Hippo Insurance Competitive Landscape

Part
01
of six
Part
01

Competitive Landscape - Fairmatic and Hippo

Fairmatic was founded in 2019 while Hippo was founded in 2015. Information pertaining to Fairmatic and Hippo founding dates, products they offer, partnerships, the strategies they used to enter the insurance market, and the public perception of them has been entered on this attached spreadsheet.

FAIRMATIC

  • Fairmatic was founded in 2019.
  • Fairmatic provides mobile software that measures how safely a person is driving based on things like speeding, hard turns, and phone use.
  • Notable clients include AmWINS, American Business Insurance Services, Brush Creek Partners, AON, G2, and Marsh.

HIPPO

  • Hippo was founded in 2015.
  • Hippo offers policies that automate coverage of homes and possessions that consumers own such as electronics and home office equipment, with savings.
  • Hippo partners with Topa Insurance Company who underwrites its policies in Arizona, California, Colorado, New Mexico, Nevada, and Utah.

RESEARCH STRATEGY

To provide the required information for Fairmatic and Hippo, we searched through these companies' websites LinkedIn profiles, and business review websites. Unfortunately, we could not public sentiments on Fairmatic. We searched through the company's Facebook and twitter pages, although there were numerous posts by the company, we did not find any comment. We then searched through review websites such as ConsumersAdvocate, Trust Pilot, and Reddit. We could not find any comment about this company. Our next strategy was to search through app stores such as Google Play, Apk pure, Appstore, and others. Although we found ratings for the Fairmatic app on some of these websites, no comments were left by users. We tried triangulating this information by getting insights from parent companies i.e. FairCo and Zendrive. This was also not possible as there was no mention of Fairmatic on their websites and social media pages. We concluded that this information is not publicly available because Fairmatic was launched this year and is not yet popular.
Part
02
of six
Part
02

Competitive Landscape - Yulife and AAA

Information pertaining to Yulife and AAA founding dates, products they offer, partnerships, the strategies they used to enter the insurance market, and the public perception of them has been entered on this attached spreadsheet. Below is a summary of the findings.

YULIFE

AAA

Part
03
of six
Part
03

Competitive Landscape - 123Go and Avinew

Our research team has completed rows 3-8, columns G and H in the Hippo Insurance Competitive Landscape Tab of the attached spreadsheet. Avinew was founded in 2016 and offers auto insurance for autonomous and semi-autonomous vehicles. One of their notable partners is Tesla. 123Go was founded in 2019 and offers a telematic young drivers insurance solution. Public perception for the product is mixed with negative perceptions including customers hating it for restrictions on where to drive, when to drive, and how to drive, that comes with the product. A detailed description is found in the next section.

AVINEW

1) WHEN FOUNDED

  • It was founded in 2016.

2) PRODUCTS OFFERED

3) NOTABLE CLIENTS OR PARTNERSHIPS

  • The company is offering insurance to select vehicles from Mercedes, Tesla, Ford, Nissan, GM, Audi, and Volvo.

4) STRATEGY ON ENTERING PRODUCTS/SEVICE INTO INSURANCE MARKET

  • The company's strategy on entering its products and services into the insurance market is to target owners of vehicles equipped with autonomous and semi-autonomous capabilities and to reward those using safety features in their vehicles.
  • Also, the strategy is to offer drivers insurance solutions that give them an incentive to use features such as Super Cruise, Autopilot, ProPILOT, and Co-Pilot 360 to help make the roads safer.

5) PUBLIC PERCEPTION OF THEM

  • There was a high driver satisfaction recorded when Avinew’s beta mobile app was used with Tesla’s Autopilot function in a pilot program.
  • Around seven in ten participants showed interest in getting an insurance policy that had a discount for Autopilot usage included in the offering.

123GO

1) WHEN FOUNDED

  • It was founded in 2019.

2) PRODUCTS OFFERED

  • The telematics product involves the company installing a small black box in a driver's vehicle to monitor their driving style, and record information like driving speed used to provide the driver with an overall driving score.

3) NOTABLE CLIENTS OR PARTNERSHIPS

4) STRATEGY ON ENTERING PRODUCTS/SEVICE INTO INSURANCE MARKET

  • The company also used an ad campaign to launch the product on TV, VOD, social media, and radio.

5) PUBLIC PERCEPTION OF THEM

  • Another customer said he has had 123Go since May 2019 and hates it because of constantly being penalized by the app for speeding as his old car with an analog mph speedometer cannot offer the correct speed. His advice to other people is to avoid 123Go if possible. However, the same customer likes the price he paid for the product which was €1910 instead of €4400 and which he thinks seemed to be worth it.
Part
04
of six
Part
04

Competitive Landscape - Ethos and Clearcover

Clearcover was founded in 2016 and offers car insurance with coverage on bodily injury liability, property damage liability, medical payments, collision, comprehensive, uninsured motorist property damage, and uninsured/underinsured motorist bodily injury. Additional findings have been presented in the attached spreadsheet.

ETHOS

  • Ethos was founded on September 7, 2016.
  • Term Life Insurance: this is different from other life insurance because term life insurance lasts for a set time or term. These types of policies become more affordable.
  • Ethos partnered with Namely, a company that provides "technology for companies to them handle all of their HR, payroll, time management, and benefits in one place," to provide life insurance to mid-size business employees.
  • The company's entry strategy was making the application process fast and easy; a customer can apply for a policy in 10 minutes not weeks like traditional insurance companies, without medical exams or blood tests.
  • Money under 30 scores Ethos 8.5/10 with a comment that the technology is easy to use and the 10 minutes application requires no physical test to qualify.

