Branch Insurance, a full-stack insurtech company that uses data, technology, and automation to make home and auto insurance simpler to buy and less expensive, has launched condo insurance, expanding its array of instantly bindable insurance products.
Condo insurance joins Branch’s existing lineup of home, auto, renters and umbrella insurance. It will be rolled out across Branch’s available states in the coming months, beginning in Ohio.
Branch aims to streamline the insurance-buying experience, requiring customers to enter just a name and address to see an instant price for bundled home and auto insurance.
According to the National Association of Realtors, more than 10% of existing home sales over the last three years were condos.
By adding a condo product, Branch extends its instant bundling capability to millions more homeowners.
Bundling has always been at the core of what Branch can do, so we’re thrilled to offer another product to help consumers quickly and easily bundle their insurance
Steve Lekas, co-founder and CEO of Branch
By enabling more people to access Branch’s bundle, and the deep savings that come with it, we’re taking meaningful steps towards our mission of getting more people insured.
The addition of a condo product adds value to Branch’s independent agency channel, allowing Branch-appointed agents to better serve their customers, the company said. Consumers can also instantly purchase condo insurance on the Branch website.
Alongside our instant online bundling capability, we’re eager to sell condo insurance through partners in the mortgage, auto, and home security industries, as well as through our network of trusted agents
Being able to offer a comprehensive list of coverages across multiple distribution channels allows Branch to better serve consumers wherever they shop for insurance.
Branch is home and auto insurance that’s simple to buy and built for savings. Through its revolutionary instant-bind capability, Branch removes all of the friction associated with getting covered, helping consumers bundle their home and auto insurance with ease. Built as a reciprocal exchange, the Branch Insurance Exchange taps into the power of community to make insurance more accessible and affordable for everyone.
Branch, a startup offering bundled home and auto insurance, has raised $147 million in Series C funding at a postmoney valuation of $1.05 billion.
Weatherford Capital, a family-owned private investment firm, led the round, which also included participation from existing and new backers such as Acrew, American Family Ventures, Anthemis, Gaingels, Greycroft, HSCM Ventures, Narya, SignalFire and Tower IV. With this latest financing, Columbus, Ohio–based Branch has raised $229.5 million in total funding since its 2017 inception.
Branch, according to co-founder and CEO Steve Lekas, is the only insurance company that he is aware of that can bind insurance through an API, and the only one that can bundle auto and home insurance in a single transaction.
Another way Branch is unique, he adds, is that it can be embedded into the buying experience.
In other words, the company has partnered with mortgage or security system providers to integrate insurance at the point of sale in their products. For example, if a person is closing on a home, they have the option of purchasing Branch insurance at the same time. Partners include Homepoint, OpenRoad Lending and SimpliSafe, among others.
This distribution model means that Branch shells out less to acquire customers and thus, it claims, is able to offer premiums for a lower price than competitors. But the startup also offers its insurance direct-to-consumer and through agencies.
by Peter Sonner
