Porch Group Announces Strategic Home Factors Partnership

Business Wire

SEATTLE--(BUSINESS WIRE)--
Porch Group, Inc. (“Porch” or “the Company”) (NASDAQ: PRCH), a homeowners insurance and vertical software platform, today announced Porch Group Media (“PGM”), the data and marketing subsidiary of Porch, has signed an agreement to license non-exclusively its unique Home Factors insights to California-based insurance MGA, Bamboo Ide8 Insurance Services, LLC. (“Bamboo”).

This agreement follows the recent announcement of Home Factors’ official third-party launch in the market. Porch Group Media has Home Factors for approximately 90% of US homes, providing unique and valuable insights not previously available. For example, identifying that an electric panel needs repair indicates 41% higher claims frequency. These insights have already demonstrated strong performance with Porch’s own insurance carrier, Homeowners of America Insurance Company (“HOA”), where it has contributed to its improvement in loss ratio performance.

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 U.S. property data, the newly launched Home Factors product empowers insurance carriers to assess home conditions, accurately underwrite risk, and price homeowners’ insurance policies more effectively.

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 California. Bamboo operates primarily through its full-service MGA business, where the company manages all aspects of the placement process on behalf of its fronting and (re)insurance partners, including product development, marketing, underwriting, policy issuance, and claims oversight, and earns commissions based on the volume and profitability of the insurance that it places. Bamboo puts underwriting first, leveraging technology and data science tools to select, price and manage risk.

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.