Hippo Teams Up with Socotra to Support Hippo’s Homeowners Association Insurance Product

Hippo (NYSE: HIPO), the home insurance group that formed a new standard of care and protection for homeowners, recently announced an expansion of the firm’s Commercial Lines homeowners association (HOA) insurance into new markets “following initial positive traction and engagement since its launch in August 2021.”

Bringing this growth to fruition, Socotra’s platform and open APIs “enable Hippo’s Commercial Lines product to offer customers accurate insurance quotes and tailored policy coverage.”

The announcement also noted that the firm’s HOA insurance, which launched in Arizona in August of last year, has since expanded to more than 15 states, “meeting a strong demand in an industry that historically overlooks policy customization and personalization.”

As noted in a release, Hippo aims to streamline the insurance quote process by “collecting only the information needed to provide coverage, eliminating the timely and redundant process where customers are required to complete 60-plus questions.”

As explained in the update, every Hippo HOA policy is “customized to the community, and covers property and critical systems often overlooked or excluded, such as swimming pools and other amenities.”

As noted in the release, Hippo’s property and liability coverages are “provided within one policy and one invoice, helping communities avoid managing separate bills across multiple insurance companies.”

The update also mentioned that Socotra’s Cloud-native core platform “enables Hippo’s product experience to cover the entire lifecycle of an HOA insurance policy, and includes a complex rating algorithm, underwriting, and policy administration.”

The partnership, which began in early 2021, has “helped accelerate Hippo’s growth into the Commercial Lines space by creating a strong foundation for a product that was built to directly serve customer needs,” the announcement revealed.

JoAnne Artesani, VP of Commercial Lines at Hippo, stated:

“Since launching our HOA product, we have seen strong market demand for insurance policies that work in conjunction with homeowners or condo insurance. To meet that demand, we’ve developed a modern product that includes expanded coverage, customer support, and empathic claims concierges,”

JoAnne added:

“Through Commercial Lines expansion, we are building a suite of highly tailored policies that supports product diversification, accelerates growth across new sales channels in more states, and reaches new customer bases for personal insurance lines. By partnering with Socotra, we’re able to bring our innovative approach to life and improve our speed-to-market for each state and product launch.”

With Hippo’s sharp focus on ongoing growth and diversification, it will deepen its reach to customers in markets “with a large number of HOAs, which are often underinsured after the first 3 to 5 years of obtaining coverage.”

The firm intends to further scale its offering to reach the over 380,000 HOA communities nationwide. Within those communities, including those currently phasing and building out, it will “work closely to tailor coverage for their current and upcoming needs.”

Dan Woods, CEO of Socotra, remarked:

“To date, the Hippo team has demonstrated a clear vision of how to leverage technology and data to improve customer experiences. I’m pleased that Socotra is helping to accelerate Hippo’s efforts as they continue to make strides into commercial insurance.”

Hippo’s HOA insurance is currently available in Arizona, Colorado, Delaware, Idaho, Illinois, Indiana, Massachusetts, Maryland, Michigan, Nevada, Oregon, Pennsylvania, Tennessee, Utah, Wisconsin, and West Virginia.

Hippo will continue to “grow its Commercial Lines insurance offering while building an innovative suite of proactive and customer-focused products that help customers take a holistic approach to homeownership,” the update confirmed.



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