Introducing Hippo Builder Insurance Agency
Hippo is launching a new agency called Hippo Builder Insurance Agency (HBIA) that will allow builders of any size to partner with HBIA and generate a predictable revenue stream.
A builder can participate by sending leads to HBIA, which will pay for each lead regardless of whether the homeowner closes on the property or purchases a policy through the agency.
Hippo’s technology can ingest each home’s specific details directly from a builder partner via an API or simple file. Also, the agency reviews offerings from the multiple HO5 carriers it represents. The insurance information is then shared electronically with the builder’s mortgage and title partners to help avoid closing delays and remove some of the friction consumers can experience in the home-buying process.
Since launching in 2019, nearly 100,000 new construction customers have taken advantage of Hippo’s fully digital insurance purchase experience. In 2022, 75% of Hippo partner, Lennar’s, new homes sold were insured by Hippo.
The agency is licensed in 14 states.
“There is a misconception among builders that creating an agency to offer home insurance requires the allocation of significant resources and time. Neither is true – our technology makes this turnkey, allowing us to begin quoting a new partner’s leads in as little as two weeks. There is zero cost to our partners and they are not exposed to any additional operational risk.” – Hippo President and CEO Rick McCathron.