Hippo Opens Technology Hub in Israel and Drives Smart Home Adoption
Technology and digital transformation are becoming ever more deeply ingrained in our lives and in the companies we choose to do business with. So much so that now we actively seek those brands which are using the latest digital technology to offer us new levels of convenience and customer experience.
The insurance industry is no exception to this rule, and brands all over the world are finding new ways to incorporate exciting innovative technology into their operations.
This means that any modern insurance brand worth its salt needs to be dedicating time and resources to developing technological solutions to the challenges of the day. One such brand is disruptive home insurance provider Hippo, which has been making serious roads in this regard.
Hippo
Founded in 2015, California-based Hippo has been making a name for itself as a property insurance provider with technology at its heart. It already uses big data and AI to aggregate and analyze property information in order to offer customers the most appropriate and affordable plans possible.
However, now this innovative brand has gone one step further and announced that its brand new and first international office in Tel Aviv, Israel will be expanded into a global technology and innovation hub. The center will focus its energy on developing new talent and technology with will be incorporated into the existing Hippo ecosystem and empower the brand to deliver a transformative property insurance experience to its ever-expanding portfolio of customers.
"Hippo has become a leading example of an industry-defining company with its unique, customer-first approach to homeownership," said General Manager of the new Israel Hippo technology hub, Shahaf Shakuf. "Hippo’s mission to transform the US home insurance industry will be supported by a talented team in Israel, which has quickly become a global hub for innovation. I’m thrilled to work alongside a growing team of leaders who are passionate about the innovative products and services behind Hippo and being a part of building the next home insurance franchise."
The team at the new hub consists of a host of experts in the fields of product development and design, engineering, machine learning, data science, and digital marketing. This means Hippo will have all the people it needs to ensure the innovations pouring out of the new innovation center will be of the absolute best quality and applicability for the home insurance business.
"We have been scouting Israel’s technology scene with interest and enthusiasm and consider it an ideal location for our first international office," said Chief Technology Officer at Hippo, Ran Harpaz. "We are pleased to have the opportunity to put roots down in Israel and look forward to bringing a widely diverse set of innovative minds together as we build and grow some of the most critical functions of Hippo’s business to support our customers."
Smart Insurance
One example of the technological innovation we are likely to see come from the new hub is a more dedicated focus on how the smart devices many customers already have installed in their homes can be leveraged to offer even more personalized insurance.
Smart devices don’t just offer convenience to the homeowner but can also lower insurance premiums as they are able to create safer and more energy efficient dwellings which are less likely to suffer damage from fires, faults, or from any one of dozens of potential sources.
"Smoke detectors, water monitors and alarm systems are among some of the most common smart features insurance companies want policyholders to purchase," writes Hippo in a blog post. "Homeowners can also benefit from buying sensors that track weather conditions or devices that indicate whether a stove top is on, or a door is unlocked."
To help its customers keep their homes safe and save money, Hippo offers new policyholders free IoT sensors which can detect water leaks – significantly reducing the risk of a home suffering flood damage, damp, mold, or any other issue where water excursions are the cause. Not only do these sensors and other smart devices help avoid problems in direct ways, but they also provide reems of data which can be analyzed to get a better picture of a home’s energy usage and risk of an incident.
Final Thoughts
Technology is the beating heart of modern industry and it’s always interesting and exciting to learn about the innovative ways brands are applying it to make their offering more competitive and to offer customers a superior experience. Hippo’s modern technology and innovation hub will certainly be one to keep an eye on in this regard.
You can hear Hippo President, Rick McCathron, speak at Digital Insurance Summit 2022, taking place in May at the Renaissance Chicago, IL.
Download the agenda today for more information and insights.