Insurtech Hippo Insurance has secured $70m in series C funding co-led by Felicis Ventures and Lennar Corporation.
Hippo Insurance stated that all major existing investors participated in the round of funding. The company will use this funding to accelerate its growth while continuing to provide modernized home insurance, with enhanced customer experience.
Launched last year, Hippo Insurance offers insurance policies with more comprehensive coverage for today’s homeowners while reducing premium costs by up to 25%.
Since early this year, policy sales in the company are claimed to have grown by 30% month over month and was launched in 11 new states, covering more than $25bn in total property value. All Hippo insurance policies are backed by major reinsurers.
Felicis Ventures managing director and Hippo board member Victoria Treyger said: “Hippo has set the bar for the future of insurance with its fully automated, proprietary policy management and proactive underwriting. The company leverages thousands of data points to underwrite customers in minutes and proactively monitors and alerts homeowners when key repairs or weather protection is needed to safeguard their most important asset.
“Insurance is in the early stages of undergoing the dramatic transformation of customer experience and improved risk management enabled by access to real time data. We see Hippo’s current growth rate and powerful automated policy management system as the foundation to driving this transformation.”
The company claims that it is now accessible to more than 50% of US homeowner population and this number could grow to more than 60% by the end of this year.
Hippo co-founder and CEO Assaf Wand said: “Our heavy focus on customer experience for every client, from first time homeowners to home insurance experts, has been one of the keys to our success.
“From a client’s first interaction with us, to our regular coverage tracking, we always keep their needs in mind. We’re eager to expand our footprint, launch new products and bring our incredible customer service to clients nationwide.”