month growth in data sources over the past two years.
The evolution of MeasureOne’s products will now grant financial institutions, and lenders specifically, with have the ability to access and verify different types of data, including consumer insurance, income, employment and academic, within their own workflows.
In addition to accuracy and real-time data access, using consumer-permissioned data eliminates processing delays, reduces human error and improves efficiency.
“Our data domain-agnostic approach enables us to serve as a one-stop shop for businesses to leverage consumer-permissioned data for a wide range of use cases,” comments Elan Amir, the company’s CEO.
“The expansion of our platform into home and auto insurance data further enables consumers to engage in seamless transactions with lenders for the purpose of securing a home or auto loan.”
The insurance product launch comes as MeasureOne begins to expand its consumer-permissioned data solutions internationally.
Through its network of data sources and deterministic document processing, the company will now have the ability to verify consumers’ academic data from the majority of Canadian higher education institutions.
Over the last few months, MeasureOne has launched partnerships with BeSmartee, Einstein Higher Edu Solutions, GDSLink and TurnKey Lender to advance the loan underwriting process and expand access to credit for borrowers in the United States.
The company also recently achieved the SOC 2 Type II certification.