Hippo Announces Mortgage Partner Channel and Launches Proactive Home Protection in Massachusetts

Rhea-AI Summary

Hippo (NYSE: HIPO) has expanded its mortgage partner channel and launched its home insurance products in Massachusetts, reaching 94% of the U.S. population across 40 states. The company now services over 7 million customers annually through partnerships with mortgage lenders. Hippo's streamlined process allows customers to purchase insurance in as little as four minutes, significantly faster than traditional providers. CEO Rick McCathron emphasizes that this channel will be crucial for growth as digital solutions become more prevalent for homeownership needs.

Positive

• Expansion of mortgage partner channel expected to drive growth.
• Access to home insurance now available in Massachusetts.
• Quick and efficient customer experience, completing purchases in as little as four minutes.

Negative

• None.

• Hippo’s mortgage partners now service more than 7 million customers combined annually
• Hippo products currently reach 94% of the U.S. population in 40 states
• Hippo’s end-to end process allows customers to purchase insurance in as little as four minutes

PALO ALTO, Calif.--(BUSINESS WIRE)-- Hippo (NYSE: HIPO): Hippo Insurance Services today announced the expansion of its mortgage partner channel, as well as availability of its home insurance products in Massachusetts. Hippo provides loan originator and servicer partner’s customers with a seamless home insurance purchasing experience. More than a dozen mortgage lenders and servicers now combine to help over 7 million customers nationwide that finance their homes each year.

Home insurance is a critical step in the mortgage purchase process, with 80% of buyers needing financing, and 100% of lenders requiring proof of home insurance coverage before closing. Hippo’s mortgage partner channel provides each lender’s customers with a simple and fast way to purchase modern home insurance coverage.

Customers receive tailored, purchase-ready insurance quotes in seconds without needing to answer lengthy questionnaires, and can complete the entire purchase process with Hippo in as little as four minutes. That’s compared to other providers who can take up to 30 minutes, and often require answering upwards of 70 questions, just to provide a quote.

“Since launching our mortgage partner channel as a pilot over a year ago, we have collaborated with an ever-growing list of leading lenders and servicing companies. Together we can deliver a seamless home insurance purchase experience that alleviates some of the stress felt by homebuyers, and helps existing homeowners find better coverage faster,” said Rick McCathron, CEO and President of Hippo. “We expect the channel to become one of our key pillars for growth, as consumers look more and more to digital avenues to address their home ownership needs.”

Hippo products are becoming increasingly available across the U.S., currently reaching 94% of the U.S. population in 40 states with the addition of Massachusetts. Residents of the Bay State can now access Hippo’s proactive protection offerings such as modern home insurance coverage, company-provided smart home devices like those from SimpliSafe, and Hippo Home Care.

Scott Braun, Chief Growth Officer at SimpliSafe, adds, “As a Boston-based organization, we’re thrilled to see Hippo expand into Massachusetts and be able to offer the benefits of our Smart Home Insurance program to local homeowners. Together, we’re helping to provide consumers with peace of mind and protection from potential damages.”

Hippo is transforming the home insurance industry with proactive, consumer-focused products and services. To learn more about Hippo’s insurance offerings or to get a quote, visit hippo.com.

About Hippo

Hippo is protecting the joy of homeownership, helping to safeguard customers’ most important financial asset by harnessing the power of real-time data, smart home technology, and a growing suite of home services to deliver proactive home protection.

Hippo Holdings Inc. operating subsidiaries include Hippo Insurance Services, Hippo Home Care, First Connect Insurance Services, Spinnaker Insurance Company, Spinnaker Specialty Insurance Company, and Mainsail Insurance Company. Hippo Insurance Services is a licensed property casualty insurance agent with products underwritten by various affiliated and unaffiliated insurance companies. For more information, including licensing details, visit http://www.hippo.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220622005355/en/

Mark Olson / Courtney Klosterman

press@hippo.com

Source: Hippo

FAQ

What is the recent announcement by Hippo (HIPO)?

Hippo has expanded its mortgage partner channel and launched home insurance products in Massachusetts.

How many customers does Hippo service annually?

Hippo services more than 7 million customers combined annually through its mortgage partners.

What percentage of the U.S. population can access Hippo's products?

Hippo's products currently reach 94% of the U.S. population across 40 states.

How quickly can customers purchase insurance through Hippo?

Customers can complete the insurance purchasing process in as little as four minutes.

What key growth opportunities does Hippo see with its mortgage partner channel?

Hippo expects the mortgage partner channel to become a key pillar for growth as consumers increasingly seek digital solutions for homeownership.