Hippo announces expansion into Commercial Insurance
The California-based homeowners insurtech, Hippo, has announced its expansion into providing commercial customers with a range of new products and services.
Until now, Hippo has been firmly entrenched in the consumer marketplace since 2017. The group’s focus has been on whole-home protection offerings.
It will now turn its sights to tailored services targeting commercial insurance customers, which have lacked personalised coverage offered by traditional insurers - an aspect that can leave customers at greater financial risk.
The launch of Hippo’s Commercial Lines unit is taking place through smart device integrations, and community care services to an industry that has grown to a total addressable market of US $299bn in 2019.
The insurtech company’s real-time, no-nonsense, comprehensive plans have been well received by consumer customers in North America. As part of the company’s expansion strategy, it has also opened offices in Austin and Dallas, Texas, and provides insurance products that are available to over 80% of US homeowners in 37 states.
New commercial product launch for Hippo
Hippo’s first Commercial Insurance product is a tailored homeowners association (HOA) plan that provides a wider range of protections for the HOA, alongside a streamlined claims process.
The plan is backed by the company’s data-driven underwriting, satellite, and aerial imagery.
Speaking about this latest development, Rick McCathron, Hippo’s President, explained, “Supporting the homeowners association transcends into protecting the homeowner and their community.”
He continued, “Our mission is to bring back the joy into homeownership, and we recognise what it means to be part of the community in which you live. By bringing a new approach to an industry that’s been fragmented and developing new proactive solutions for the homeowner association, we can ensure that communities have highly tailored and personalized coverage and that our customers are well cared for and protected.”
Hippo’s Commercial Insurance key points:
- Personalised insurance policies using the most current catastrophe models and tailored to each customer’s individual risk attributes.
- Modern coverage and higher limits are set for items that personal lines and traditional commercial lines typically do not include, such as pools, landscaping, private roads, retaining walls, and elevator collisions.
- Expanded coverage package that includes commercial property, fidelity, inland marine, data breaches, general liability, combined directors and officers and employment practices liability, hired and non-owned auto liability with physical damage coverage, and available excess liability covering underlying coverage parts.
- Direct access to Hippo’s claims concierge team should a loss occur and a direct line to one-on-one support to provide a reliable claims process.
Currently, Hippo’s Commercial Insurance for HOA is available in Arizona, and will expand to Nevada, Oregon, Utah, Colorado, Michigan, Illinois, and Tennessee later this year.
Additional commercial programmes, include condominium associations and single-family rentals, which are expected to roll out in the autumn. New offerings are also in the pipeline and will include community services and smart devices to help keep commercial customers better protected.
The announcement follows on from Hippo’s news in March 2021, that it had formed a definitive business combination agreement with Reinvent Technology Partners Z (NYSE:RTPZ), a special purpose acquisition company that takes a “Venture Capital at Scale” approach. Once the transaction closes, the combined company will be publicly traded.
McCathron added, “Backed by our team of insurance veterans, we will modernise the commercial insurance experience while preserving the individual communities’ unique coverage and risk needs.”
Image credit: Assaf Wand, CEO of Hippo, image courtesy of Hippo