The latest from TypTap who are looking to expand their footprint across the US market. TypTap is part of HCI Group and uses data to pre-underwrite much of the flood and home related risk, so that customers can get cover with just a few taps on their smartphone;
After building a record of proven success in writing homeowners insurance in Florida, one of the most challenging states for insurance, TypTap is taking our technology-driven, data-centric approach nationwide.
TypTap has initiated the first step in the national rollout process which is to seek the approval of its expansion plans by Florida insurance regulators. With that approval, TypTap can then seek approvals from regulators in other states and expand its operations across the United States.
TypTap’s Florida operations have grown rapidly. Since the beginning of 2019, TypTap’s premiums in-force for homeowners insurance, its flagship product, increased 2,202%. Total premiums in-force for the company recently surpassed $75 million.
Our technologies have proven successful in Florida and we intend to duplicate that success nationwide. We are looking at 20 states initially for growth, which will involve identifying independent agents to work with and applying our technology to evaluate potential risks down to the house level. The result – a wider geographic reach for our successful customer-focused approach.
Our plan is to begin writing new policies in other states in the first quarter of 2021.
For us, the technology has made the difference. Combined with insurance experts who know the business, we’re ready to grow TypTap.