California-based InsurTech firm Hippo has recorded solid growth in recent times, tripling its written premiums quarter-over-quarter and with total insured property value now exceeding $10 billion.
The InsurTech company has a focus on improving customer experience, and by leveraging its modern home insurance solution, which combines its patented AI framework with a customer service model that uses a “human touch”, Hippo is looking to transform home insurance for homeowners.
“Customer care is at the core of everything we do at Hippo, from eliminating process inefficiencies and outdated policy provisions through a user-friendly digital platform and modern product, to incentivizing our licensed sales team against positive customer reviews.
“This is about cutting the fat and creating insurance products that are not only more valuable, but less expensive. We pass savings onto the customer in the form of lower premiums, by leveraging a modernized infrastructure which also reduces risk and regularly save clients up to 25% on home insurance,” said Assaf Wand, co-founder and Chief Executive Officer (CEO), Hippo.
In a recent move, Hippo teamed up with Comcast to help residential clients save on their annual home insurance and enhance protection beyond what traditional home insurance policies offer, by leveraging integrated IOT home safety devices.
The firm states that its smart home solutions provide customers with more comprehensive coverage, while lowering premiums.
On its recent growth, Hippo states that its total insured value is now over $10 billion, its renewal acceptance remains above 90%, and it has tripled growth in direct premiums written quarter-over-quarter.
Furthermore, over the last six months, the firm has increased its coverage area from 10% of the U.S. population to 40%, launching into eight new states. At the same time, its loss ratio performance has been below the industry average.
The company has also doubled its staff this year, and has announced the expansion of its senior leadership in both executive hires and newly appointed board members.
The Board Members include Victoria Treyger, Chief Revenue Office at Kabbage, and Hugh Frater, Chairman of VEREIT. While the executive hires include Yuval Harry, Head of Partnerships, and Zachary Kruth, Head of Finance.
