INDIANAPOLIS (Inside INdiana Business) — An Ohio-based insurance startup is launching its services into the Hoosier State. Branch Insurance, which is headquartered in Columbus, says Indiana is its sixth statewide launch since its founding in 2017.
Branch says it specializes in home and auto insurance and plans to reach 80% of the U.S. population by the end of the year.
The firm says it uses consumer technology and automation to shorten the wait time and reduce customer cost by providing bundling options.
“As we further expand our community, we grow closer to our goal of bringing quicker, easier, and more affordable insurance to all, helping everyone get insured,” said Branch Co-founder Steve Lekas.
As part of its business model, the company has also instituted two additional programs to lower customer costs, including the Community Pledge, which is based on communal trust.
Using the app, Branch clients can ask their friends or family members who join Branch to pledge that they are unlikely to commit fraud. For each person who does so, clients earn a discount on their insurance, as long as they are both customers.
“By leveraging the power of community, we could make insurance better and more affordable for everyone,” explained Lekas.
Branch is also utilizing an initiative called Community Drive. Like other big-name insurance carriers, it rewards safe driving, using data from a customer’s phone to score driving habits.
In 2019, Branch created a 501(c)(3) nonprofit that helps cover insurance payments for drivers at risk of losing their coverage. The company says SafetyNest takes a portion of premiums from all of its customers and places it into an account to help fund the program.