Product Updates
 min read

Canopy Connect Unveils Auto Insurance Policy Servicing Capabilities

Published on
November 1, 2023
Ray Huang
Head of Marketing

Ray is the Head of Marketing at Canopy Connect and has helped dozens of startups and growth companies over his 20-year career to develop strategies and implement tactics that yield high-impact results.

Canopy Connect’s new Auto Insurance Policy Servicing capability enables consumer-permissioned edits to auto insurance policies, initiated by a Canopy-enabled business. 

This transforms a process that can take days or weeks—into minutes. Updates can be made for changing lienholders, adjusting limits, adding a vehicle, or modifying coverages. No need to wait on carriers or agents to make changes.

A business can easily request specific edits to the policy through Canopy Connect. The insured is notified and prompted to sign in through a secure Canopy Connect link to review and approve ‌the change.

With every improvement and feature we release at Canopy Connect, we're thinking of our customers. Here's how our latest capability will benefit your business:

Auto Dealerships: Add Purchased Vehicles

When someone buys a new car, it’s typically a catalyst for the buyer to also start shopping for new insurance policies. While there is typically an insurance grace period on vehicle purchases, dealerships and their financing partners are smart to make sure the vehicle is added to the policy with the correct lienholder.

Canopy Connect’s new insurance policy servicing feature will allow the dealership to help their customer add the vehicle to their current insurance policy. The dealership can also help add or remove a driver from the policy.

By being proactive, dealerships can add to a high-touch experience that better protects their customers, the dealership, and the lender, without needing to wait unnecessary hours for the buyer to talk to their agent or carrier to make the change.

Automotive Finance: Update Lienholders

When a new or used vehicle is financed, lenders can’t rely on the borrowers grace period on their insurance. Lenders need to make sure the purchased vehicle is comprehensively insured and the lienholder is properly listed.

But at the time of sale, you may be waiting around for the borrower’s agent to make the edits and submit it to the carrier. That can take an hour or more.

Take control of the situation and make the necessary changes in minutes using Canopy Connect’s insurance policy servicing feature.

Loan Servicing: Monitor Policies and Update Lienholders

In servicing a loan, Canopy Connect can be used to verify and regularly monitor that an insurance policy is in force with the correct coverages, as well as to verify that a lienholder is correct.

When a loan is bought or sold, it’s critical that the lienholder or mortgagee clause be promptly updated to make sure that the lender's interests are protected.

Loan servicing organizations can request the necessary lienholder changes directly with borrower authorization in under a minute.

“By empowering Canopy-enabled businesses to request insurance edits directly from the insureds, we can improve the wait time a thousand-fold. Updating insurance typically takes 2-3 days, but we’re able to make that 2-3 minutes.”
Tolga Tezel, Founder and CEO of Canopy Connect

Auto Policy Servicing Feature Availability

This new functionality is currently available with our API Enterprise plans, including the option for white-label implementation. Stay tuned as we plan to roll out additional plans soon.

Ready to experience the benefits of this new function? Reach out to your account manager or our support team to request access to Auto Policy Servicing and start leveraging its capabilities.