Porch Group announces inspection product enhancements and price increases
Homeowners insurance and vertical software platform Porch Group announced product enhancements and price increases in its inspection software business. Inspection Support Network (ISN), a SaaS solution for inspectors offering easy-to-use tools, processed approximately 40% of all U.S. home inspections in 2023 alongside other Porch inspection brands.
Over the last year, ISN released more than 20 feature enhancements, which include:
- FlexFund, which provides customers the opportunity to pay for inspection services at the closing of the real estate transaction, and can increase average inspection revenue by 30%
- ISN app for inspectors, which enhances the user experience. In the first two months since its release, the number of inspectors using the app has increased by 45%
- A new free ISN report writer
- A digitized Florida Wind Mitigation template to support an inspection for homebuyers in Florida
Related to these new product launches, in the first quarter of 2024 ISN increased its minimum monthly fee and increased transaction fees by approximately 20%.
“At ISN we are committed to meeting our customers’ needs and maintaining our strong retention rates. We are excited about the opportunities ahead to continue helping home inspectors win and grow in their markets and expect more great new product innovations in 2024.” – Matt Ehrlichman, CEO.
Bottom line: Porch acquired MGA Homeowners of America in early 2021 for $100 million. Its 2023 direct premium written (DPW) growth rate remains flat, yet the company has made it to our top 20 property MGAs list by premium volume.
