Pushing for Tech-supremacy

One of the biggest reasons behind all the successes we have had as a society is our ability to productively tinker with what little we are provided. This has led to the diversification of our horizons, thus bolstering our opportunities and creating a more accommodating world. The said diversification has been felt across many spheres, becoming the basis of a set-up that is made up with advanced and progressive dynamics. Much of it is driven by the phenomenon of technology that is witnessing exponential growth in its own core vicinity. Since arriving on to the scene in bit of a raw shape of form, technology has spread its wings to cover all our needs in a manner that is optimal in every conceivable sense, which in turn has made it a foundational piece for the new era.

Nowadays, companies are not roping in technology to use it as a helpful extension in their operations. Instead, the focus is now solely on building around the digital concept. This way businesses and sectors in general are better able to comprehend all the features that they can utilize to trigger growth. Insurance sector has also been an integral part of this believers’ group. While one can argue that insurance providers’ commitment to technology hasn’t been wholly unwavering, the birth of insurtech pretty much tells you where the industry sees its future. Steps are being taken to reinforce that, with home insurtech giant, Hippo recently making a sizeable contribution to that.

Last week Hippo revealed a decision to venture into commercial insurance market. They’ll be starting things off with a customized homeowner association (HOA) product. However, the most interesting element about the whole revelation is the company’s approach in regards to their latest creation. The product will facilitate outright data-drive underwriting, something that is still a bit rare in the industry. Apart from it, Hippo’s HOA product will feature satellite and aerial imagery, along with special consideration for the specific HOA and board members.

In their announcement, the company talked about sheer lack of cohesive coverage in the sector, and then went on to explain how their target is to “modernize the commercial insurance experience while preserving the individual communities’ unique coverage and risk needs.”

Currently, the HOA product is available in Arizona. Nonetheless, the plans of expanding the roll-out to Nevada, Oregon, Utah, and more, are already in place.