Hippo Holdings Inc.

Welcome and thank you for attending the HIPAA third quarter 2021 earnings conference call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. I would now like to pass the conference over to your host, the HIPAA management team. Thank you. You may proceed.

Thank you, operator. Good afternoon, everybody, and thank you for joining HIPAA's third quarter 2021 earnings conference call. Earlier today, HIPPO issued a shareholder letter announcing its third quarter results, which is also available at investors.hippo.com. Leading to today's discussion will be HIPPO's Chief Executive Officer, Asaf Nwand, President Rick McArthur, and Chief Financial Officer, Stuart Ellis. Following management's prepared remarks, we will open up the call to questions. Before we begin, I'd like to remind you that our discussion will contain predictions, expectations, forward-looking statements, and other information about our business, that is based on management's current expectations as of the day of the presentation. Forward-looking statements include, but are not limited to, expectations or predictions of financial and business performance and conditions and competitive and industry outlook. Forward-looking statements are subject to risks, uncertainties, and other factors that could cause our actual results to differ materially from historical results and or from our forecast, including those set forth in HIPAA's Form 8-K filed today. For more information, please refer to the risks, uncertainties, and other factors discussed in HIPAA's SEC filings. All cautionary statements that we make during this call are applicable to any forward-looking statements we make wherever they appear. You should carefully consider the risks and uncertainties and other factors discussed in HIPAA's SEC filings. Do not place undue reliance on forward-looking statements as HIPAA is under no obligation to expressly disclaim any responsibility for updating, altering, or otherwise revising any forward-looking statements. whether as a result of new information, future events, or otherwise, except as required by law. Additionally, during this conference call, we will also refer to non-GAAP financial measures, such as total generated premium and adjusted EBITDA. Our GAAP results and description of our non-GAAP financial measures with a full reconciliation to GAAP can be found in the third quarter 2021 shareholder letter, which has been furnished to the SEC and available on our website. With that, I'll turn the call over to Asaf Wan, co-founder and CEO of Vippo.

Thank you, Cliff. Q3 was an incredibly strong quarter for Vippo. Our results demonstrate exciting progress in the areas of our business that matters most. We delivered robust growth, improved our loss ratio, and made a number of investments which will strengthen our foundation for the future. Total generated premium grew 94% year-on-year, premium retention increased to 89%, and customer satisfaction remained amongst the best in the industry. We are now more convinced than ever that partnering with our customers to actively protect their homes and prevent losses is setting a new standard for the industry and is positioning HIPAA for long-term success. Our omnichannel distribution strategy continues to deliver. In addition to strong results in our direct independent agent and builder channels, I'm excited to report that we launched a major new partnership with national home lender Panimac, giving us the opportunity to offer quotes to millions of additional homeowners. Reflecting our strong performance in Q3 and our expectations of continued momentum in Q4, we are raising our full year guidance of total generated premium from $560 to $570 million we shared last quarter to $600 to $605 million now. We also delivered an improved loss ratio during the quarter, coming in at 128% versus 155% a year ago. While we are pleased with the progress, we still have a lot of work to do to reach our long-term targets. In a moment, Rick will talk about how we are using our proprietary technology to learn and implement change at an accelerated pace to continue our momentum in this area. Another advantage that we now have is a world-class insurance leadership team. In recent months, we have welcomed new leaders of our actuarial, underwriting, and risk function, and announced the future addition of a new leader of our claims organization. This team brings many decades of experience at leading insurance companies and sees the power in technology platform that we've built to deliver better insurance results for people. I am personally excited by this rapid operational progress we are making under these new leaders. It will take time for the changes we are making to work their way into our reported results. But early signs are positive and I am more confident than ever that we will deliver. In an unpredictable environment impacted by pandemics, climate change, and inflation, we believe that our tech-driven operating agility allows us to act more quickly and decisively than our competitors and puts us in a better position to win in the long term. Thank you, and I will pass it over to Stuart, our CFO, to discuss our Q3 results in more detail.