Hippo Insurance overview

Hippo Insurance allows homeowners to get a quote and purchase home insurance online in 60 seconds. They offer their users more cover than typical home insurance policies, such as broken appliances and service lines coverage. Their policies are underwritten by big corporate (re)insurers including Swiss RE.

Hippo utilises big data from building records, satellite imagery and smart home devices to improve the customer experience and better their services. The company also offers direct integrations into loan origination systems and point of sale systems to allow borrowers to obtain homeowners insurance as part of the mortgage process.

As of 2018, Hippo are fully licensed in 17 states, and have plans to expand availability to 60% of the US population by the end of the year, following significant funding from such investors as RPM Ventures, Comcast Ventures and Fifth Wall.

In July 2018, Hippo revealed it topped $10bn in total insured property value in the same month as it discontinued its home insurance chatbot.

In the same year, it also announced a multi-year partnership with Zesty.ai, which will see the insurer leverage the latter's computer vision technology and property attributes when conducting data-driven underwriting. Then, in 2019, the startup teamed up with data-driven flood insurance company, Neptune Flood, to launch a new online home and flood insurance solution. Later that year, Hippo teamed up with property data startup Arturo to utilise its near-real-time property analytics capabilities.

In July 2019 Hippo became a Unicorn after securing a $100m Series D investment. The most recent round of funding will be used towards Hippo geographic expansion across the US.

In November 2019 Hippo announced it had acquired home maintenance startup Sheltr. It did not disclose how much it paid for the startup. Hippo had previously said it wasn't looking to make any acquisitions, however said the pairing was an obvious move as it looks to build a more proactive relationship with its customers.

In 2019 Hippo topped $50bn in total insured property value. Founder Assaf Wand revealed that the company had received over $150m in premiums.

Hippo expanded its reinsurance panel in February 2020, and announced it had established its own captive to participate in the risk and underwriting profit.

In March 2020 Hippo partnered with Simplisafe to provide homeowner policy holders with home security and alarm devices, hoping to reduce the 40% of all its claims resulting from fire, water, property damage or theft. The partnership adds new services to the existing range of options already on offer from Hippo.

A few months later, in June, Hippo announced it had acquired national P&C insurer Spinnaker Insurance. The two had been partners since 2017, and the new relationship means that Hippo can now expand the geographical reach of its policies. That same month, Hippo expanded its partnership with Handii and Westhill, aiming to increase the efficiency of its end-to-end customer claims handling.

In July 2020 Hippo raised a $150m Series E funding round, valuing the company at $1.5bn post-financing. The company also reported its total written premiums had grown to $270m - an increase of 140% YoY. The company stated it would be employing around 100 new employees by the end of the year.

In September Hippo selected ClaimsPay, part of One Inc's Digital Payments Platform, to enhance the company's outbound payment capabilities and improve consumer claims settlement experience. Through ClaimsPay, Hippo’s customers will have access to digital disbursement options that deliver payments instantly.

Map showing the location of Hippo Insurance

Mountain View, United States

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Key people

Oshri Kaplan Board Observer
Assaf Wand CEO & Co-Founder
Eyal Navon Co-founder & CTO
Aviad Pinkovezky Head of Product
Richard McCathron Chief Insurance Officer
Yuval Harry Head of Partnerships
Darin McCarthy Head of Claims
Stewart Ellis Chief Financial Officer
Ran Harpaz Chief Technology Officer