TypTap Insurance Company, a provider of homeowners and flood insurance in Florida, has revealed plans to expand its business across the US.
The insurer, which was founded in 2016 and funded by HCI Group, has sought approval from Florida insurance regulators for expansion plans.
If the company secures approval, it can then seek the nod from regulators of other states and expand its operations across the US.
The company in a press statement claimed that its operations in the home market have grown ‘rapidly’.
Premiums in-force for homeowners insurance, its flagship product, surged 2,202% since the beginning of last year.
Recently, total premiums in-force crossed $75m, the company revealed.
TypTap president Kevin Mitchell said: “TypTap and its technologies have proven successful in Florida, one of the most challenging markets in the US.
“We intend to duplicate that success nationwide. Our expansion plans will increase our total addressable market from approximately $11bn within Florida to over $105bn,” he added.
Mitchell added that the company’s goal is to “generate more than $5bn in revenue with a 10% operating margin by 2030.”
TypTap simplifies the insurance experience by leveraging technology, data and data analytics. It also uses its proprietary, online platform to quote and bind policies quickly.
The company has unique algorithms, which powered by AI technology, to identify policies that deliver profitable results while alleviating risk.