Insurtech Hippo targets 60 percent coverage of US through Spinnaker partnership
Hippo, a California-based insurtech company focussed on transforming home insurance, is partnering with Spinnaker Insurance Company to expand in the US.
It aims to bring its 'smart' home coverage to over 60 percent of the US population by the end of the year.
Hippo said it will leverage Spinnaker's platform to deliver its home and condo insurance products to an expanded audience nationwide.
Spinnaker has capacity to offer admitted insurance products in 46 states and jurisdictions, and utilises programme administrators and managing general agent to access niche markets, focussing on short-tail business, with an emphasis on homeowners, renters, and small commercial.
Texas homeowners are said to be first to benefit from the deal, as Hippo launched its products there in late December.
"Spinnaker is an innovative carrier with a highly respected leadership team that shares Hippo's belief that homeowners insurance was overdue for modernization," said Richard McCathron, head of Insurance at Hippo. "It has already proven to be a valuable partnership. Contributing to our groundbreaking and efficient quote process, Spinnaker has helped us solidify a client-friendly underwriting process through our trusted data sources that lowers friction for the end customer."
Ken Ingrey, chief underwriting officer for Spinnaker, added: "Spinnaker is committed to being the conduit between insurtech producers and the reinsurance and capital markets. We find Hippo to have a stand-out team and superior product for today's homeowner. The longevity of insurtechs will come down to product innovation, ease of use, and customer service – Spinnaker is thrilled to be partnering with Hippo as we believe the organization reflects the characteristics of a successful platform."
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