Hippo, a home insurance group focused on proactive home protection, has expanded its channel with the launch of the Hippo Builder Insurance Agency (HBIA).
Hippo is a property & casualty (P&C) insurance agent with commercial and personal lines products underwritten by various insurance companies. The company goal is to make homes safer and better protected so customers spend less time worrying about the burdens of homeownership.
The new agency leverages Hippo’s proprietary technology to allow builders of any size to partner with HBIA and generate a predictable revenue stream.
Hippo’s technology stack can ingest each home’s specific details directly from a builder partner via an API or simple file.
By accessing this exclusive builder data, HBIA can accurately quote an entire development before addresses are assigned, or a customer is attached to a particular property.
HBIA reviews offerings from the multiple HO5 carriers it represents to ensure each customer gets the right policy, and quotes are tailored to each home’s specific details. The insurance information is then shared electronically with the builder’s mortgage and title partners to help avoid closing delays and remove some of the friction consumers can experience in the home-buying process.
Since launching in 2019, Hippo said nearly 100,000 new construction customers have taken advantage of its fully digital insurance purchase experience. In 2022, 75% of Hippo partner, Lennar’s, new homes sold were insured by Hippo.
Rick McCathron, Hippo president and CEO, said, “There is a misconception among builders that creating an agency to offer home insurance requires the allocation of significant resources and time.
“Neither is true – our technology makes this turnkey, allowing us to begin quoting a new partner’s leads in as little as two weeks. There is zero cost to our partners and they are not exposed to any additional operational risk.”
Last year, Hippo Insurance Services teamed up with Ring to offer home insurance products in North Carolina designed to protect homes against water damage, fire, and break-ins.
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