Hippo Partners With Socotra to Support Hippo’s Homeowners Association (HOA) Insurance Product

Hippo Accelerates Commercial Lines Business Growth, Helping Modernize the HOA Insurance Experience

PALO ALTO, Calif.--(BUSINESS WIRE)--Hippo (NYSE: HIPO), the home insurance group that created a new standard of care and protection for homeowners, today announced an expansion of the company'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 company's HOA insurance, which launched in Arizona in August 2021, has since expanded to over 15 states, meeting a strong demand in an industry that historically overlooks policy customization and personalization.

Hippo streamlines 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. 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. Importantly, Hippo’s property and liability coverages are provided within one policy and one invoice, helping communities avoid managing separate bills across multiple insurance companies.

Socotra's modern, 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.

“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,” said JoAnne Artesani, VP of Commercial Lines at Hippo. “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 focus on 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 three to five years of obtaining coverage. The company plans to scale its offering to reach the more than 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.

“I’ve long been impressed with Hippo’s powerful mission to bring insurance into the digital age,” said Dan Woods, CEO of Socotra. “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 now 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.

About Hippo

Hippo Insurance Services offers a different kind of home insurance, built from the ground up to provide a new standard of care and protection for homeowners. Our goal is to make homes safer and better protected so customers spend less time worrying about the burdens of homeownership and more time enjoying their homes and the life within. Harnessing real-time data, smart home technology, and a growing suite of home services, we are creating the first integrated home protection platform. Hippo is headquartered in Palo Alto, California with offices in Austin and Dallas, Texas and insurance products available to more than 80 percent of U.S. homeowners in 37 states. Hippo Insurance Services is a licensed property casualty insurance agent with products underwritten by various insurance companies. For more information, including licensing information, visit http://www.hippo.com.

About Socotra

Socotra is bringing transparency and accessibility to insurance technology. With Socotra’s modern core platform, global insurers and MGA insurtechs can accelerate product development, reduce maintenance costs, and improve customer experiences. Socotra provides open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle, making insurance innovation faster, easier, and more affordable. To learn more, visit www.socotra.com.