Hippo Holdings Inc. (NYSE: HIPO) continued its upward trend on Friday, experiencing a surge of 4.94% in after-hours trading and closing at a price of $19.77. The rise in stock price followed the company’s announcement of an expansion in its distribution channels with the launch of a new initiative.
Is HIPO launching anything new?
With the launch of the Hippo Builder Insurance Agency (HBIA) last week, Hippo Holdings (HIPO) expanded its rapidly expanding channel. Building companies of all sizes can partner with the newly launched agency to generate predictable revenue streams by leveraging Hippo Holdings’ proprietary technology.
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The cost and risk associated with insurance agency operations are eliminated when builders send leads to HBIA without investing significant resources. Homeowners who sign up with HBIA receive a payment regardless of whether they close or buy a policy.
Most builders are under the impression that creating an agency to offer home insurance requires a considerable amount of time and effort. With the help of Hippo Holdings’ technology, this process can be completed within two weeks, allowing the company to begin quoting new partners’ leads immediately. Partners don’t incur any additional operational costs and have no exposure to operational risks.
Using the company’s industry-leading technology stack, HIPO can ingest the specifics of a home directly from the builder through an API or simply by downloading a simple file. HBIA can accurately estimate an entire development before an address is assigned or a customer is assigned to a particular property based on this builder data.
To ensure each customer receives the right policy, HBIA reviews multiple HO5 carriers, and quotes are tailored to the specific details of each home. In order to avoid closing delays and reduce friction consumers can experience during the home-buying process, builders share insurance information with their mortgage and title partners electronically.
How did HIPO leverage its product?
HIPO has provided a fully digital insurance purchase experience to nearly 100,000 new construction customers since its launch in 2019. Hippo Holdings (HIPO) insured 75% of new homes sold by its partner, Lennar, in 2022, with customers benefiting from unique coverage tailored to their new homes.
