We have pointed out for quite some time that the insurance industry is rapidly becoming a very vibrant fintech industry. Yeah, not stodgy and all old frumpy but actually cool and progressive. How do we know? The names. Travelers? Met Life? Oh please. How about……..LEMONADE or HIPPO. That’s what we’re talking about. The Hippo business model just got a Series B funding of $25M from Comcast Ventures and Fifth Wall. Congrats. Not your great grandfather’s insurance company anymore.
(Bill Taylor/Founding Editor)
“California-based insurtech company Hippo has announced today it secured $25 million in Series B funding, led by Comcast Ventures and Fifth Wall and joined by other top fintech investors. Founded by serial entrepreneurs Assaf Wand and Eyal Navon, Hippo is aiming at reimagining homeowners insurance with a customer-centric model by leveraging big data, like municipal building records, and innovative technology, such as satellite imagery and smart home devices, to streamline the quote and onboarding experience.
“Homeowners insurance is an antiquated industry that has lost its way,” said Assaf Wand, Hippo’s CEO. “Up to 65% of all homeowner claims result from catastrophic events. Whether it’s damage from a hurricane or wildfire, the last thing homeowners should have to deal with is a complicated battle with their insurance carrier. We get our customers what they need immediately, so the claims process doesn’t become another crisis they have to deal with.”
Insurtech is one of the hottest areas of fintech right now, and Hippo’s announcement is coming just a few weeks after SoftBank announced its $120 million investment in competitor Lemonade and a few months after Jetty announced its $11.5 million series A. According to Wand, Hippo stands out as it is focused on homeowners and not renters. “Lemonade and Jetty have developed business practices and customer service around renters insurance, which is, at its core, an entirely different product. Renters are looking for replacement coverage on their individual assets, plain and simple. Homeowners invest their life savings into their homes – it’s where they store the things they love most and live life with their families. It’s a more complex situation that requires a comprehensive product,” said Wand…: