Porch Group Announces Strategic Home Factors Partnership
Porch Group (NASDAQ: PRCH) announced that its data subsidiary, Porch Group Media (PGM), has signed a non-exclusive licensing agreement with Bamboo Insurance for its Home Factors insights. PGM's Home Factors covers approximately 90% of US homes, providing unique property insights that help predict insurance claims. For instance, properties needing electric panel repairs show 41% higher claims frequency. The technology has already improved loss ratio performance at Porch's insurance carrier, Homeowners of America Insurance Company. The partnership aims to enhance underwriting efficiency and risk assessment while providing fairer pricing for consumers based on actual property risks.
Porch Group (NASDAQ: PRCH) ha annunciato che la sua sussidiaria di dati, Porch Group Media (PGM), ha firmato un accordo di licenza non esclusivo con Bamboo Insurance per le sue intuizioni sui Home Factors. I Home Factors di PGM coprono circa il 90% delle abitazioni negli Stati Uniti, fornendo informazioni uniche sulle proprietà che aiutano a prevedere le richieste di risarcimento assicurativo. Ad esempio, le proprietà che necessitano di riparazioni al pannello elettrico mostrano una frequenza di richieste superiore del 41%. La tecnologia ha già migliorato le prestazioni del rapporto sulle perdite presso l'assicuratore di Porch, Homeowners of America Insurance Company. La partnership mira a migliorare l'efficienza di sottoscrizione e la valutazione del rischio, fornendo nel contempo prezzi più equi per i consumatori basati sui reali rischi delle proprietà.
Porch Group (NASDAQ: PRCH) anunció que su subsidiaria de datos, Porch Group Media (PGM), ha firmado un acuerdo de licencia no exclusivo con Bamboo Insurance para sus conocimientos sobre Home Factors. Los Home Factors de PGM cubren aproximadamente el 90% de las viviendas en EE. UU., proporcionando información única sobre propiedades que ayudan a predecir las reclamaciones de seguros. Por ejemplo, las propiedades que necesitan reparaciones en el panel eléctrico muestran una frecuencia de reclamaciones un 41% mayor. La tecnología ya ha mejorado el desempeño del ratio de pérdidas en la compañía de seguros de Porch, Homeowners of America Insurance Company. La asociación tiene como objetivo mejorar la eficiencia en la subscripción y la evaluación de riesgos, al tiempo que ofrece precios más justos para los consumidores en función de los riesgos reales de las propiedades.
Porch Group (NASDAQ: PRCH)은 데이터 자회사인 Porch Group Media (PGM)가 Bamboo Insurance와 Home Factors 인사이트에 대한 비독점 라이선스 계약을 체결했다고 발표했습니다. PGM의 Home Factors는 미국 주택의 약 90%를 포함하고 있으며 보험 청구 예측에 도움을 주는 독특한 자산 통찰력을 제공합니다. 예를 들어, 전기 패널 수리가 필요한 자산은 청구 빈도가 41% 더 높습니다. 이 기술은 Porch의 보험사인 Homeowners of America Insurance Company에서 이미 손실 비율 성과를 개선했습니다. 이 파트너십은 실제 자산 위험에 기반한 보다 공정한 가격 책정을 제공하면서 인수 효율성과 위험 평가를 향상시키는 것을 목표로 합니다.
Porch Group (NASDAQ: PRCH) a annoncé que sa filiale de données, Porch Group Media (PGM), a signé un accord de licence non exclusif avec Bamboo Insurance pour ses insights sur les Home Factors. Les Home Factors de PGM couvrent environ 90 % des maisons aux États-Unis, fournissant des informations uniques sur les propriétés qui aident à prédire les demandes d'indemnisation. Par exemple, les propriétés nécessitant des réparations de panneaux électriques affichent une fréquence de demandes 41 % plus élevée. La technologie a déjà amélioré le rapport de sinistres chez l'assureur de Porch, Homeowners of America Insurance Company. Le partenariat vise à améliorer l'efficacité de la souscription et l'évaluation des risques tout en offrant une tarification plus équitable pour les consommateurs basée sur les véritables risques liés aux propriétés.
