Insurtech firm surpasses $100M in annual recurring revenue

TypTap, a Tampa-based subsidiary of HCI Group Inc., uses data analytics to improve underwriting decisions for homeowner and flood insurance.

By Business Observer Staff
| 12:47 p.m. December 8, 2020
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File. TypTap CEO Paresh Patel, left, and President Kevin Mitchell.

Tampa Bay-Lakeland

TAMPA — TypTap Insurance Co., an insurance startup owned by HCI Group Inc., has surpassed $100 million in annual recurring revenue.

Founded in 2016 by Paresh Patel, HCI Group’s chairman, CEO and managing shareholder, TypTap uses data analytics — provided by Exzeo USA, another HCI Group subsidiary — to make quick and smart underwriting decisions and reduce risks. The majority of its homeowner and flood insurance policies, according to a press release, are sold via a network of independent insurance agents.