The Insurance Industry’s Answer to Plaid’s Banking API

Published on
December 12, 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.

Wishing there was a solution like Plaid for insurance? Have you been searching for an easier, faster, and more cost-effective way to manage your insurance processes? With Canopy Connect, your business can integrate with over 250 insurance carriers to verify insurance information, instantly. By using Canopy Connect, lenders, loan servicers, and more can automate their insurance processes, verify customer data, stay in compliance, and remove bottlenecks in their day-to-day‌ operations. 

What is the Fintech Solution Plaid?

Plaid is a fintech company that's revolutionizing the world of digital banking. Founded in 2013, Plaid is quickly becoming one of the leading players in financial technology. Plaid provides application programming interface (API) solutions that allow developers to connect their applications to users’ bank accounts, giving them access to over 12,000 financial institutions. They currently power over 7,000 apps and services with their API-first network. If you've been looking for an API solution similar to Plaid, but for connecting businesses to insurance providers—we've got good news.

Plaid for Insurance: Canopy Connect

Canopy Connect is like Plaid for insurance—an insurtech API solution that allows businesses requiring verified insurance information to facilitate their insurance processes. With over 250 insurance carriers connected, Canopy Connect can instantly access coverages, premiums, deductibles, dec pages, and more. Our solution offers all the data businesses could need to verify ongoing coverages. Did we mention our data is secure, too? We use the Amazon Cloud Infrastructure and third-party testing, like our SOC 2 Type 2 Certification, to keep our user-permissioned data safe. 

In addition to increased safety measures, Canopy Connect (Plaid for insurance) also reduces lengthy interactions by instantly providing verified insurance information—saving businesses a phone-call-inducing headache. Requesting documentation can take weeks when you’re dealing with phone calls, emails, and business days flying by. Canopy Connect offers a service that drastically cuts down the time businesses need to wait, from weeks to just moments. In less than 30 seconds, all the insurance information businesses need is available at their fingertips. 

Verified and accurate data can help companies make informed decisions while minimizing compliance issues caused by inaccurate information or non-compliance with regulations. Canopy Connect is a functional solution that transforms the archaic way of verifying insurance into a modern experience—making it the perfect choice for any organization looking to upgrade its insurance operations.

Insurance Verification with Canopy Connect 

Verifying insurance with Canopy Connect is easy—helping businesses automate their insurance processes. Canopy Connect integrates with existing systems to provide real-time data, enabling businesses to verify borrower data quickly and easily. 

Our solution automates the insurance verification process by securely collecting customer information without the typical phone tag or long-winded email threads. And viewing the collected data is just as easy as gathering it. Our platform provides an organized and user-friendly view of coverage data. Businesses even have the option to make consumer-permissioned edits to insurance policies. This allows businesses to stay up to date with borrower data, keeping them in compliance.

Canopy Connect’s insurance API can be connected into any existing business system for a seamless customer and user experience. Businesses can also use Canopy Connect as a standalone service, utilizing our robust dashboards and integrations with key solutions

Canopy Connect provides information that’s accurate and up-to-date by connecting directly to insurance providers. By verifying this data in real-time, businesses also benefit from shorter turnaround times. Overall, our product offers an efficient way for businesses to automate their insurance processes, quickly and efficiently. 

Why use Plaid for an Insurance Solution?

Does Plaid do insurance? No, but we do. Canopy Connect is an invaluable solution for businesses looking to optimize their insurance processes. When you partner with us, your business can simplify its insurance verification, stay in compliance, and make the process painless for everyone involved. Don’t just take our word for it—over 10,000 users are thriving with our solution. 

Canopy Connect is an efficient way to manage your insurance operations without sacrificing accuracy or security when handling sensitive borrower information. With our user-friendly platform, you'll be able to quickly verify customer details and have all the information you need to make an informed decision.

Ready to get started? Schedule a demo with us!