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Hippo Insurance - Prevention Is The Best Medicine
Hippo was founded in 2015 in San Francisco and the company focuses primarily on home insurance. Hippo also offers low prices in the market and the company achieves this by taking an active approach towards loss prevention.
Hippo Insurance - Prevention Is The Best Medicine
Hippo was founded in 2015 in San Francisco and the company focuses primarily on home insurance. Hippo also offers low prices in the market and the company achieves this by taking an active approach towards loss prevention.
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How does the company do this?
Internet of things. Hippo utilizes IoT in people's homes and notifies them whenever their front doors are unlocked after a period of time, when they leave their garage doors open, or when there's water leakage in the house.
How does the company do this?
Internet of things. Hippo utilizes IoT in people's homes and notifies them whenever their front doors are unlocked after a period of time, when they leave their garage doors open, or when there's water leakage in the house.
By notifying customers of potential accidents or dangers, Hippo vastly reduces the risks of events from happening in the first place. At same time, Hippo offers complimentary home checkups as well as connections to their network of home repair and maintenance service providers.
Additionally, Hippo sends customers a complimentary smart home monitoring system, and if they install it, they will get an additional discount on their insurance premium. In March, Hippo launched a program with home security systems company SimpliSafe.
Customers who opt in the program pay a monthly fee of $14.99 and in return, receive additional discounts on their Hippo insurance policy because they are deemed as "safer homeowners."
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According to their website, Hippo also works with reinsurance partners to offload some of their risks, something Hippo has in common with LMND. Through the use of data from municipal building records, satellite imagery, and smart home devices,
According to their website, Hippo also works with reinsurance partners to offload some of their risks, something Hippo has in common with LMND. Through the use of data from municipal building records, satellite imagery, and smart home devices,
Customers can receive a quote in less than a minute and purchase a policy in as little as 5 minutes - similar to LMND's speed. However, Hippo lacks efficiency as AI and bots are not involved in the customer acquisition process.
Furthermore, customers still have to call if they want to submit a claim, a process that LMND has partially automated.
Currently, Hippo covers home insurance in 26 states. Hippo recently raised $150M in SeriesE funding in July 2020, bringing its valuation to $1.5B
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Currently, Hippo covers home insurance in 26 states. Hippo recently raised $150M in SeriesE funding in July 2020, bringing its valuation to $1.5B
Long $RTP
