HCI Group, Inc. (NYSE: HCI) announced on Thursday its that insurtech platform TypTap has surpassed $10 million in gross written premiums. According to HCI, TypTap provides residential flood insurance in Florida, features the company’s internally developed, online quoting and binding platform. The platform also provides a quote in seconds and a bound policy in minutes. While sharing more details about the platform, Paresh Patel, HCI’s Chairman and CEO, stated:
“In a short period of time TypTap has established itself as a leading alternative to the Federal government’s National Flood Insurance Program. TypTap’s growing success demonstrates the efficacy and power of our InsurTech platform which we expect will be an important driver of future growth. We are working now to expand the platform beyond flood insurance to include homeowners insurance and other insurance products.”
HCI added it previously announced plans to expand into additional states, including Arkansas, California, Maryland, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina, and Texas.