Hippo Insurance is Now Available to 50 Percent of U.S. Homeowners and Tops $50 Billion in Total Insured Property Value
Leader in Home Insurance Technology Hires Key Personnel In California and Texas Post Series-C Investment
MOUNTAIN VIEW, Calif., March 26, 2019 /PRNewswire-PRWeb/ -- Hippo, the California-based insurtech company transforming home insurance, has grown 25 percent month-over-month for over a year, while renewing more than 93% of customers and holding an NPS score of 77 that is more than double the insurance industry average of 37 according to Delighted.com.
Hippo developed a modern approach to home insurance by blending its data-driven application process, with policies that offer baked-in coverage beyond what typical insurers provide such as home office, water damage and service lines. The result gives homeowners access to 60-second quotes and policy purchases done online. Hippo also pioneered a collaborative intelligence claims process with a concierge team that manages claims from start to finish with empathy and a single-point of contact.
Hippo also launched the industry's first proactive, fully integrated smart home offering last year, sending each customer a complimentary smart home starter kit. The company rewards customers for activation of sensors with a smart home insurance discount.
Hippo's Growth by the Numbers:
- 25 percent month-over-month sales growth in the past year
- Total insured property value over $50 billion dollars
- In January 2019, Hippo became available to 50% of U.S. homeowners
- In the past six months, the company has increased its coverage area into these 12 U.S. states: Minnesota, Wisconsin, Illinois, Missouri, Indiana, Ohio, Pennsylvania, Maryland, Tennessee, Mississippi, Alabama and Nevada
- Shipped tens of thousands of smart home sensors to customers in the last six months
- Four percent of these smart home sensors have detected in-home water leaks, proactively resulting in zero claims
- Increased headcount outside of its Silicon Valley office, quadrupling the number of employees in Austin, Texas from 10 to over 40 employees over the past year
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 Hippo has eliminated outdated policy provisions and offers better and more relevant coverage. All Hippo policies are backed by industry-leading reinsurance partners, so homeowners can feel secure no matter how big a disaster may hit.
"At Hippo it's our goal to evolve the entire relationship between homeowner and insurance provider, something that has received very little attention from the industry in the past," said Assaf Wand, CEO and Co-Founder, Hippo Insurance. "The recent growth of Hippo can be directly attributed to our tailored approach to underwriting and risk management. Each homeowner is an individual and their home insurance experience should be tailored that way."
Hippo's Expanded Team Supports Growth:
Hippo more than doubled its staff in 2018 and today expands its senior executives in significant areas such as actuarial underwriting and servicing, engineering, branding, corporate finance and customer experience.
Key Employee Additions:
Stewart Ellis, Chief Financial Officer
Mr. Ellis joins Hippo as its Chief Financial Officer and will oversee all financial functions. He brings more than 20 years of experience in financial management, operations and corporate strategy to the role. Prior to joining Hippo, Stewart served as Chief Financial Officer at Earnin, a mobile fintech company helping America's workers avoid ruinously high-priced short-term credit products.
Bob Ferrini, Chief Brand Officer
Mr. Ferrini joined Hippo as Chief Brand Officer in November 2018. He was formerly a key marketing lead at Apple, working for the company as Sr. Director Worldwide Advertising & Marketing Strategy and prior to that as Managing Director of Apple's ad agency, TBWA\Media Arts Lab. Bob helped lead the development of Apple's most iconic marketing, including 'Silhouettes,' 'There's an app for that,' 'Mac vs PC' and 'Shot on iPhone.'
Nicole Perrault, Head of Actuarial Insurance and Risk Management
Ms. Perrault joins Hippo as its Head of Actuarial and Risk Management, where she oversees the execution of the Insurance product and analytics for Hippo Insurance. Nicole has a 15-year background in many facets of Insurance Product and Risk Management, including other successful insurance startups. She has a degree in Mathematics and Economics from University of Massachusetts.
Darrin McCarthy, Head of Claims
Mr. McCarthey has over 23 years of experience in handling claims and associated teams, such as department functions across litigation, coverage and special investigations in both property and casualty insurance. He has deep insurance auditing experience, including premium auditing and claims auditing, and has engaged in claims consulting services for many technology companies. Darrin has a long history of reorganizing claims departments into successful operations while also building and managing claims departments from the ground up.
Ann Byington, Senior Director of Retention Marketing
Ms. Byington brings over 15 years of marketing experience to Hippo as Senior Director of Retention Marketing, responsible for communications with the company's customers. Prior, she was Director of Ecommerce for Peek Kids, a children's premium clothing company, where she managed all aspects of the online business, from customer acquisition to customer service. Also in the course of her career, she founded and ran a digital marketing agency, working primarily with companies in the hospitality industry. Ann holds a B.A. from University of California, Berkeley.
Joey Klein, Senior Director of Product
Mr. Klein joins Hippo as Senior Director of Product, focusing on all aspects of the customer experience across desktop and mobile. Previously, he was Head of Digital Product and Growth at Green Chef, the first organic meal kit delivery company, where he built out the product, performance marketing and business intelligence teams and helped Green Chef grow from initial launch through to acquisition by market leader Hello Fresh. Prior to that, Joey was Senior Manager of Product Management at Disney Interactive, where he was product lead for multiple mobile and social games. Joey holds a B.A. and M.A. in Psychology from Stanford University.
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 in 60 seconds or less and purchase home insurance online, 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, began state expansion in 2018, and has raised $109 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.
Additional Resources:
Read UNCOVERED, the Hippo blog: https://myhippo.com/blog/
Follow Hippo on Twitter: @hippo_insurance
Connect with Hippo on Facebook: @myhippo.insurance
SOURCE Hippo Insurance
Share this article