NewtekOne, Inc. (NASDAQ: NEWT) announced the launch of automated insurance integration within its proprietary loan origination system, giving borrowers instant access to bindable quotes on lender-compliant insurance policies at the time of loan application.

The system is built into the company's patented NewTracker® operating system and generates insurance policies sold through its subsidiary, Newtek Insurance Agency. The automation presents borrowers with a coordinated insurance package that includes key person life insurance policies of up to $3 million assigned to the loan, flood insurance where applicable, and property and casualty insurance.

Insurance quotes are generated using data captured during the loan application process and delivered through Newtek Insurance Agency's network of carriers in a lender-compliant format.

Barry Sloane, Chairman, CEO, and President of NewtekOne, said the automation addresses a historically manual step in the loan closing process. "Historically, many borrowers were required to independently secure insurance coverage, adding time and complexity to the loan closing process. Now, borrowers receive multiple bindable insurance options, with coverage structured and assigned directly to their loan."

Sloane also stated the company is exploring making the platform available to other lenders, including SBA lenders, credit unions, banks, and non-bank lenders. "By offering this platform, NewtekOne believes it can assist lenders in improving loan origination efficiency while helping ensure borrowers and independent business owners maintain appropriate insurance coverage."

NewtekOne is a financial holding company that owns Newtek Bank, N.A., and provides business and financial solutions to independent business owners across all 50 states.