Metromile and Hippo have announced a non-exclusive partnership to offer consumers auto and homeowners insurance with a new multi-policy discount. Drivers and homeowners will be able to purchase pay-per-mile auto insurance and homeowners insurance from Metromile and Hippo, respectively, and save up to 15% on their auto and homeowners insurance policies when bundled. The combination of Hippo’s comprehensive home insurance policies with proactive protection and Metromile’s real-time, personalized auto insurance policies will bring consumers more ways to save on their premiums. Bundles will be available in Arizona, California, Illinois, New Jersey, Oregon, Pennsylvania, Virginia and Washington once the partnership launches. Later in 2021, the partnership will expand to additional states.
The way that the partnership has been structured is that both insurtechs will be cross-selling each other's products and allows Metromile to build the business "in tandem" and not sacrifice any of Metromile's state expansion to be able to offer homeowners products. Metromile believes that the bundling option allows it to better segment customers, and both insurtechs benefit from the other's marketing, allowing for new growth opportunities in both indirect and direct ways.
"I'm thrilled... that Hippo will be our partner in driving this endeavor. We believe that Hippo complements Metromile perfectly. We are both digital first insurers that are truly customer centric. Hippo's homeowner's insurance offering also utilizes real-time data and technology to make insurance fair, more accurately priced and individualized. And our company cultures and values are clearly aligned," Dan Preston, CEO of Metromile, said. Preston also emphasized Hippo's customer experience was at the "center of [the] decision" for the partnership, since Metromile considers its customer experience a competitive advantage.