Porch Group, Inc., a homeowners insurance and vertical software platform, announced Porch Group Media, the data and marketing subsidiary of Porch, has signed an agreement to license non-exclusively its Home Factors insights to California-based insurance Bamboo Ide8 Insurance Services, LLC.
This agreement follows the recent announcement of Home Factors’ official third-party launch in the market. Porch Group Media has Home Factors for approximately 90 percent of US homes.
For example, identifying that an electric panel needs repair indicates 41 percent higher claims frequency. These insights have already demonstrated strong performance with Porch’s own insurance carrier, Homeowners of America Insurance Co., where it has contributed to its improvement in loss ratio performance.
“Signing our strategic Home Factors partnership with Bamboo is a significant milestone for Porch,” Michelle Taves, vice president and group general manager, data and marketing, said in a release. “This continues to demonstrate the value that Home Factors brings to insurers looking to improve underwriting efficiency and risk assessment through advanced data insights. This agreement marks a key milestone for Home Factors and we are excited about the opportunity to work closely with the innovative team at Bamboo and the impact Home Factors can have on Porch’s future.
“Home Factors provides value for consumers and carriers. Consumers can get fairer prices based on the actual risk of their property and insurance carriers are expected to achieve more accurate pricing and lower underwriting costs.”
According to company leaders, Bamboo Ide8 Insurance Services is among the first to leverage Home Factors insights for a tech-forward and data-driven approach to underwriting, and reduce the cost of manual underwriting.
“We’re thrilled to partner with Porch Group Media and have the opportunity to leverage Home Factor’s exclusive data insights to further elevate our risk selection,” said Brian Suzuki, chief insurance officer at Bamboo. “As a business, we’re always looking for opportunities to crank up our efficiencies. Given Home Factors’ ability to provide us with unique property data that directly supports our underwriting processes, this partnership was simply a no-brainer.”