The insurtech company Hippo is broadening its catchment in the US insurance market, getting ready to trade in 47 out of 50 US States. After a three-year partnership, negotiations are now underway to give the Californian startup access to Spinnaker Insurance Company, an Illinois-based insurance carrier for damages and personal injuries.
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Hippo: smart innovation for home insurance
Hippo Insurance Company has been set up in 2015 in Mountain View, down in the heart of Silicon Valley. The company started selling insurance policies two years later, and since then has never stopped: after a successful series of investments, in fact, in 2019 it joined the club of “unicorns”, the innovative companies not listed on the stock exchange, yet having reached at least one-billion dollars rating.
By offering smart and digital services, Hippo aims to break new ground in the home insurance market responding to the new needs of its customers. The insurtech website provides fast insurance coverage for high-tech items and household appliances, along with protection against problems with water or gas supply or damage caused by theft and fire.
In partnership with Xfinity, the insurance policies subscribed to by Hippo also offer a digital monitoring service thanks to 5 different sensors monitoring the home situation in real time and alerting in case of risk. As a result, problems can be identified and resolved quickly, rather than becoming so serious as to require invasive or costly measures.
The Home Care service offers tele-assistance even for everyday problems, from a lightning bulb to a clogged sink: just take an online appointment to get in touch with a professional. “Because a smarter home is a safer home, don’t you agree?” is the company philosophy.
Nowadays Hippo serves as Managing General Agent (MGA) offering its services through a network of qualified partners. As a result, in recent years the startup has been able to widen its scope and enrich its product range, offering in some US States insurance against earthquakes (through Palomar), flooding (through Neptune Flood) or damage caused by strong winds (thanks to Velocity).
The acquisition of Spinnaker
Spinnaker Insurance Company, active since 2015, is an Illinois-based insurance company specializing in property and casualty insurance. Collaboration with Hippo began as early as 2017, and today Spinnaker sells the company’s policies in 18 states. Following the acquisition, Spinnaker is going to keep trading independently while benefiting from the resources made available by Hippo, thus fostering mutual growth. On the other hand, Hippo is going to use Spinnaker licenses to operate in all 47 US states covered by it.
“We’re happy to be a part of Hippo’s family. Since its inception in 2015, Spinnaker has always championed the value-added approach of working to create products that help customers, manufacturers and insurers. We know Hippo shares these values” said Dave Ingrey, Spinnaker CEO.
Likewise, Hippo’s Chief Insurance Officer, Rick McCathron, who said: “Spinnaker is familiar with the challenges of the insurance industry and is up to our standards. We are proud of our work as partners, and now aim to seal the acquisition”.
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