US InsurTech Hippo is leveraging its partnership with cloud-native core platform for insurers Socotra to expand its Commercial Lines homeowners association (HOA) insurance product.
The company’s HOA insurance, which launched in Arizona in August 2021, has since expanded to over 15 states, meeting a strong demand in an industry that historically overlooks policy customisation and personalisation, Hippo said.
Bringing the growth of the product to fruition, Socotra’s platform and open APIs will enable Hippo’s Commercial Lines product to offer customers accurate insurance quotes and tailored policy coverage.
Hippo streamlines the insurance quote process by collecting only the information needed to provide coverage, eliminating the timely and redundant process where customers are required to complete 60-plus questions Socotra’s modern, cloud-native core platform enables Hippo’s product experience to cover the entire lifecycle of an HOA insurance policy, and includes a complex rating algorithm, underwriting, and policy administration.
JoAnne Artesani, vice president of Commercial Lines at Hippo, said: “Since launching our HOA product, we have seen strong market demand for insurance policies that work in conjunction with homeowners or condo insurance. To meet that demand, we’ve developed a modern product that includes expanded coverage, customer support, and empathic claims concierges.
“By partnering with Socotra, we’re able to bring our innovative approach to life and improve our speed-to-market for each state and product launch.”
Hippo doubled its underwriting capacity after it entered an issuer carrier relationship with Ally Financial subsidiary and a partnership with Motors Insurance Corporation in 2021. The company also went public last year via a merger with special purpose acquisition company (SPAC) Reinvent Technology Partners Z.
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