New HO company in California, Bamboo

Jan 23, 2019

  1. Weedlebug
    Offline

    Weedlebug Expert

    Posts:
    27
    Likes Received:
    14
    State:
    California
    So in CA we gave a new HO company in the market place, Bamboo. It's a new insuretech company, underwritten by XL Caitlin. The developers come from McGraw Group/Pacific Specialty. They outsource everything but their core operation.

    What are your thoughts about these new insuretech companies like Lemonade or Hippo?

    Lemonade and Hippo are direct companies, while Bamboo is offered by agents.

    There's not much history on Bamboo, so I hesitate placing my insured with them until I see how they handle their claims.

    Bamboo states their quoting platform is simple to use, with little underwriting required so the insured has no to little disruption in their lifes.

    Let's talk...
     
  2. marindependent
    Offline

    marindependent Guru

    Posts:
    351
    Likes Received:
    33
    I welcome more carriers.

    You can sell Hippo as an Agent.
     
  3. Markthebroker
    Online

    Markthebroker Guru

    Posts:
    1,209
    Likes Received:
    1,105
    State:
    California
    I vaguely remember hearing something about them a while back. I don't remember much, but it was nothing bad, lol.

    Ca is going to be a very interesting place for homeowners insurance over the next decade or so. It will continue to be if we don't do something about our land management.
     
  4. Mike007
    Offline

    Mike007 Expert

    Posts:
    89
    Likes Received:
    67
    State:
    California
    I just contacted Hippo if they have 1099 contracts. Their response:

    This is a non-captive, 1099 commission-only based position and you generate your own leads. We provide E&O for self employ-employed qualifying individuals and there are no fees.

    Very interesting. Does anyone know the commission payout is? Is there something similar like Hippo on the Auto insurance?

    I will contact them soon and see if it's something I'm interested in promoting, considering I got rid of my P&C agency a while back.
     
    Mike007, Aug 21, 2019 at 6:54 PM
    #4
Loading...