Porch Group, a leading vertical software company reinventing the home services and insurance industries, today announced new partnerships and products in its warranty business (“Warranty”).
Warranty has grown profitably over the last two years and now offers products in 49 states. Porch Warranty, a new home warranty product providing unique consumer benefits such as bundled handyman services, micro-warranties protecting homeowners’ service lines and heating, ventilation and air conditioning (“HVAC”) systems, and Extended Labor Warranties, was launched in February 2023 and has already delivered good growth and good conversion of leads from the Porch concierge service.
To reach more new customers, Porch’s warranty business recently signed agreements with distribution partners NerdWallet, Inc., Lone Star Insurance Services and an insurance agency, to offer its whole home Porch Warranty product to their customers. In addition, the third quarter 2023 launch of the Extended Labor Warranty partnership with a nationwide HVAC distributor is performing well, with HVAC contractors integrating Porch’s warranties as a way to improve the consumer experience and close more sales.
In terms of product expansion, Warranty launched its HVAC micro-warranty product. This product offers coverage for homeowners’ HVAC systems, answering customer demand where a whole home product is not required.
“We are excited at the continued expansion in our Warranty business. These new partnerships and products will continue to differentiate us, provide long-term advantage and position us to become a leader in this space. In addition to traditional channels, we are able to continue to deliver strong growth through cross-selling with other Porch business, while benefitting from lower customer acquisition costs.” Matt Ehrlichman, Chief Executive Officer.