Remember when companies like Kayak, Netflix and Amazon quickly upended the travel, entertainment and retail industries? They created streamlined, user-friendly online experiences and found ways to put customers in the driver’s seat. But traditional financial services—especially insurance—remain largely unchanged.Executive SummaryIt is possible for the experience of purchasing homeowners insurance to migrate online, much like what has happened with investing, lending and other lines of insurance, according to Head of Product at Hippo Aviad Pinkovezky. Here, he describes Hippo’s customer-first approach, which is helping homeowners fill coverage gaps with modernized insurance coverage.
Meanwhile, American homeowners are grossly underinsured and natural disasters continue to strike. To better serve their clients, insurers need to consider modernizing coverage and updating rebuilding cost evaluations to meet consumer expectations.
Homeowners don’t commonly realize they have gaps in their insurance, from exclusion or limits on water backup to miscalculations on rebuilding costs. This could be due to the lack of research they put into finding the right policy, which we found affects more than 70 percent of buyers in our recent homeowners study. While developing Hippo, a modern homeowners InsurTech, we focused on minimizing these gaps with three key features: