(Image source: Home Point website.)
Hippo Insurance, the Palo Alto, Calif.-based InsurTech distributor that applies emerging data sources and processing approaches to homeowners’ insurance, has announced a partnership with Home Point Financial (Ann Arbor, Mich.), a national mortgage originator and servicer. By integrating Hippo Insurance’s efficient online application process integrated directly into the Home Point online mortgage portal, customers can take advantage of home insurance savings and better coverage, with premiums that can be paid directly through their escrow payments, according to a Hippo statement. Hippo Insurance is the exclusive home insurance provider offered within Home Point’s portal.
Hippo reports that during the partnership’s initial phase, Home Point customers purchased policies in all 20 of the states where Hippo Insurance’s policies are currently sold. Those customers purchasing home insurance from Hippo enjoyed average savings of $421.00, or 32 percent over their previous premiums, according to Hippo.
The partnership arose through Home Point’s desire to take advantage of Hippo’s customer-focused approach, which lets consumers receive quotes online within 60 seconds, according to Hippo. Clients also enjoy better coverage through proactive underwriting and smart home integrations, the company says. Through Hippo’s technology, Home Point is able to matching each quote to specific customers based on their current financial and home financing situation, significantly reducing the overall work customers need to do to find home insurance tailored to their needs.
Customers are able to access and manage all aspects of their mortgage payment and escrow process through Home Point’s online portal. Through a dedicated home ownership platform within Home Point’s portal, customers can receive tailored quotes from Hippo Insurance and identify additional services and information to maximize the value of their home. Once Home Point identifies the kinds of services customers need, they use data and partners such as Hippo to help customers self-serve.
“There is a massive shift happening across financial services to put a laser focus on the individual customer and their respective needs, while promoting the right type of products and engagement,” comments Brian Brizard, COO, Home Point Financial. “Hippo is as passionate about customer experience as Home Point, and so it’s our aim, together, to provide all the additional value borrower’s need as they manage what’s often the most important financial purchase of their lives. We deeply investigated home insurance providers for their customer experience, tailored coverage, pricing and technology before landing on Hippo, truly the best in-class solution for businesses like Home Point Financial and customers alike.”
Change in Home Buying and Selling Markets
Hippo places the Home Point partnership within a market context of broad change in the home buying and selling markets, as companies look to embed simpler transactions for their customers and provide them with potentially lower priced options by offering a wide array of services including mortgage lending and insurance.
“Hippo is building the future of home insurance with a partner ecosystem that is helping to shape the future of home buying and home ownership,” comments Yuval Harry, VP, Partnerships, Hippo. “In order for the services that surround buying a home to work together, providers like Hippo and Home Point must help customers bring both lending and insurance purchase-points closer together. This collaboration is an excellent example of how technology can work together to create happy customers across multiple states.”