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July 25, 2019updated 26 Jul 2019 8:11am

Hippo lands $100m in new funding to modernise home insurance in US

Insurtech stat-up Hippo has closed a $100m Series D funding round led by global technology investment firm Bond.

The California-based insurtech intends to invest the proceeds to expand its geographic reach to more than 80% of the homeowner population in the US by the end of 2019.

Also, the fund will be used to boost direct-to-consumer product portfolio and expand distribution network of partners, the company said.

Hippo, which was launched in 2017, has been ramping up its presence in modern home insurance market, from coverage and pricing to claims and service.

Additionally, Hippo offers complimentary smart home devices, to safeguard homeowners against water leaks, fire damage and break-ins.

Hippo’s data-driven pricing and real-time underwriting analyses public data sets, from municipal building records to satellite photo of physical property characteristics, to produce a more precise summary of a customer’s property.

As a result, the qualified customers receive a complete, bespoke and accurate quote in less than 60 seconds, and reduced premium costs of up to 25%.

Hippo co-founder and CEO Assaf Wand said: “We launched Hippo to transform the outdated and often frustrating relationship people have with their home insurance provider into one that’s approachable, modern, and always adding value.

“Not only are more than 60% of US homeowners underinsured but traditional insurance only interacts with you when you file a claim. We’re providing more comprehensive policies and helping customers prevent claims from ever happening through protective services, programs and alerts that safeguard their homes, a family’s largest personal asset.”

Hippo has so far raised a total of $209m from Comcast Ventures, Felicis Ventures, Fifth Wall, Hillhouse Capital, Horizons Ventures, ICONIQ Capital, and Lennar Corporation, among others.

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