Historically, insurance companies leverage broad-stroke approaches to provide policyholder solutions. Homeowner policies are underwritten when an insurance company has a favorable view of a region, county, or zip code – an approach that can miss opportunities at an individual level.
The HCI team recognized this market gap and the opportunity to simplify insurance. With a clear vision and the rise of the digital age, it set out to develop proprietary technology as an accelerator to propel better underwriting policies at the individual house level according to each property’s unique risk evaluation. In 2012, TypTap’s wholly-owned technology subsidiary – Exzeo – launched.
When the vision for Exzeo was being developed, the team sought a name that captured the spirit of what it strived to accomplish – take massive amounts of data and transform it into simplified, useful information for the insurance industry. After brainstorming words like EXabyte, ZEttabyte, and YOttabyte – all words that mean lots of data – the name Exzeo was born to represent taking copious information and leveraging it to make insurance simple.
The Exzeo team began developing a property attribute data architecture back in 2012. By gathering data, studying characteristics that impacted claim payouts, and over time testing and proving the results, Exzeo created an intelligent data repository, leading to the launch of TypTap’s first flood policy in 2016. The team continued to improve its data collection and risk selection algorithm before launching TypTap homeowners insurance in 2018.
Today, Exzeo’s world-class team of over 150 experienced IT professionals split between the Tampa, FL headquarters and a second office in Noida, India, utilizes powerful algorithms enabled by artificial intelligence and proprietary data to create end-to-end insurance solutions and tools. The solid financial backing of HCI and a great management team afford Exzeo the unique opportunity to focus on building industry-leading tech solutions.
TypTap has leveraged the technology developed by Exzeo to modernize its underwriting approach and fueled the company’s nationwide expansion by better-identifying policies with optimized risk characteristics. Exzeo has become TypTap’s in-house, proprietary technology division powering its entire technology stack. The team has a successful track record, with loss ratios consistently outperforming the overall homeowners industry average.
At TypTap, we’ve become proven innovators in the insurance industry through our forward-thinking and technological approach. We remain committed to transforming the insurance world using our proprietary technology, one policy at a time. To learn more about Exzeo, visit https://exzeo.com/.
