The NFX Podcast

We believe creating something of true significance starts with seeing things others do not. NFX is a venture firm exclusively focused on pre-seed & seed stage startups.

Hippo: From Idea to SPAC with CEO Assaf Wand & Pete Flint

E104 • Apr 27, 2021 • 51 mins

In this episode, Pete Flint, Assaf Wand, and Kristen O'Brien discuss the insurance industry's challenges and innovations. They delve into Wand's learning journey and tactics for idea formation in regulated industries. They also explore Hippo's family-oriented culture, their growth during COVID-19, and the decision to go public via SPAC. The conversation concludes with a look at Hippo's future and their use of data and smart devices to prevent insurance claims.

Key Points

Hippo aims to shift the adversarial relationship with insurance into a partnership by making purchasing easier, providing modern coverage, and enhancing claim experiences with a focus on preventing claims through smart home devices and proactive home care services.
The decision to go public via a SPAC was influenced by the desire for price certainty, the reputational risk of partners, and alignment, with Reid Hoffman and Mark Pincus's SPAC offering the industrial strength and partnership approach Hippo sought.
The future of home insurance may evolve beyond traditional policies, potentially offering comprehensive home care services that include smart home technology maintenance and insurance coverage as part of a monthly subscription.

Insurtech is also a space that has become increasingly crowded and more high-profile in recent years.

Hippo Insurance uses technology to help homeowners maintain their properties, creating a new standard of care and protection for homeowners. Hippo announced its intention to go public via SPAC in early March of this year that will now give Hippo a valuation of $5B, making it one of the largest insurtechs in the US.

Co-Founder & CEO Assaf Wand sits down with NFX Partner Pete Flint to share his Founder story, product mindset, strategy behind the SPAC, and personal frameworks for taking Hippo from idea to IPO.

Speakers

Kristen O'Brien

Guest • 1%

Pete Flint

Host • 14%

Assaf Wand

Guest • 85%

Chapters

0:00	Introduction with Kristen O'Brien and Pete Flint
2:03	Challenges and Innovations in the Insurance Industry
10:17	Assaf Wand's Learning Journey in the Insurance Industry
14:08	Tactics and Frameworks for Idea Formation, Validation, and Hiring in a Regulated Industry
24:30	Building a Family-oriented Culture at Hippo
28:32	Navigating Challenges and Growth in the Era of COVID-19
34:11	Going Public via SPAC: The Rationale Behind Hippo's Decision
43:14	What's in Store for Hippo: Protecting the Joy of Homeownership
48:34	The Core Offering of Hippo: Using Data and Smart Home Devices to Prevent Insurance Claims
49:42	Wrapping up the Conversation with Assaf Wand and Outro

Transcript

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