Hippo Insurance vs Pie Insurance — Underwriting workstation for US insurance, 2026.
Hippo Insurance (9 named carriers) and Pie Insurance (3 named carriers) both sit at the underwriting workstation layer. Zero customer overlap in the public roster — they are addressing different segments of the same stack layer.
Last verified 2026-04-22 · methodology
TL;DR
- Hippo Insurance has 9 publicly-named carrier deployments; Pie Insurance has 3. Both at the underwriting workstation layer.
- Zero customer overlap in the public roster. Hippo Insurance and Pie Insurance are addressing different carriers within the same stack layer.
- Both classified ai-native on Phidea's generation axis.
- Ownership contrast: Hippo Insurance is public (NYSE: HIPO); Pie Insurance is independently held.
- Analyst coverage: 1 firm cover both, 4 only Hippo Insurance, 4 only Pie Insurance.
Customer overlap
| Bucket | Count |
|---|---|
| Named on Hippo Insurance only | 9 |
| Named on Pie Insurance only | 3 |
| Named on both | 0 |
| of which US-named on at least one side | 0 |
Only on Hippo Insurance
- Spinnaker Insurance Company (US)
- Progressive Advantage Agency, Inc. (distribution partner) (US)
- Mountain Re Ltd. (Series 2023-1) — catastrophe bond (Bermuda)
- Notion (smart-home sensor partner) (US)
- SimpliSafe (smart-home / security partner) (US)
- Ring (Amazon) (smart-home partner) (US)
- ADT (smart-home / installed services partner) (US)
- Kangaroo (smart-home sensor partner) (US)
- Lennar Corporation (embedded homebuilder partner / investor) (US)
Only on Pie Insurance
- The Pie Insurance Company (US)
- SiriusPoint America Insurance Company (US)
- Ford Motor Credit (Ford Pro Insure) (US)
Counts derived from 15sourced carrier-deployment entries across both vendor cards. Aggregate-only statements (e.g. “16 of the top 20”) excluded.
Stack position
- Generation
- ai-native
- Stack layer
- Underwriting workstation
- Founded
- 2015
- Lines
- home, commercial
- Replaces
- traditional homeowners agent distribution, manual property underwriting
- Generation
- ai-native
- Stack layer
- Underwriting workstation
- Founded
- 2017
- Lines
- workers-comp, commercial
Ownership and corporate context
Carrier-segment specialization
Hippo Insurance — geographic split
- US8
- Bermuda1
Pie Insurance — geographic split
- US3
Analyst coverage differential
Both covered by
- TechCrunch · Hippo Insurance (2020: Understanding Hippo's valuation in a post-Lemonade IPO world) · Pie Insurance (2022: SMB-focused Pie Insurance raises $315M Series D)
Only Hippo Insurance cited by
- Bloomberg (via Insurance Journal) (2021: Insurtech Hippo in Talks to Go Public via Merger With SPAC)
- Fortune (2023: Hippo Holdings has SPAC remorse 2 years after the deal that saw the firm valued at $5 billion)
- Seeking Alpha (2021: Hippo Stock: Disruptive But Too Expensive (NYSE:RTPZ))
- S&P Global Market Intelligence (2022: Hippo's stock yet to resurface despite reverse split, layoffs)
Only Pie Insurance cited by
- Insurance Journal (2023: Workers Comp Insurtech Pie Transitions to Full-Stack Carrier)
- Crunchbase News (2022: Pie Insurance Gets Big Slice Of Funding In $315M Series D)
- Coverager (2025: Pie and Ford to split in 2025)
- PR Newswire (Pie Insurance) (2026: Pie Insurance Reports Strong 2025 With Geographic Expansion, 55,000+ Policies In-Force)
Recent news (last 12 months)
No news items in the last 12 months for either tool.
Sourced limitations
- Hippo's post-IPO stock performance has been severely impaired. After going public at a $5 billion valuation via SPAC merger with Reinvent Technology Partners Z in August 2021, the stock lost over 90% of its value by 2023. Hippo executed a 1-for-25 reverse stock split and 10% workforce reduction in September 2022 to stabilize the share price, and CEO Rick McCathron publicly stated the company would have fared better with a traditional IPO. Hippo's experience is emblematic of the broader 2021–2022 neoinsurance SPAC cohort collapse (Root, MetroMile, Lemonade).Source: Fortune
- Hippo is a 'carrier-as-tech' hybrid, not a pure software vendor. Its technology stack is bundled with its own balance sheet via Spinnaker Insurance Company. Hippo cannot sell its AI underwriting platform as standalone SaaS to competing carriers; its revenue is tied to written premium, loss ratio, and reinsurance economics — not tech-style recurring software revenue. This structural conflation of tech and insurance risk is part of why public markets have discounted InsurTech valuations.Source: TechCrunch
- Hippo does not appear in publicly indexed Gartner, Forrester, or Celent leader quadrants for homeowners insurance underwriting or policy admin. Its recognition is concentrated in tech/trade press (TechCrunch, Bloomberg, Insurance Journal, Seeking Alpha) and SEC filings rather than independent analyst evaluations of the underwriting workstation or policy admin categories.Source: Seeking Alpha
- Pie is a licensed insurance carrier, not a software vendor. Carriers and brokers do not license a Pie underwriting product — they place business with Pie through its independent-agent channel or cede/assume reinsurance capacity. The AI underwriting workflow is internal to Pie's own book.Source: Pie Insurance
- Workers' compensation is Pie's core and primary line. Commercial auto was distributed through the Ford Pro Insure partnership, which is ending — Pie stops new commercial auto submissions from 1 December 2025 and issues no new or renewal policies effective 1 January 2026 or later. Pie publicly framed the wind-down as a refocus on workers' comp.Source: Coverager
- Pie's workers' compensation product is available in 39 states plus Washington D.C. as of the 2025 year-end update — not nationwide. Geographic licensing continues to constrain which small businesses Pie can quote and bind.Source: PR Newswire
- No Gartner, Celent, Forrester or Novarica coverage of Pie Insurance surfaces in public search. Third-party validation is concentrated in insurance trade press (Insurance Journal, Coverager, Carrier Management, Reinsurance News) and Pie's own announcements.Source: Crunchbase News
Limitations published on Phidea are sourced to the underlying citation and reflect what is publicly named — not an exhaustive list. Consult the vendor card for the full record.
Frequently asked
- Do any carriers run both Hippo Insurance and Pie Insurance?
- Not in Phidea's public roster. Across 12 sourced carrier-deployment entries on both vendor cards, zero carriers appear on both. The two tools are addressing different carriers within the same stack layer.
- Who owns Hippo Insurance and Pie Insurance?
- Hippo Insurance is public (NYSE: HIPO). Pie Insurance is independently held.
- Which has more named US carriers?
- Hippo Insurance has the larger publicly-named US roster: Hippo Insurance 9, Pie Insurance 3. Public-roster size is a coverage signal, not a quality signal — vendors with stronger NDAs may have larger actual US footprints than the public count shows.
- Where are these tools positioned in the insurance stack?
- Both sit at the underwriting workstation layer. Hippo Insurance replaces traditional homeowners agent distribution, manual property underwriting; Pie Insurance operates as a standalone vendor.