Esurance Inc., a nationwide direct-to-consumer personal auto insurance provider and subsidiary of Folksamerica Holding Company Inc., along with San Francisco-based Patelco Credit Union, announced the launch of the first integrated online auto loan and auto insurance application platform.
The new platform combines Patelco’s Automated Lending Process, which includes online application and approval of auto loans, with Esurance’s quote-to-claims auto insurance coverage platform.The new platform is now available in the online loan center on Patelco’s website, www.patelco.org.
Patelco’s Internet Lending System enables its members to complete a loan application, be qualified, and receive approval for an auto loan online. However, since Patelco requires proof of auto insurance before it approves a loan, it made sense to find a partner that could provide the same level of automation for auto insurance. Esurance was chosen based on the company’s ability to quickly integrate its service and technology with Patelco.
Scott Waite, senior vice president and CFO for Patelco Credit Union who also heads up the investment and insurance subsidiary corporation, said that the company believes the best time to sell auto insurance coverage is when its members are going through the auto loan process.
With the addition of Esurance, Patelco expects that more of its members will use the credit union’s online loan center because of the convenience and the site’s ease of use. Patelco is optimistic that a greater number of members using the loan center will be able to complete their transaction online with the addition of Esurance’s online auto insurance. The two companies have agreed to jointly market the service online to the credit union’s customers.
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