Blend and Covered Insurance Announce New Strategic Partnership to Streamline Home Insurance Shopping

Blend (NYSE: BLND), the leading origination platform for digital banking solutions, and Covered Insurance Solutions (Covered), a premier provider of embedded insurance solutions, have announced a new strategic partnership to further streamline the home insurance shopping experience.

“This partnership is a major step forward in providing borrowers with more options and convenience when shopping for home insurance quotes,” said Nima Ghamsari, co-founder and CEO of Blend. “By integrating Covered’s leading marketplace directly into our mortgage platform, we’re empowering borrowers with more choices and better value, while helping lenders accelerate the loan process. We look forward to a strong, long-term strategic partnership with the Covered team.”

By joining forces, the companies will jointly provide lenders an improved carrier panel and overall service offering, including an expanded range of available insurance carrier options with greater choice and value, as well as enhanced engagement tools.

By integrating Covered’s extensive marketplace directly into Blend’s mortgage application workflow, Blend will be in a position to offer its mortgage customers expanded access to top-rated national and regional insurance carriers across all 50 states, representing another milestone in strengthening its end-to-end digital mortgage capabilities.

"Together with Blend, we’re elevating the home lending experience, making it more efficient and customer-centric," said Ross Diedrich, CEO of Covered. “Partnering with Blend means we can bring enhanced carrier markets and more value to better serve Blend’s lender clients and their borrowers. Furthermore, Covered’s best-in-class mortgage servicing partnership programs will allow Blend’s lender clients to extend value beyond origination through the entire mortgage lifecycle. We’re excited to add value to Blend, their lender clients, borrowers across the country, all while accelerating our market share in the mortgage industry.”

Through this agreement, Covered has taken on Blend’s insurance agency operations, transitioning Blend’s insurance services from an exclusively in-house model to a partnership-driven approach that provides a more robust and comprehensive insurance marketplace. With a focus on continuity for lender partners, the partnership will leverage the robust compliance, data security, and infrastructure that exists today. Covered will be able to scale its marketplace presence directly within the Blend ecosystem, significantly expanding its reach across the U.S. mortgage market.

For more information, please visit itscovered.com.

About Blend

Blend is the leading origination platform for digital banking solutions. Financial providers— from large banks, fintechs, and credit unions to community and independent mortgage banks—use Blend’s platform to transform banking experiences for their customers. Blend powers billions of dollars in financial transactions every day. To learn more, visit blend.com.

About Covered Insurance Solutions, LLC.

Covered is the leading embedded insurance solution and most trusted partner for auto dealers, lenders, banks, servicers, and fintech companies. As an award-winning independent, innovative InsurTech, we offer a comprehensive online insurance marketplace with over eight insurance products, personalized quote options from 50+ carriers, and multiple policy purchase methods. We make it easy to compare, shop, and purchase personalized insurance in minutes with great coverage and rates, while our licensed Covered Advisors add a human touch to the insurance shopping experience by providing tailored service to each customer. Winner of Housingwire 2018, 2019, 2020 HW Tech100™ and one of Kairos’ “50 World-Changing Startups to Watch”, featured in Wired, Inc. Magazine, and more. Learn more at itscovered.com and connect with us on LinkedIn, Facebook, Instagram and Twitter.

Forward-Looking Disclaimer

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements generally relate to future events, future performance or expectations and involve substantial risks and uncertainties. Forward-looking statements in this press release may include, but are not limited to, quotations of management, our expectations regarding our product roadmap, future products/features, the timing of new product/feature introductions, the integration of Covered’s marketplace into our platform; market size and growth opportunities, macroeconomics and industry conditions, capital expenditures, plans for future operations, competitive position, technological capabilities and strategic relationships, as well as assumptions relating to the foregoing. The forward-looking statements contained in this press release are subject to risks and uncertainties that could cause actual outcomes to differ materially from the outcomes predicted. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “would,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other comparable terminology that concern Blend’s expectations, strategy, plans or intentions. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by which such performance or results will be achieved, if at all. Further information on these risks and uncertainties are set forth in our filings with the Securities and Exchange Commission. All forward-looking statements in this press release are based on information available to Blend and assumptions and beliefs as of the date hereof. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. Except as required by law, Blend does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

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