CLEARCOVER

  • Clearcover was founded in 2016.
  • It offers car insurance with coverage on bodily injury liability, property damage liability, medical payments, collision, comprehensive, uninsured motorist property damage, and uninsured/underinsured motorist bodily injury.
  • Fortegra Financial Corporation partnered with Clearcover to act "as the auto InsurTech provider’s issuing company and as a risk participant."
  • Clearcover also developed an AI-based coverage recommendation called SmartCover that makes custom coverage recommendations to potential customers.
  • Trustpilot scored Clearcover 3.9 of 5.0 from 75 reviews.

Part
05
of six
Part
05

Competitive Landscape - Hugo and Waffle

Hugo Insurance focus is on providing pay as you drive liability insurance for drivers whereas Waffle Labs insurance product focus is on providing all-in-one insurance covering car, home, life, health, tuition, pet, watches, travel or electronics. The research insights were presented in the attached spreadsheet row 3 to 8, column K and L.

HUGO INSURANCE

Founding date

Product Offerings

Notable clients or partnerships

  • Hugo Insurance partnered with members of the Massachusetts Institute of Technology (MIT) Economics department to measure how much Hugo helps uninsured drivers.

Strategies

Public Perceptions

WAFFLE

Founding date

Product Offerings

Notable clients or partnerships

Strategies

  • Given its product is still in development, Waffle Labs has provided limited insights on its market entry strategy. It has set its launch date for the end of 2019 with its customer acquisition process beginning close to its launch.

Public Perceptions

  • Waffle labs do not have public reviews from users regarding its product use as its insurance product is under development. However, it has received positive reviews on its product concept from Grift Daily and Venture Fizz among other news media.
Part
06
of six
Part
06

Competitive Landscape - Jetty, Pact, and Onlia

Information has been provided on Jetty, Pact and Onlia. This includes their founding date, product offerings, notable clients or partnership, strategies and public perceptions. The full details are outlined in columns M, N, and O of the attached spreadsheet.

SUMMARY OF FINDINGS

RESEARCH STRATEGY

To find the requested information surrounding Jetty, Pact, and Onlia, we visited their personal web pages, business review websites, social media pages, insurance websites and expert blog articles. To find the founding date of Pact we visited the social media platform LinkedIn while finding the company’s listed products and services, as well as their strategies and some customer reviews on their personal web page. Public perception was also established from insurance website Clearsurance, and review website Consumer Advocate.

Information about the date that Jetty was found, was found on business review website Crunchbase. Information about the products offered by Jetty was found on business websites Business Insider and insurance blog site Insurance journal. Housing Wire and News Wire both presented news articles that spoke about the partners and investors of Jetty. Information surrounding the strategy of Jetty was found on blog site Simply Insurance while public perception was gathered from business website Better Business Bureau.

The date Onlia was formed was found on the social media platform LinkedIn. Information surrounding the products and services offered by Onlia as well as their partners was found on the company’s website. The strategy of Onlia was found on blog site News Wire as well as on their LinkedIn page. Public perception for Onlia was found on the review section of their Facebook page. Here we see the comments and reviews of actual customers.

Sources
Sources

From Part 03
Quotes
  • "... company offering auto insurance for autonomous and semi-autonomous vehicles."
Quotes
  • "123GO’s innovative technology involves the installation of a small black box in the car which monitors driving style, recording information such as driving speed, smoothness and usage to give the driver an overall driving score. "
Quotes
  • "123.ie are proud to introduce 123GO, the young drivers insurance solution. No more will you have to pay for other people's bad driving, because with 123GO, you take control of your insurance policy meaning the better you drive, the less you pay with us."
Quotes
  • "Usage: fuck knows really. I’ve been told it’s short trips, not long, and not too many. It really sucks to go with something like this."
Quotes
  • "Insurer 123.ie has a new ad campaign to launch its new telematics 123Go tech aimed at younger drivers. Created by The Public House, the campaign covers TV, VOD, social and radio. It centres on the premise that the better you drive, the less you pay and features scenarios that leverage awkward, familiar and sometimes irreverent conversations that occur in a car."
From Part 04
Quotes
  • "What is term life insurance? Unlike permanent life insurance, term life insurance lasts for a set time or term. Because of this, these types of policies tend to be more affordable. Ethos is dedicated to helping you find the term coverage that best fits the unique needs of you and your family."
Quotes
  • "FRANKLIN, Tenn. – Franklin Madison, a long-time leader in insurance marketing serving financial institutions, today announced a partnership with Ethos, the company making life insurance accessible, affordable and simple. Through this partnership, Ethos’ term life insurance offering will be offered to the over 3,500 financial institutions Franklin Madison serves."
Quotes
  • "Indeed, Ethos says it’s quadrupled its revenue since last October (although it would not disclose the exact amount). Additionally, it is “insuring thousands of new families every month” and has “tens of thousands” of customers. Ethos currently has about 90 employees, compared to 35 at the time of its last raise in October."
Quotes
  • "Ethos Life Insurance is an easy-to-use life insurance aggregator. You can complete their online application in just under 10 minutes! Along the way, you’ll have access to helpful customer service. Plus, you may not even have to get a physical to qualify"
Quotes
  • "Fortegra Financial Corporation (Jacksonville, Fla.), an international specialty insurer and subsidiary of Tiptree Inc. (New York), has announced that it will partner with Clearcover (Chicago), acting as the auto InsurTech provider’s issuing company and as a risk participant."
Quotes
  • "Nakatsuji says Clearcover offers an average savings of 20 to 40 percent over competitors. The company has eliminated expensive manual processes and uses adjusters from its partner company Snapsheet to review claims. While big insurance companies collectively pour billions into advertising, Clearcover spends only a fraction of that on digital marketing. "