Hippo Promise of 60-Second Homeowners Insurance Quote

An insuretech company launched in California today with the promise of providing online homeowners insurance quotes in 60 seconds in what the Mountain View, Calif.-based company is calling “the most fundamental redesign of home insurance in recent times.”

Hippo Insurance announced its launch in California and is offering what it says is “a vastly more protective product that can be quoted and purchased instantly online and at lower prices.”

It’s also a product that leaves the insurance agent out of the equation.

According to a company executive, a homeowners policy can be bound in roughly three minutes.

Hippo has been raising funds for more than two years to get to this point. At the end of 2016, the firm announced it closed a $14 million Series A round led by Horizons Ventures, which invests in disruptive technology and startups. It was joined by RPM Ventures, Propel Venture Partners, GGV Capital and Pipeline Capital as well as number of FinTech investors and entrepreneurs.

The company is only operating in California now, but Hippo’s stated goal is to operate nationwide.

Hippo’s online web portal requires consumers to start off by typing in their address, and then Hippo’s software searches a host of data providers to bring back most of the information that is traditionally asked when applying for homeowners insurance, according to Rick McCathron, Hippo’s head of insurance.

“We can get the basic questions narrowed down to three simple questions,” McCathron said.