On Wednesday, California-based insurtech company Hippo announced it has formed a strategic partnership with Spinnaker INsurance Company. The company revealed that through the new collaboration, it will expand to new states and bring its smart home coverage to over 60% of the U.S. population by the end of the year. While sharing more details about the partnership, Richard L. McCathron CPCU, CIC Head of Insurance at Hippo, stated:
“Spinnaker is an innovative carrier with a highly respected leadership team that shares Hippo’s belief that homeowners insurance was overdue for modernization. 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 Insurance Company, then commented:
“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.”
Hippo added it is Spinnaker’s first partnership with an insurtech company in the homeowner’s space.