Image for post
Image for post

Hippo Partners with Xfinity to Expand Reach Across the U.S.

Comcast Ventures invests resources into portfolio companies by providing access to innovative partnership opportunities

Comcast Ventures
Jun 21, 2019 · 6 min read

Comcast Ventures backs extraordinary teams with innovative ideas to transform industries.

In 2017, we led Hippo’s Series B financing round. We also invested resources to help the company launch a strategic partnership with Xfinity. This case study examines the challenges faced, opportunities for innovation, and the results of this unique partnership.

Outdated approach for modern customers

Many traditional home insurers’ coverage doesn’t match the needs of consumers today; for example, they provide an over-abundance of coverage for antiquated possessions and not enough for the modern consumer’s gadgets (you are likely covered for paper stock certificates and pewter, yet your smart TV is likely underinsured). Policies haven’t changed because they’ve been profitable to insurance companies.

Image for post
Image for post
Source: Hippo

Hippo’s differentiator

Buying home insurance online or over the phone has been complex and time-consuming in the past, requiring a lot of your time answering 60+ questions about your house that you likely do not know the answers to. Hippo revolutionizes the application as well as the underwriting, policy, and claims process. The result is a better customer experience and what we believe will be a significantly more profitable business model with savings passed on to the homeowner.

Hippo Commercial

Here’s where and how Hippo innovates:

Leveraging trusted public data sources — Hippo taps into third-party data sources to streamline the application process and provide more accurate underwriting. For example, the common “What is your roof material?” insurance application question can be omitted because Hippo already has the data through third-party data sources. The 60 questions your incumbent carrier asks have been reduced to only a few questions.

Image for post
Image for post

Where home insurance and Xfinity come together

In 2013, Comcast first entered the Smart Home market with their home security product, Xfinity Home. Subsequently, over the past several years, the company has seen increased adoption of smart home devices by their customers. As smart home automation continued to rise, it started to become apparent to David Wechsler, Executive Director of Business and Channel Partnerships at Xfinity, that there was a convergence of insurance and the connected smart home.

Why partner with an insurance provider like Hippo

Given Xfinity’s existing role in millions of homes, Wechsler saw the tremendous opportunity for Xfinity to become a partner in the insurance ecosystem.

The smart home insurance partnership: Xfinity and Hippo

Hippo and Xfinity launched a jointly developed product and co-marketing program to bring all the benefits of modern insurance to Xfinity customers in 2018. With messaging targeted to smart home enthusiasts, Hippo is currently marketed to Xfinity customers in overlapping footprints across 15 states via direct mail, email, and the Xfinity Home mobile app.

Special Offer for Xfinity Customers

Results of partnership

Xfinity customers who buy insurance through the Hippo partnership are highly engaged customers who recognize that smart home is the future.

  • Xfinity/Hippo customers are adopting the smart home kits at a 10% higher adoption rate than the remaining Hippo customers
  • Increased value of Xfinity, as premium discount is exclusive to subscribers

Looking to the future

“We’re just scratching the surface of how customers can use smart home technology to save money. Giving customers control of the Smart Home is the future and we’re excited to be part of this significant change that is impacting insurance and the way we live,” adds Wechsler.

The Forecast

We partner with extraordinary entrepreneurs building…

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store