Powering customer-obsessed companies, fintechs, insurtechs, marketplaces, lenders, insurance carriers and more.
THE SOLUTION
Canopy Connect is Insurance Infrastructure
We enable users to quickly and securely share their insurance information through integrations with more than 250 insurance carriers.
Insurance Integrations
250+ insurance carrier integrations covering more than 90% of the market.
Insurance Information Parsing
Imports and structures insurance documents, policy details, contact, information, driver data, claims history, and enriches critical information.
Multiple Connectivity Options
Access verified insurance information the way that works for you.
INSURANCE CONSUMERS
Enhancing the Consumer Experience
Consumer-permissioned data is a significant shift in the insurance industry, focusing on empowering consumers and enhancing the experience for all stakeholders–insureds, carriers, insurance agencies, and the businesses that they all work with.
Personalized Service
With permissioned data, a business can understand a consumer’s needs better. They can use verified insurance information like policy coverages, limits, endorsements, along with past claims, losses, and driving history to serve the client better and provide highly tailored, personalized advice.
Secure, Accurate, and Verified
Trust is crucial, and permissioned data requires that information is handled with care and proper governance. Unlike inferred or aggregated data, permissioned data is shared from the source of truth—the insurance carrier—so you know it's accurate and up-to-date.
Convenience and Control
Permissioned data lets consumers decide what information to share, with whom, and for what reasons. This control builds trust in the relationship, putting the consumer in the driver’s seat to decide how their data is used. And it’s a much easier way than long forms, interviews, or searching for PDFs or hard copies.
Insurance Sellers Win with Consumer-Permissioned Insurance Information
Insurance agencies need to understand their client’s current insurance situation to properly advise and recommend coverages, and build a personalized, competitive insurance package for them.
Typically, this discovery occurs through long forms or phone calls that resemble an interrogation—resulting in misinformation and frustration. Pre-fill options are available, but third-party data is often outdated, incomplete, and stale.
Information from a dec page is convenient, but those can be submitted in a variety of ways and formats, and requires someone to re-type the information to get it into the rater or CRM, where errors often occur.
Through consumer-permissioned sharing of current insurance information using Canopy Connect, an agent can ask a consumer to quickly and securely share verified insurance information directly from the carrier, to the insurance seller in seconds.
Typically, this discovery occurs through long forms or phone calls that resemble an interrogation—resulting in misinformation and frustration. Pre-fill options are available, but third-party data is often outdated, incomplete, and stale.
Information from a dec page is convenient, but those can be submitted in a variety of ways and formats, and requires someone to re-type the information to get it into the rater or CRM, where errors often occur.
Through consumer-permissioned sharing of current insurance information using Canopy Connect, an agent can ask a consumer to quickly and securely share verified insurance information directly from the carrier, to the insurance seller in seconds.
Insurance Carriers Reduce Servicing Costs with Consumer-Consented Changes
Insurance carriers spend billions on non-revenue-generating work to handle service requests from insureds, agents, lenders, and employers. Enabling partners to obtain verified insurance data via a consumer-permissioned platform like Canopy Connect can reduce servicing costs by 10% or more.
Going further, Canopy Connect can enable agents, lenders, and other businesses to request policy edits that an insured can simply approve of and permission the change—from updating mortgagee clauses, lien holders, or named insureds, to adding drivers, vehicles, and coverages. These servicing requests can reduce total servicing costs by more than 30%.
Going further, Canopy Connect can enable agents, lenders, and other businesses to request policy edits that an insured can simply approve of and permission the change—from updating mortgagee clauses, lien holders, or named insureds, to adding drivers, vehicles, and coverages. These servicing requests can reduce total servicing costs by more than 30%.
Regulations and Rights
The Consumer Financial Protection Bureau (CFPB) has proposed the Personal Financial Data Rights rule which would prevent financial institutions from keeping a consumer's data to themselves and requiring them to give people the option to share their data with other companies that may offer better services. This rule draws upon a decade-old law passed by Congress.
While this would not immediately impact insurers, it sets a precedent for consumer-permissioned access to financial data that should extend to the insurance industry.
State regulators are guided by their mandate to protect consumers and allow them the ability to freely share their insurance information with others for the purposes of insurance verification, servicing, advice, or sales.
INSURANCE DATA
Broad & Deep Market Coverage
With access to more than 250 of the top insurance carriers in personal and commercial P&C. Canopy Connect has the market covered.
95%
Auto Insurance Market Coverage
90%
Homeowners Insurance Market Coverage
56%
Commercial Insurance Market Coverage
5.6
Seconds to Transfer Policy Data from the Insurance Carrier
PROTECTION
Trusted and Secure
Canopy Connect is building the infrastructure that powers best-in-class insurance experiences. Deliver delightful, intelligent and frictionless insurance services, trusted by leading insurance innovators.
Rigorous Security Standards
We are SOC II Type 2 Certified, following strict information security policies and procedures.
Compliance Monitoring
Our infrastructure is continuously monitored for security and compliance.
End-to-end Encryption
We keep your data encrypted every step of the way. We use 256-bit AES encryption at rest and TLS 1.3+ in transit.
Contact us
Talk to a Canopy Connect expert to learn how Canopy Connect's consumer-permissioned insurance sharing platform can help you.