Matic Insurance Services (Matic), a digital insurance agency whose technology enables borrowers to purchase homeowner’s insurance during the
mortgage transaction, announced today it has raised $7 million in a Series A funding round, led by Mr. Copper, and leading insurance carriers Nationwide and National General Insurance with support from VC firms Anthemis and ManchesterStory Group.
Matic’s technology connects homebuyers with insurance carriers, mortgage lenders and mortgage servicers to make homeowner’s insurance a more integrated part of the home purchase process. The result is a simpler, faster policy selection process that can save borrowers money and reduce loan delays.
“Simplifying homeowner’s insurance and bringing policy selection into the home-buying process is a no-brainer — in fact, people often ask us why it’s never been done before,” said Matic Co-founder and CEO Aaron Schiff. “Matic brings to the table an outstanding technical team, a deep understanding of the mortgage business and unprecedented partnerships with insurance
carriers, mortgage lenders and mortgage servicers, some of whom are also our financial supporters. This new funding will support us as we double our team and scale the business to serve our customers in all verticals.”
Mr. Cooper’s integration with Matic will make it easier and faster for borrowers to secure a homeowner’s insurance policy when purchasing a home through Mr. Cooper. It will also allow Mr. Cooper to help its mortgage servicing customers lower their monthly payments with a more affordable homeowner’s insurance policy.
The company’s decision to invest in Matic and integrate Matic’s services is part of its new strategy and consumer-centric approach, unveiled in August with the launch of the Mr. Cooper brand name.
“Mr. Cooper is pleased to be working with Matic to give our customers access to its innovative digital home insurance platform,” said Tony Ebers, EVP of Originations for Mr. Cooper. “Our investment in Matic will help us provide our customers a modern, easy-to-use shopping experience that could save them money on homeowner’s insurance and make their homeownership journey more rewarding.”