One of the new generation of tech-enabled homeowners insurance companies has scored a sizable investment.
Hippo, a Mountain View, Calif., homeowners insurance company founded in 2015, has raised $70 million in a Series C round led by Felicis Ventures, with participation from homebuilder Lennar Corporation.
According to VentureBeat:
CEO and cofounder Assaf Wand, a former McKinsey consultant and founder of housewares company Sabi, said Hippo would use the influx of cash to improve its claims flow and expand its national footprint.
“Our heavy focus on customer experience for every client, from first time homeowners to home insurance experts, has been one of the main keys to our success,” he said. “We’re eager to expand our footprint, launch new products, and bring our incredible customer service to customers nationwide.”
Hippo, like most companies in the insurance tech field, doesn’t underwrite policies itself — it relies on existing insurance giants and takes a commission on granted plans. But Wand says its data approach differentiates it from competitors like Lemonade and MetroMile.
The funding is a clear indicator that technological disruption is coming to the homeowners insurance marketplace. Seeman Holtz Property & Casualty is also making major moves in technology.
This month, the company announced its 50th acquisition—Boston-based online home and auto insurance technology platform, Goji (formerly Consumers United, Inc.). Goji operates an online analytics platform that matches clients’ needs with the right coverage at the best price through an integrated network of more than a dozen insurance carriers.
Seeman Holtz Property and Casualty will integrate Goji’s platform throughout its divisions and vertical offerings, while Goji’s clients will get an immediate boost with access to the 400+ carrier relationships and the 50 state agent licenses of the Boca insurance agency. The combination also improves Seeman Holtz Property and Casualty’s ability to expand digital marketing channels and partnerships.
Eric Holtz, Executive Vice President, and Chief Marketing Officer of Seeman Holtz Property and Casualty, said, “Goji has developed a brilliant model of acquiring new clients by utilizing data, analytics, and online marketing, complementing our existing capabilities for servicing and selling additional products to existing clients. This unique combination will supercharge our business and further enhance our innovative focus on leveraging data and analytics to achieve operational excellence.”