Goosehead Insurance has purchased Vivint Smart Home’s insurance book of business, which includes more than 15,000 insurance policies, for $5.5 million in cash.
The deal is part of an earlier agreement between Goosehead, an independent personal lines agency, and Vivint, a smart home tech company.
Goosehead has promised to provide a seamless transition for existing Vivint clients, offer a broader range of products, and help ensure they have the right coverage.
“Consumer education and an exceptional client experience are at the heart of what we do at Goosehead,” said Justin Ricketts, executive vice president, technology and partnerships at Goosehead, on deal announcement.
“We would like to extend our new clients a warm welcome to the Goosehead family and look forward to giving them the very best service and care in the industry."
Former Vivint clients will also be able to access Goosehead’s digital agent platform for quotes. The Westlake, Texas-headquartered agency represents over 150 insurers that provide personal and small commercial coverage.
In April, Insurance Business revealed that Vivint Smart Home had abandoned its insurance agency following its sale to NRG Energy. The company would instead pursue its insurance strategy through a partnership model, it confirmed.
“In order to efficiently scale, we are moving to a partnership model to make the technology more widely available,” a Vivint spokesperson told Insurance Business.
Earlier this month, Vivint and Goosehead announced their strategic partnership, with the former offering its smart home technology products to the latter’s insurance clients.
Ricketts said Goosehead plans to expand its partnership with Vivint through joint offerings through a wider choice of carriers.
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