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Spinnaker Insurance Company, a US insurer and subsidiary of Hippo Holdings Inc., has entered into a nationwide partnership with In The Car (ITC), a US-based embedded insurance technology provider, to expand the availability of embedded motor insurance across the United States.
The agreement will allow the company to provide bindable personal motor insurance cover across all 50 US states over the next three years, supporting its aim of making insurance part of the vehicle purchasing process.
ITC said its proprietary platform integrates directly with dealer management systems, enabling consumers to receive bindable insurance quotes in less than 45 seconds while purchasing a vehicle.
The company stated that, through Spinnaker Insurance Company’s admitted paper and nationwide presence, it will be able to extend this capability to dealership partners and original equipment manufacturer (OEM) relationships across every US market.
“Spinnaker gives us the national capacity to match the scale of our OEM and dealer group partnerships. Our dealers have been asking for a single insurance solution that works everywhere their customers are,” commented Matt Edmonds, CEO of ITC. “Now we can deliver it, coverage built in, nationwide.”
Spinnaker Insurance Company said it selected ITC because of the company’s distribution model and underwriting approach. According to Spinnaker Insurance Company, the partnership aligns with its strategy of working with managing general agents (MGAs) and programme administrators developing new insurance distribution models.
“ITC has built something genuinely differentiated — a point-of-sale distribution channel,” added Torben Ostergaard, CEO of Spinnaker. “We’re proud to support their national expansion, and this partnership is a strong example of how Hippo’s insurance infrastructure can enable innovative distribution models that meet customers where they are.”
The partnership follows a period of growth for the business. The company said it has established OEM partnerships, as well as a distribution partnership with TrueCar, and that its embedded insurance platform is currently active across more than 110 dealerships.
ITC said its platform is designed to reduce the steps involved in arranging motor insurance by integrating the quotation and policy binding process into the vehicle sales journey. This removes the need for customers to arrange cover separately after purchasing a vehicle, making insurance part of the overall transaction.
The post Spinnaker partners with In The Car to expand embedded motor insurance nationwide appeared first on ReinsuranceNe.ws.
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