Metromile and Hippo are partnering up to bundle their coverages with each other, creating an alliance between mature insurtechs that provides a united front against established carriers.
Metromile, which offers usage-based auto insurance, has grown since its founding in 2011 to operate in all 50 states. It offers metered billing based on standardized rating factors, along with an
Bundles will be available in eight states once the partnership launches, which is expected to happen by the end of the year. Savings of up to 15% are possible for customers who choose this path, according to the companies.
“Offering choice and control are central to who we are and what drivers have come to expect from us. The addition of homeowners insurance through Hippo provides drivers with new options, greater flexibility and a new way to save,” said Metromile CEO Dan Preston, in a statement. “We are excited to partner with Hippo, as they, too, are creating more value as a digital-first insurer using real-time data and technology to meet the needs of today’s consumers.”
“We look forward to partnering with Metromile to offer our customers auto protection that’s blending the best of technology with top insurance coverages, just as we are on the home insurance side, to bring customers the best possible coverage and experience possible,” adds Hippo president Rick McCathron.
Metromile and Hippo have both issued IPOs using special-purpose acquisition companies, or SPACs. Both are valued at more than $1 billion.
