Porch Group Announces Inspection Product Enhancements and Price Increases

Porch Group, Inc. (“Porch” or “the Company”) (NASDAQ: PRCH), a homeowners insurance and vertical software platform, today announced product enhancements and price increases in its inspection software business.

Inspection Support Network (“ISN”) is a market-leading SaaS solution for inspectors with easy-to-use tools. Along with other Porch inspection brands, together they processed approximately 40% of all U.S. home inspections in 2023.

ISN also has Porch’s innovative approach to rolling out new products which aim to improve its customer value proposition. 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,” said Matt Ehrlichman, Chief Executive Officer.

About Porch Group

Porch Group, Inc., ("Porch") is a homeowners insurance and vertical software platform. Porch's strategy to win in homeowners insurance is to leverage unique data for advantaged underwriting, provide the best services for homebuyers, and protect the whole home. The long-term competitive moats that create this differentiation come from Porch's leadership in home services software-as-a-service and its deep relationships with approximately 30 thousand companies that are key to the home-buying transaction, such as home inspectors, mortgage, and title companies.