When it comes to monitoring their properties and most valued possessions, smart home technology is changing the way property owners think about and proactively manage risk. In fact, Notion was founded with the goal to use technology to help property owners reduce the risk and complexities of property ownership.
And we couldn’t achieve that without our dedicated insurance partners, including Hippo Insurance which became a publicly traded company last week – a huge milestone for both Hippo and the broader insurtech market. Hippo not only makes it easier for homeowners to get insurance, allowing them to get a quote and sign up online in 60 seconds or less, but they are also leveraging smart home technology to put customers in control of their coverage. And they’re growing fast, with Hippo insurance products now available to homeowners in 37 states.
We want to congratulate our partner Hippo on this milestone, and also take a second to take a look at the smart home journey and the impact they’ve had on insurance.
Partnering on Proactive Monitoring
Since 2018, Notion and Hippo have worked together to help Hippo’s customers to proactively and more intelligently monitor their properties, enabling them to prevent damage from common issues, such as water leaks, fire, temperature changes and more. And while we understand the importance of proactive monitoring to avoid these costly – and potentially life altering – events, there is still a great deal of education that needs to take place among property owners.
Through our work with partners like Hippo, we are not only able to educate their customers on the perils of property ownership, but we are able to empower proactive behavior through our smart home sensors. Once a customer activates and begins monitoring their home, we see that they engage with Notion 9-11 times a day on average, and 24% of Notion users get at least one water leak or fire detection notification each month – events that would potentially go unnoticed otherwise. On top of that, Hippo customers who activate their Notion Sensors receive an insurance discount, reducing their premiums.
Innovative Insurance Together
In the crowded insurance market, it is important to stand out and differentiate your offering to customers – exactly what Hippo did with their modern insurance approach with Notion. By combining insurance with smart home technology, Hippo has been successful in their customer acquisition efforts both in reach and in the reduction of their costs (CAC), seeing up to 3x return on their investment.
Together, Notion and Hippo are changing the way insurers operate and do business. And we’re both working hard, innovating each day to change the way homeowners think about insurance and proactive home monitoring.
That is why we are so excited about Hippo going public. We know our best work together is still ahead of us and as a publicly traded company, we only expect the Hippo team to continue innovating at a faster pace, offering their customers smarter home insurance options making them better and more informed homeowners at the end of the day.