MOUNTAIN VIEW, Calif., April 26, 2017 (GLOBE NEWSWIRE) -- Today, Hippo Insurance, a company providing smart home insurance for modern households, officially launched in California with the most fundamental redesign of Home Insurance in recent times. In so doing, they have provided consumers with a vastly more protective product that can be quoted and purchased instantly online and at lower prices.
“It’s a rewarding moment,” says Assaf Wand, Hippo CEO. “When you look at home insurance you see that 60% of US homeowners are underinsured, many believe they have coverage that isn’t actually in their policies, and the majority spend too much time and money purchasing the product, due to outdated commissioned agents and various hidden fees.”
Wand explains that to solve these issues, Hippo spent thousands of hours evaluating home insurance and fundamentally redesigned it. They started with the policy itself, adding ten essential features not included in other standard policies. They leveraged new technologies to create what the company believes is the fastest purchase process online. And, they worked hard to eliminate hidden or unnecessary costs. They also devised a strategy to help policy holders avoid loss in the first place by relying on cutting-edge smart home sensors.
Hippo offers homeowners (H03) and condo insurance (H060), managing product design, pricing, underwriting, marketing, support, as well as the technology and data platforms that power its service. It partners with TOPA Insurance in CA to act as the carrier to back policies. The result is an experience that is transformed at every level.
You Can Quote Me on That
Customers seeking an insurance quote will be among the first to see how much work Hippo has done. While other insurers famously ask customers to spend 15 minutes getting an insurance quote, Hippo has reduced the process to just 60 seconds. And, while most insurance policies are sold over the phone, Hippo customers can complete the purchase online in just a few more steps.
Policy Matters
The company has also redesigned home insurance policies from the ground up. To modernize the product, they’ve removed coverage for antiquated items such as pewter bowls and stock certificates – found in many other standard insurance policies – and increased coverage for things that today’s homeowners actually care about: computers, appliances, electronics, home office equipment and more.
Money, Money, Money
By reimagining how home insurance policies are designed and sold, Hippo has saved a lot of money. This savings is largely passed on to the consumer in the form of better prices and greater protection. Hippo boasts that its enhanced policy protections could cost as much as $300 more at other carriers, and that’s when such protections are offered as optional coverages (which, in many cases, they aren’t).
For example, Hippo insures the full, replacement cost of protected property, not the lower, depreciated value that many others cover. It also includes coverage for breakdown of home appliances, service lines and much more.
Preventive Medicine
But, Hippo doesn’t simply seek to cover damage when it happens: It aims to prevent it in the first place. The company has developed a robust strategy that relies on connected smart home sensors and IOT (internet of things) data, to identify and prevent damage before it occurs. As part of this strategy, Hippo’s first policyholders will receive a free, advanced water leak detector that sends digital alerts at the first sign of water damage.
Compassionate Claims
More than anything, however, Hippo believes its greatest innovation will be its service. The company acknowledges that its customers rely on Hippo to protect their largest assets, and that insurance claims often derive from stressful experiences. In light of this, Hippo offers comprehensive, compassionate concierge services to help home owners find hotels when a home becomes unlivable, and to supervise repair contractors when damage occurs. As Assaf Wand says, “Hippo is about people first and claims second. Our policy holders will speak to humans who will be as helpful and compassionate as the best service reps out there.”
About Hippo
Hippo Insurance has raised over $14 million from leading FinTech veterans to reinvent home insurance for the modern household. Founded in 2015 by Assaf Wand and Eyal Navon, Hippo is the first, entirely online home insurance product designed for the modern household. Hippo is headquartered in Mountain View, CA. For more information, visit: www.myhippo.com