Ally Monetary gives home insurance by means of Hippo – pymnts.com
Ally Financial will begin offering home insurance through a partnership with insurance provider Hippo, the two companies announced on Wednesday, August 11th.
Hippo will take over the policies, while Ally will provide the support money – initially at $ 500 million.
Hippo President Rick McCathron said the deal will double his company's underwriting capacity and give it additional capital to improve its services and technology.
"As we are a fast growing company, it is very important for us to have sufficient underwriting capacity to support our growth," said McCathron, indicating the potential for future collaboration with Ally.
Continue reading: Ally Financial enters into a home insurance partnership with Hippo
The partnership sees Ally, which previously only sold auto insurance, offer home insurance in 10 states before going nationwide.
Also on Wednesday, Hippo was due to announce a fronting carrier agreement with Incline P&C Group, a Texas-based insurance company. This deal will give Incline customers access to Hippo's home protection and maintenance offerings.
The announcements come just weeks after Hippo launched a new policy for homeowner associations, while unveiling plans for an insurance policy that covers condominiums and single-family homes, as well as other potential customers.
Related: Hippo expands the insurance to include the guidelines of the homeowners association
In May, the company partnered with online insurance and pay-per-mile auto insurance company Metromile to offer multiple discounts on auto and home insurance.
The agreement gives drivers and homeowners the option to take out pay-per-mile auto insurance from Metromile and home contents insurance from Hippo, with the ability to save up to 15 percent on both plans when bundled.
Founded in 2015, Hippo offers home insurance to customers in 37 states, with more to come. As mentioned in previous PYMNTS reports, Hippo's business model is set to transform the way homeowner insurance is offered. The company has developed the tools and infrastructure to support digital onboarding by integrating with useful third party data providers.
Continue reading: Metromile, Hippo-Team at a discount for the bundling of home and car insurance
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