Hippo Home Insurance Uses Big Data to Speed Up Quotes
References: myhippo & fastcodesign
The home insurance industry is massively valuable, with estimations around $90 billion for the industry as a whole, but Hippo home insurance is trying to disrupt that elephant through the use of big data. The company's sleekly designed, user-friendly website is a clear departure from the typical insurance site, and it has the function to back up the look: Hippo home insurance promises that it can let users get a quote and purchase insurance in just 90 seconds.
Hippo manages this impressively quick feat by mining data it collects from as many sources as possible. It reaches through city records, construction data, and even satellite imagery to answer questions about homes. After entering one's home address on the site, Hippo quickly pre-fills a form with information like square footage, the age of the roof, the roof material, the house's frame and foundation, when it was built, and more. Users can then purchase insurance directly through the site -- no in-person meeting necessary.
Hippo manages this impressively quick feat by mining data it collects from as many sources as possible. It reaches through city records, construction data, and even satellite imagery to answer questions about homes. After entering one's home address on the site, Hippo quickly pre-fills a form with information like square footage, the age of the roof, the roof material, the house's frame and foundation, when it was built, and more. Users can then purchase insurance directly through the site -- no in-person meeting necessary.
Trend Themes
1. Big Data-driven Insurance - Hippo home insurance uses big data to speed up quotes and disrupt the traditional home insurance industry.
2. User-friendly Insurance Websites - Companies like Hippo are designing sleek and user-friendly websites that make it easier for customers to get insurance quotes and make purchases.
3. Streamlined Insurance Process - By leveraging data mining and automation, companies like Hippo are able to streamline the insurance process, allowing users to get quotes and purchase insurance in just minutes.
Industry Implications
1. Insurance - The insurance industry, valued at $90 billion, is being disrupted by innovative companies like Hippo that are leveraging big data to provide faster and more efficient services.
2. Technology - The technology industry plays a key role in enabling companies like Hippo to leverage big data, automation, and user-friendly interfaces for their insurance platforms.
3. Real Estate - Real estate industry can benefit from the use of big data and technology to improve the speed and accuracy of insurance quotes and policies.
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