Richard McCathron, President and CEO of the P&C leader, Hippo, will take to the stage at Insurtech Insights USA 2023 to take part in a fireside chat on developments and insights in the industry.
The session, which will take place on June 7th at the Insurtech Insights USA 2023 venue – the Javits Centre in New York, is expected to draw international attention from insurance delegates, as Hippo is one of the industry’s most influential P&C insurtechs.
Hippo has a robust marketplace reputation
Launched in 2015, the company serves 40 US states, and secures over 200,000 US homes. Most notably, it has also continued to grow and thrive, despite the hard market and challenges presented by both the pandemic, and now the economic downturn, caused by political unrest.
2022 was an important year for Hippo. We were able to grow, while focusing on profitability and announced at our September Investor Day we expect to be EBITDA positive by late 2024.
Richard McCathron, President and CEO of Hippo
But success doesn’t happen randomly, or over night. It takes strategy, innovation and differentiation. From the get go, Hippo has done things differently from an insurance industry perspective. Not only has this made it a popular choice among North American homeowners, it’s also piqued the interest of the venture capitalists as well.
Speaking recently to Insurtech Insights, McCathron told us: “ 2022 was an important year for Hippo. We were able to grow, while focusing on profitability and announced at our September Investor Day we expect to be EBITDA positive by late 2024.
He continued: “Our Gross Loss Ratio improved by 62% points from 2021, the result of 64 rate filings, our improved ability to identify and attract our target customer, and further geographic diversification.”
Hippo also had multiple key product and service launches in 2022. These included:
- Piloting Book-a-Pro in Texas to connect homeowners with our curated network of repair service providers.
- Ramping up the cross-selling of non-Hippo insurance products as a third-party agency.
- And expanding its builder channel with the launch of the Hippo Builder Insurance Agency, allowing Hippo to partner with builders of any size.
THREE things Hippo does differently
As the saying goes, success begets success, begets success. We’ve listed three things Hippo does differently in the P&C marketplace. They are:
- Hippo’s people
McCathron says: “Our people are our first, biggest differentiator. We are a team of seasoned insurance professionals that combine a deep understanding of risk, gained from decades spent at the world’s most respected carriers, armed with Hippo’s proprietary technology to transform the industry.”
- Distribution power
The insurtech’s second superpower is its widespread network. “Distribution is key. We meet customers wherever they are in their home ownership journey through a series of diversified growth channels and an industry-leading portfolio of embedded partnerships.’ Ultimately, while having high quality products is essential, these are only as good as the number of customers they reach. Distribution channels ensure the right products reach customers in the most direct and cost-efficient manner.”
- Unique solutions
Hippo, is, concludes McCathron, committed to providing services that cater specifically to the needs of the marketplace and the customer – and the insurtech’s Home Care platform is evidence of that. “We are redefining the way we think about home insurance, building a first of its kind home protection platform that helps homeowners prevent small things from becoming big issues.”
We’re looking forward to hearing more insights from Richard McCathron at Insurtech Insights USA 2023 on June 7th and 8th. If you are keen to register, find out more about the conference here.
