Hippo Insurance Strikes Data Partnership with GIA Map to Deliver Custom Underwriting Solutions

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The Integration means a clear picture of risk exposure and quality of insurance for homeowners with regard to natural disasters

Hippo Insurance

“Hippo is a breath of fresh air in the home insurance industry. They push for proactive, consistent communication with customers and our products help enable a much more modern and effective underwriting approach,” said David Jowell, CEO at GIA Map.

Hippo, the California-based insurtech company that is transforming home insurance, today announced a partnership with GIA Map, the leading provider of geospatial underwriting solutions for admitted and surplus lines insurance companies.

The partnership uniquely enables Hippo to integrate its efficient and comprehensive policy management system, application process, and annual reassessment with GIA Map’s live and historical geospatial data. The result paints a true picture of near real-time catastrophic risk exposure by location, which typically goes unchecked for years at a time.

Analysis by the National Oceanic and Atmospheric Association comprised of combined data from government agencies like FEMA, the USDA and private insurance claims, shows that the number of billion-dollar disasters is soaring. In 2018 there were 14 billion-dollar climate disaster events across the United States, with a total cost of $91 billion. The total cost over the last five years (2014-2018) is approximately $500 billion.

Increased billion-dollar disasters and catastrophic losses means a lack of certainty for homeowners today, who struggle to find the appropriate level of coverage for their needs. Hippo’s partnership with GIA Map will bring more accurate coverage options, which is evaluated at the property-level for all homeowners.

The partnership ensure more customer capacity therefore providing homeowners certainty and a highly customized and painless underwriting experience. This refined underwriting process leads to better risk management for the insurer and more tailored insurance for homeowners.

In California alone the 2018 Mendocino Complex, Carr, Woolsey, and Camp fires caused $11.4 billion in damage, destroyed more than 13,000 homes and businesses and led to 46,000 claims. Yet homeowners across the country today face significant challenges obtaining transparent and accurate insight into how insurance companies view their risk, including limited options and one-size-fits-all policies. Hippo has re-imagined the entire process of how home insurance works, with modern policies. Today more than 60% of U.S. homes are underinsured and that leaves consumers at risk. Hippo partners with companies like GIA Map to evaluate each home as accurately and individually as possible.

With real-time hazard and individual policy level data integration Hippo and GIA Map developed an unparalleled level of response time if, or even before disaster strikes. This partnership benefits all aspects of the insurance cycle, from the customer buying experience, to servicing and claims processing.

“Hippo is a breath of fresh air in the home insurance industry. They push for proactive, consistent communication with customers and our products help enable a much more modern and effective underwriting approach,” said David Jowell, CEO at GIA Map. “The insurance industry typically employs an antiquated approach to underwriting by using a virtual chainsaw to determine which homes or consumers are eligible for their products; however they should be using a scalpel for a more detailed and accurate analysis.”

Hippo analyzes very large data sets in order to underwrite each customer’s home as if it were a new policy every single year, and so is uniquely qualified to leverage GIA Map data. The Hippo system does most of the underwriting, as it aggregates data from multiple trusted sources such as Zillow, municipal building records, aerial imagery, smart home and IoT devices, and more. The result is a fast and accurate evaluation of a homeowner’s entire property including recent remodels, brush containment, a swimming pool and more, while also taking into account unique considerations such as local market labor and materials costs.

Traditional insurance companies have coasted on these details for decades, as they layer a basic percentage increase on top of regions that do not take into account how an area or property has changed. This is a leading cause for under-insured homeowners.

“At Hippo we are doing everything possible to proactively monitor and support our customers who might be affected by wildfires in California, and other natural disasters around the country,” said Mike Gulla, Senior Director of Underwriting, Hippo. “We put our customers first by seeking out partners on the cutting edge of underwriting, like GIA Maps. This partnership enables us to accurately underwrite risk and price better while also allowing us to proactively monitor and support our customers. This is what the future of home insurance looks like.”

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 $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.

About GIA Map
Founded in 2017, GIA Map delivers custom geospatial underwriting solutions for non-admitted as well as traditional insurance companies. Their focus is on the uniqueness of each individual client, which allows more accurate insights for underwriting, claims, product and marketing. The company is headquartered in Folsom, California and was founded by David Jowell and Alicia Naiman, whose underwriting expertise spans 30+ years and billions of dollars in risk exposure. Although GIA Map specializes in wildfire hazard data/scoring, they also provide impactful book management for saturation, live CAT events, EQ, flood, coastal, and weather warnings. To learn more, please visit https://GIAMap.com.

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Colin Crook

Colin Crook
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