Hippo: InsurTech unicorn closes $150mn Series E round
One of the luminaries in the modern sector, the company’s approach exemplifies the InsurTech ethos, combining technology and process automation to give customers a next-gen service experience.
Choosing to work only with the best collaborators available, Hippo’s partners possess almost $200bn in assets. All have an ‘A’ rating according to the gold standard and hold 300 years of cumulative experience in the industry. In short, policyholders can trust that the products and services offered by Hippo are secure and high quality.
Changing the homeowner-home insurance relationship
The funds generated have already been earmarked by Hippo to drive its ambitious expansion plans in the US; the company hopes to capture 95% of the homeowner population within the next year, in addition to other key infrastructure investments.
“We set out to change the relationship between homeowners and home insurance by offering more value and services in each interaction with our customers,” said Assaf Wand, CEO and Co-Founder.
“We’re developing a long-term relationship with our customers, in part by supporting our insurance customers with home maintenance and smart home devices, all of which help solve small problems before they become big headaches.”
Transforming home insurance
Hippo’s story began in 2015 with a vision of revolutionising home insurance: complimentary smart home devices (over 400,000 delivered so far) allowed the company to work with its customers and provide a service rooted in prevention rather than ‘repair and replace’.
Currently available in 29 states, the company’s innovative combination of artificial intelligence (AI), machine learning and thermal and satellite imagery has proved to be hugely popular with users.
Gil Arazi, Founder and Managing Partner of FinTLV, said, “We’ve watched Hippo transform the home insurance experience, from its proprietary underwriting technology to its delightfully refreshing customer experience, a rarity in the industry.
“The value Hippo provides for consumers and the strides it has made towards the larger progression of the P&C (property and casualty) insurance sector makes it the most compelling technology insurance company of its time.”
Akur8’s US$30mn Series B to fuel US and APAC expansion
Still a relatively new company in the sector, Akur8’s progress since it was founded in 2018 has been characterised by cutting-edge tech, strategic growth, and a highly personable approach that clearly demonstrates the youthful innovation of insurtech itself.
The company strives to embody four key values:
- Challenging a status quo that doesn’t benefit customers
- “Disrupt the known, organise the unknown”
- Provide artificial intelligence (AI) tech with a distinctly human edge
- Create solutions that will endure the test of time
At the heart of Akur8’s business is its Transparent AI solution. Capable of empowering actuaries and pricing teams through better, faster decision making, the insurtech touts it as “the only solution that automates rate modeling while keeping full transparency and control.”
Transforming insurance pricing
In just two years, Akur8 has acquired over 30 customers in 10 countries - including high-profile insurers like Munich Re, Tokio Marine Kiln, AXA, and Generali - and established additional offices in London and New York. Now, the company is keen to develop its business in the US’ verdant insurance market and build its presence in APAC.
“The BlackFin team is thrilled to see Akur8 continue to spread its wings and deploy its next generation pricing platform across insurance carriers worldwide,” said Julien Creuzé, Partner. “We have built a great relationship with the Akur8 management team and it’s a pleasure to welcome new investors and continue this journey with them.”
Guillaume Beraud-Sudreau, Co-Founder and Chief Actuary at Akur8, added, “We are humbled by the trust that our clients and investors have placed in Akur8. Building the future of insurance pricing powered by Transparent AI has been our goal since the first day of R&D. Now this vision has become reality and we can’t wait to accelerate our growth to become the global reference in insurance pricing.”
Cover image source: Akur8