Insurtech Hippo launches in California
Hippo Insurance, provider of “smart home coverage for modern households,” has officially launched in California following a $14 million funding round in December led by Horizons Ventures.
Hippo offers customers homeowners and condo protection backed by TOPA Insurance, boasting it delivers online quotes in 60 seconds.
According to CEO Assaf Wand, the startup is working to cover the 60% of U.S. homeowners who are underinsured. It explicitly and ups coverage for items homeowners care more about—including laptops, appliances and home office equipment.
“Many [customers] believe they have coverage that isn’t actually in their policies,” said Wand. “And the majority spend too much time and money purchasing the product, due to outdated commissioned agents and various hidden fees.”
Hippo is the latest insurtech startup vying to modernize insurance using emerging technologies. Notably, Lemonade and Jetty recently entered the renters’ insurance market making similar claims. Hippo’s tech strategy, in part, revolves around preventing claims using the Internet of Things. For example, early policyholders will receive free water leak sensors, to detect water damage.
However, going against the popular startup trend of replacing humans with AI bots, Hippo plans to keep giving customers that personal touch, especially when homes become unlivable.
“Hippo is about people first and claims second,” Wand said. “Our policyholders will speak to humans who will be as helpful and compassionate as the best service reps out there."