An insurance policy should never be the roadblock that holds one up from closing on their dream practice, nor should a banker be worrying about if insurance is going to get done in time.
April 16, 2021
Today, Loyall Group, a modern insurance firm for those in healthcare, announced they are revolutionizing the way insurance is done for healthcare loans. Loyall’s ambition to remove hindrances in loan closings, caused by delays in approvals, is a reality today through its tech-driven insurance platform. What once used to take weeks and months for insurance approvals, now takes minutes and days. No more having to go to multiple sources to secure all the different types of insurances needed. Loyall Group has created one team for all the insurances needed to close on a loan, making the process seamless.
While COVID brought unprecedented changes to our world, it also brought these significant changes to insurance. Through artificial intelligence, and the use of existing claims data, some life insurance carriers today can make underwriting decisions in five minutes. Loyall Group is leading the charge of expedited approvals, and eliminating delays with collateral assignments, which can be done simultaneously when policies are approved. With rapid changes happening in the landscape of insurance, more and more insurance carriers will enter this space.
For example, disability insurance is one of the most complicated insurance coverages to get approved for. Loyall Group, even though COVID, averaged just 9.5 days to reach an underwriting decision for disability insurance. Through the Loyall Group’s property & casualty division, approvals for business insurance can be done as fast as 20 minutes.
CEO Jennifer Loyall says, “An insurance policy should never be the roadblock that holds one up from closing on their dream practice, nor should a banker be worrying about if insurance is going to get done in time. We free people every day from insurance so they can focus on what matters — closing on the dream practice, not the insurance.”
COO Austin Dial says, “The process of applying for insurance shouldn’t be complicated. Through Loyall’s tech-driven platform, with a few clicks on a smartphone, underwriting begins.”
Significant changes are happening in the landscape of FinTech and banking. Loyall Group tested its insurance platform with Lendeavor, now Provide, in 2020. The platform is designed to be used by any bank and can be customized for each bank’s specific insurance requirements. Loyall offers insurance consulting to banks who want to bring insurance in house.
About Loyall Group: Combining Loyall Group’s 15 years of experience working with veterinarians, orthodontists, dentists, and those in healthcare, with technology, Loyall Group has a created a digital platform — that bankers and borrowers alike — can use on their smartphone and with one click, underwriting can begin.
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