In one of the most difficult reinsurance markets in the last 20 years, we successfully placed reinsurance on our flagship homeowners program on terms that are better than our treaty from last year Rick McCathron, Chief Executive Officer and President of Hippo Insurance For buyers of protection, it’s been a particularly challenging January reinsurance renewals in 2023, as reinsurers hiked prices on the back of consecutive heavy loss years from catastrophe, inflation and war in Ukraine. Hippo Insurance managed to successfully complete its reinsurance purchase for 2023 at improved terms than seen in 2022.
It now covers more than $25 billion in total property value and has raised $109 million to date from a bevy of investors, including Abstract Ventures, Aquiline, Comcast Ventures, Fifth Wall, GGV Capital, Horizons Ventures, Munich Re, Pipeline Ventures, RPM ventures, and Zeev Ventures.Insurtech Hippo Insurance has placed of its reinsurance program for the 2023 year, which includes a 32% rise in per-occurrence excess of loss (XoL) limit within the insurer’s non-proportional treaty. It’s currently in 14, with plans to cover 60 percent of the U.S. Since the beginning of this year, Hippo has launched in 11 new states.
“From a client’s first interaction with us to our regular coverage tracking, we always keep our client’s coverage needs in mind,” Wand said. Hippo in September announced an integration with Zesty.ai, an artificial intelligence (AI) risk platform for property and casualty insurance, that taps the latter’s computer vision technology to expedite underwriting. Some of those partnerships are on the data analyitcs side. And it collaborated with smart home monitoring startup Notion to provide new policyholders a Notion starter kit. This year, the startup teamed up with Comcast to extend Xfinity cable subscribers discounts and enhanced coverage on homeowners insurance, along with a smart home starter kit. Wand credits much of Hippo’s momentum with its expeditious state-by-state strategy - its backend platform enables it to launch in a new state in as little as two weeks - as well as its brand partnerships. We see Hippo’s current growth rate and efficient automated policy management system as just the beginning of driving this transformation.” Insurance is the next big sector to undergo the dramatic transformation of customer experience and improved risk management enabled by access to real-time data. “The company leverages thousands of data points to underwrite customers in minutes and proactively monitors and alerts homeowners when key repairs or weather protection is needed to protect their most important asset.
“Hippo has set the bar for the future of insurance with its fully automated, proprietary policy management and proactive underwriting,” Treyger said. The Global Trends Study 2017 revealed that insurance invests an average of $124 million per company in artificial intelligence (AI), or $54 million more than the average across all industries surveyed.īut according to Victoria Treyger, managing director at Felicis Ventures, Hippo has managed to apply AI more successfully than others. When a prospective customer enters their address, for instance, they get a prefilled form with detailed information about their home’s construction - all scraped from public records.Īs a result, most homeowners and condo owners find a plan in 60 seconds or less, Wand said, and pay up to 25 percent less in premiums.ĭata analytics is something of a trend in the insurance market. Hippo taps sources like municipal building records, satellite imagery, and smart home sensors to simplify signups and policy management. But Wand says its data approach differentiates it from competitors like Lemonade and MetroMile. Hippo, like most companies in the insurance tech field, doesn’t underwrite policies itself - it relies on existing insurance giants and takes a commission on granted plans.
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