Business
Porch Group Announces New Partnerships and Growth in its Utilities Channel
SEATTLE--(BUSINESS WIRE)-- Porch Group, Inc. (“Porch”, “Porch Group” or “the Company”) (NASDAQ: PRCH), a leading vertical software company reinventing the
About this update from Porch Group, Inc.
[{"type":"text","content":" SEATTLE--(BUSINESS WIRE)--\nPorch Group, Inc. (“Porch”, “Porch Group” or “the Company”) (NASDAQ: PRCH), a leading vertical software company reinventing the home services and insurance industries, today announced growth in its utility concierge channel through additional partnerships. Last year Porch expanded its agreement with Exelon (NASDAQ: EXC), to launch a move concierge program to Atlantic City Electric, Delmarva Power and Pepco Holdings providing access to over 2 million utility customers across New Jersey, Delaware, Maryland and Washington DC. Along with these Q2’23 launches, Porch recently signed an agreement with TECO Peoples Gas (an Emra Company), which delivers safe and natural gas to more than 470,000 customers throughout Florida.\n\n\nPorch now has partnerships with 12 utilities with access to over 14 million households. The new partnerships launched, along with the continued focus on growth in our utility concierge channel, have led to an approximately 20% year-over-year increase in utility customer volumes as compared to the same period prior year.\n\n\nAdjacent to our utility move concierge channel, Porch has recently begun to expand their products and services offerings beyond the move to target all utility customers through additional integration points and targeted marketing efforts.\n\n\nAs an example, Porch has launched utility specific warranty offerings that offer protection against unexpected issues to utility service lines. These warranties are marketed through targeted campaigns reaching more than just those utility customers that are moving.\n\n\n“This is a great example of the unique B2B2C channels Porch uses to gain privileged access to large volumes of customers at the right moments in time. We will continue to refine this strategy, expanding from helping a utility’s customers move to ongoing support and protection of their home. I am proud of the efforts of our utilities business who are driving strong growth and great customer satisfaction with an NPS of 81. Given the results we are demonstrating for utility partners we are seeing the pipeline for new partnership opportunities continue to grow.” Matt Ehrlichman, Chief Executive Officer.\n\n\nAbout Porch Group\n\n\nSeattle-based Porch Group, Inc., the vertical software and insurance platform for the home, provides software and services to approxim...