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HIPPO HOLDINGS INC.

(HIPO)
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Hippo Partners with Leading U.S. Home Builders to Introduce First-of-its-Kind Program, Making Home Insurance Purchases Simpler and Faster

09/15/2021 | 09:05am EST

Hippo announced the launch of its Builders Program to further simplify the home purchase process and deliver home insurance directly to buyers of newly built homes. As modern homebuyers seek simplified digital options to streamline their home purchase experience, Hippo Insurance Services has pioneered a proactive and customer-focused solution that brings tailored insurance coverage and seamless purchase options directly into the digital mortgage and title process - a first for the home building industry. Since the Hippo Builders Program began piloting in 2019, tens of thousands of home insurance policies have been sold to new homeowners across the country. The Hippo Builders Program, which brings tailored home insurance policies, an enhanced customer experience and faster closing timelines to create better outcomes for its partners, includes: A dedicated insurance agency that evaluates quotes from a variety of carriers to secure the right coverage and price fit for every home. Advanced smart home integrations like whole-home water shut-off valves that support home protection and meaningfully lower insurance rates for fully connected homeowners who leverage smart home technology through the Hippo Builders Program’s insurance partners. A fully digital closing experience with automated insurance information, simplifying the closing process with home insurance available for customers in just a few clicks. Hippo piloted the Hippo Builders Program in 2019 with Lennar, one of the nation's leading homebuilders, and now the program is driving digitalization throughout the closing process with 50% of eligible Lennar homebuyers using Hippo’s online purchase option. Since the pilot began, several major builders have signed on, including leading home builder Hovnanian Enterprises Inc. When a new community is established through the Hippo Builders Program, a full-service home insurance agency dedicated to the builder’s customers prepares a tailored home insurance quote for each model home based on the exact build details of the home. To further simplify the process, the agency pre-fills the insurance application with relevant details, and even uses the information to prepare the homebuyer’s insurance cost estimate for their loan in advance so they can make their home insurance purchase directly during the mortgage or title process. Based on the insurance quotes integrated into the Lennar Mortgage process, Hippo is driving a 10% increase in completed home insurance purchases during the mortgage process.


ę S&P Capital IQ 2021
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Financials (USD)
Sales 2021 84,3 M - -
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 -
Capitalization 1 919 M 1 919 M -
Capi. / Sales 2021 22,8x
Capi. / Sales 2022 12,4x
Nbr of Employees 392
Free-Float 79,2%
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Mean consensus OUTPERFORM
Number of Analysts 2
Last Close Price 3,41 $
Average target price 6,70 $
Spread / Average Target 96,5%
Managers and Directors
Assaf Wand Chief Executive Officer & Director
Richard L. McCathron President & Director
Stewart A. Ellis Chief Financial Officer
Ran Harpaz Chief Technology Officer
Amy J. Errett Independent Director
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