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Porch Group Announces New Insurance Agency Partnerships

1. Porch Group expands insurance distribution through partnerships with Roamly, Evertree, and MassDrive. 2. The Reciprocal aims to differentiate with best products and pricing for homebuyers. 3. Partnerships with digital agencies enhance Porch's ability to reach more customers. 4. Roamly's technology integration aligns with Porch’s mission to simplify homeownership experience. 5. Porch is focused on scaling insurance premiums post-2024 to drive growth.

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FAQ

Why Bullish?

Expansion and partnerships are likely to increase market presence and customer base, similar to strategic partnerships yielding price appreciation in peers like Lemonade.

How important is it?

The partnerships indicate strategic growth, significant for future revenue streams and market positioning, making them highly relevant to PRCH.

Why Long Term?

The established partnerships will progressively bear fruit; longer cycles are expected in the insurance sector compared to immediate gains.

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SEATTLE--(BUSINESS WIRE)--Porch Group, Inc. (“Porch” or “the Company”) (NASDAQ: PRCH), a new kind of homeowners insurance company, today announced significant continued expansion with its insurance agency distribution channel, including new partnerships with Roamly Insurance Group (“Roamly”), Evertree Insurance Services, LLC (“Evertree”) and MassDrive Insurance Group, LLC (“MassDrive”). One of Porch’s strategic priorities is to scale insurance premiums, having restarted this growth engine at the end of 2024. To further distribution, Porch is expanding the Porch Reciprocal Exchange’s (“the Reciprocal”) relationships with third party insurance agencies. The Reciprocal looks to differentiate itself to insurance agencies by providing the best products for homebuyers, the best pricing and value proposition for lower-risk homes, by providing homebuyer leads to insurance agencies, and its long-standing commitment to providing great customer service and claims experience for policyholders. “We are rapidly growing the number of agencies appointed at the Reciprocal, and we are thrilled to announce these exciting new partnerships,” said Eric Lemieur, Head of Insurance Sales and Distribution at Porch Group. “Their modern approach to insurance and broad customer reach aligns well with our mission to simplify the homeownership journey. We seek to be a key partner for the largest insurance agencies in the country and are excited to share more updates and large incremental partnerships as we go forward.” Our New Partners Roamly is a global leader in digital insurance technology and solutions who recently started providing homeowners insurance to its growing customer base. The Reciprocal is proud to be one of the first homeowners carriers selected to join Roamly’s carrier panel. This appointment is live, and Roamly is officially appointed in 19 states, marking a significant milestone in expanding both companies’ footprints. “We are excited to partner with Porch Group to offer homeowners insurance through our AI enabled digital insurance platform,” said Brad Simmons, General Manager. “Just as Roamly’s technology and expertise has simplified coverage for protecting the things that people love, Porch’s mission to simplify the homeownership journey resonates with our customer base.” Evertree is a rapidly growing, tech-enabled, insurance brokerage offering customized solutions to customers in the personal and commercial lines space. The appointment is live and officially appointed in 15 states. “At Evertree, we hold our carrier partnerships to the highest standard, and HOA continues to exceed expectations. We’re proud to work alongside them as we grow together,” said Drew Monroe, CEO, Evertree Insurance. MassDrive is a nationally-licensed independent digital insurance agency owned by Bindable, a provider of Insurance-as-a-Service technology and tools to power P&C distribution at scale. With a strong focus on technology and customer accessibility, MassDrive’s mission is to enhance how consumers discover, compare, and purchase insurance products across digital and traditional channels. Porch and MassDrive have partnered to offer home insurance products, making Porch’s coverage available across their robust distribution network. "We look for every opportunity to better serve today’s insurance consumers by offering access to top-tier products through both our own agency and our partner channels," said Jean-Marie Lovett, president of Bindable and MassDrive Insurance Group. "The addition of Porch's home insurance product to our Insurance-as-a-Service platform not only strengthens the options available to end consumers, but also provides Porch with a fast, effective path to expand distribution and reach new customers through our far-reaching digital insurance ecosystem." About Porch Group Porch Group, Inc. (“Porch”) is a new kind of homeowners insurance company. Porch's strategy to win in homeowners insurance is to deploy leading vertical software solutions in select home-related industries, provide the best services for homebuyers including important moving services, leverage unique data for advantaged underwriting, and provide more protection for policyholders. To learn more about Porch, visit ir.porchgroup.com. About Roamly Roamly is a global leader in digital insurance technology and solutions, redefining how consumers and businesses protect what matters most. Roamly Enterprise offers a technologically advanced platform that provides insurance companies with AI-enabled software modules to develop insurance products, increase speed to market, and mitigate risk. From pricing and underwriting to policy and claims management the product agnostic platform also provides consumers with a digital-first quote to bind experience. Operating in the U.S., Canada, and Europe with global insurance partners, Roamly is where the insurance industry and technology intersect to enhance the consumer experience. Learn more at www.roamly.com. About Evertree Evertree Insurance is a modern, independent insurance brokerage committed to making coverage simple, accessible, and personal. With access to over 65 top-rated carriers, Evertree puts customer service first by offering an easy, streamlined client experience - with knowledgeable agents nearby and national support through a broad carrier network. About MassDrive Headquartered in Boston, MA, MassDrive Insurance Group, LLC, is an independent digital insurance agency serving all 50 US states and DCs through a wide range of personal insurance products, including car, home, condo, renters, pet, travel, motorcycle, and more. MassDrive is owned by Bindable, an Insurance-as-a-Service platform powered by its own suite of proprietary technology and services including modern API-powered quoting, branded marketplace templates, and access to Policy Crusher®, a licensable CRM, comparative rater, and cross-sell engine. MassDrive is the licensed entity that powers white-label digital agencies for carriers, brokers, and brands participating in Bindable’s robust partner ecosystem. More News From Porch Group, Inc.

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