MOUNTAIN VIEW, Calif., July 10, 2018 /PRNewswire-PRWeb/ -- Hippo, the California-based insurtech company that is transforming home insurance for savvy homeowners, experienced substantial growth the past year as homeowners demand a reimagined way insurance is developed, bought, and serviced.
Hippo found that Americans rate the experience of buying homeowners insurance somewhere between visiting the dentist and sitting in rush-hour traffic. The company developed the first modern home insurance product which blends its patented AI framework where it is needed most — to expedite the application process and improve the claims experience — with a customer service model that uses a human touch where it's needed most — when disaster strikes.
Hippo recently teamed up with Comcast to provide smart home insurance to the cable provider's Xfinity customers – ultimately marrying together smart home devices and home insurance. Traditional insurance providers have been slow to do their part in analyzing IoT and smart home insights, a practice that helps accurately assess risk and provide updated insurance options for customers. Hippo will be able manage modern day risk via IoT devices, which in turn remedies prohibitive costs for customers by reducing underwriting, claims, fraud, and more.
Hippo's Sizeable Growth By The Numbers:
- Total insured value is over $10 Billion
- Renewal acceptance holds steadily above 90%
- Tripled growth in direct premiums written quarter-over-quarter
- In the past six months Hippo has increased its coverage area from 10% of the U.S. population to to 40%, launching into 8 new states
- Loss ratio performance — has been below industry average, attributed to Hippo's core underwriting fundamentals, use of data and AI engines and ongoing monitoring of our customers homes via data.
"Customer care is at the core of everything we do at Hippo, from eliminating process inefficiencies and outdated policy provisions through a user-friendly digital platform and modern product, to incentivizing our licensed sales team against positive customer reviews," said Assaf Wand, co-founder and Chief Executive Officer, Hippo. "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."
Hippo's smart home insurance policies offer more comprehensive coverage for today's homeowners while cutting premium costs. Sixty percent of U.S. homes are underinsured, with policies that fail to cover many of the home's most valuable assets. Hippo has eliminated outdated policy provisions and simply offers better and more relevant coverage. All Hippo policies are backed by industry-leading partners, so homeowners can feel secure no matter how big a disaster may hit.
Hippo's Expanded Executive Team and New Board Members Support Growth:
Hippo has doubled its staff in 2018, and today expands its senior leadership in both executive hires and newly appointed board members.
Board Members:
Victoria Treyger, Chief Revenue Office at Kabbage
Ms. Treyger on why she joined Hippo's board: "Insurance is one of the areas of Fintech where the customer experience has not yet been transformed by the power of data and technology. Most people still go through a clunky and opaque process for a service that is so essential for every homeowner. I was attracted to Hippo's board because the company turns this opaque process on its head both in choosing your initial policy and for ongoing care of your home."
As Chief Revenue Officer of Kabbage, Victoria leads the sales and marketing teams and is responsible for growing the company's revenue and building the Kabbage brand. She joined Kabbage in 2012 and has helped scale the company through through triple digit growth rates. Prior to Kabbage, Victoria was the CMO of RingCentral, and CMO of Travelocity, North America.
Hugh Frater, Chairman of VEREIT:
Mr. Frater on why he joined Hippo's board: "I have worked in or around the traditional insurance market my entire career, and Hippo's business model is what makes it so attractive. Home insurance is an enormous market that is hungry for innovation, which is why, based on what I have seen historically, Hippo is on the path to success."
Mr. Frater is currently the Chairman of VEREIT, a national real estate investment company. He is also on the boards of directors of Fannie Mae, the largest national housing finance company, and ABR Re, a reinsurer formed by BlackRock and Chubb. He is also Chair of the Advisory Board and Principal of Shift Neighborhood Fund, an urban value add real estate investor. Earlier in his career, Mr. Frater was a Founding Partner and Managing Director of BlackRock and most recently CEO of Berkadia, a mortgage banking and loan servicing company formed by Berkshire Hathaway and Leucadia National.
Executive Hires:
Yuval Harry, Head of Partnerships
Mr. Harry on why he joined Hippo: "Hippo makes it very simple to obtain and manage a policy that is more relevant to today's modern needs, but at the same time delivers a high touch and compassionate service when customers really need it. There is real opportunity to create a new direct to consumer brand of homeowners insurance and Hippo is the only challenger with all the required building blocks and a demonstrated ability to scale quickly "
Mr. Harry will focus on accelerating growth through Hippo's proprietary partnership distribution channels. He is passionate about building companies who have developed technology from the ground up, and brings significant experience in leadership roles helping organizations scale sales and operations. Previously, Mr. Harry held operating roles as Head of Sales at Shift Technologies and Director of Business Operations for LinkedIn's largest sales team. Earlier, he was an Engagement Manager with McKinsey and an Engineering Lead with Intel.
Zachary Kruth, Head of Finance
Mr. Kruth on why he joined Hippo: "I couldn't be more excited to be joining Hippo. The market opportunity is real, the team is proven and experienced, I love the product, and the growth has been phenomenal. As a recent home-buyer, I personally felt the pain of navigating the insurance-buying process and felt like there had to be a better way. Hippo promises to change the major pain-points new homeowners face, and it's the big reason I'm here."
Mr. Kruth has spent his career building great operating teams at early-stage businesses and PE-backed portfolio companies. Most recently, he led Collective Health's Finance team through four rounds of fundraising for more than $200MM of capital and growth from ten to over 350 employees.
About Hippo
Hippo is on a mission to transform home insurance for the modern household. Among its many innovations, Hippo allows homeowners to get a quote and purchase home insurance online in 60 seconds or less, save up to 25 percent compared with traditional insurers, and obtain smarter coverage for modern households. This includes protection for possessions like appliances, consumer electronics and home offices. Founded in 2015 by Assaf Wand and Eyal Navon, Hippo made its debut in the insurance marketplace in April 2017, and has raised $39 million to reinvent home insurance through its initial funding rounds. The company is headquartered in Mountain View, California. For more information, visit http://www.myhippo.com.
SOURCE Hippo Insurance
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