Porch Group (NASDAQ: PRCH) hat bekannt gegeben, dass seine Datensparte, Porch Group Media (PGM), einen nicht-exklusiven Lizenzvertrag mit Bamboo Insurance für seine Home Factors-Insights abgeschlossen hat. Die Home Factors von PGM decken etwa 90 % der US-Haushalte ab und liefern einzigartige Immobilieneinblicke, die bei der Vorhersage von Versicherungsansprüchen helfen. Beispielsweise zeigen Immobilien, die Reparaturen am elektrischen Panel benötigen, eine um 41 % höhere Antragshäufigkeit. Die Technologie hat bereits die Verlustquote der Porch-Versicherungsgesellschaft, Homeowners of America Insurance Company, verbessert. Die Partnerschaft zielt darauf ab, die Underwriting-Effizienz und Risikoanalyse zu verbessern und gleichzeitig den Verbrauchern eine gerechtere Preisgestaltung basierend auf den tatsächlichen Immobilienrisiken zu bieten.
- Home Factors coverage extends to 90% of US homes
- Technology has demonstrated improved loss ratio performance at HOA Insurance
- Partnership with Bamboo expands revenue potential through data licensing
- Non-exclusive licensing agreement limits competitive advantage
Insights
This strategic partnership marks a notable development in insurance underwriting technology. The Home Factors platform's coverage of
- Automated underwriting processes reducing operational costs
- More precise risk assessment leading to improved loss ratios
- Data-driven pricing models enabling fairer consumer rates
This partnership signals a transformative shift in property insurance underwriting. The integration of granular property-level data through Home Factors addresses a critical gap in traditional underwriting methods. The system's proven impact on HOA's loss ratio performance demonstrates tangible value. For Porch Group, this represents a dual revenue opportunity: direct improvement in their insurance operations and monetization through licensing to other carriers. The partnership with Bamboo, while significant as an early adopter, suggests potential for broader market penetration. However, the non-exclusive nature of the licensing agreement may limit long-term competitive advantages.
This agreement follows the recent announcement of Home Factors’ official third-party launch in the market. Porch Group Media has Home Factors for approximately
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. Tests with HOA and other third-party partners such as Bamboo continue to validate Home Factors’ value in underwriting, rate, claims, marketing and overall risk management. Bamboo 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.
“Signing our strategic Home Factors partnership with Bamboo is a significant milestone for Porch,” said Michelle Taves, VP & Group GM, Data and Marketing. “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.”
“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 Insurance. “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.”
About Porch Group Media
Porch Group, Inc.'s data management subsidiary, Porch Group Media (“PGM”), brings extensive expertise in first-party data management and solutions. Dedicated to transforming risk management through advanced technology and data intelligence, PGM provides exclusive insights into a property’s interior and exterior. Leveraging Porch’s comprehensive
For more information, please visit Home Factors | Porch Group Media.
About Bamboo
Bamboo is a capital-light, tech- and data-enabled insurance distribution platform providing insurance offerings to the residential property market in
For more information, visit www.bambooinsurance.com.
About Porch Group
Porch Group, Inc., ("Porch") is a homeowners insurance and vertical software platform. Porch's strategy to win in homeowners insurance is to leverage unique data for advantaged underwriting, provide the best services for homebuyers, and protect the whole home. The long-term competitive moats that create this differentiation come from Porch's leadership in home services software-as-a-service and its deep relationships with approximately 30 thousand companies that are key to the home-buying transaction, such as home inspectors, mortgage, and title companies.
To learn more about Porch, visit ir.porchgroup.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241119636655/en/
Investor Relations Contact:
Lois Perkins, Head of Investor Relations
Porch Group, Inc.
Loisperkins@porch.com
Source: Porch Group, Inc.
FAQ
What is the Home Factors partnership between Porch Group (PRCH) and Bamboo Insurance?
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