How is Kin Insurance making home insurance more convenient?
Launched by financial tech entrepreneurs Sean Harper and Lucas Ward in 2016, Kin Insurance is an insurtech startup and licensed insurance carrier that is fixing home insurance through intuitive tech customer service.
The company leverages thousands of property data points, customises coverage and prices through a user experience. Kin offers homeowners, landlord, condo, and mobile home insurance through the Kin Interinsurance Network (KIN), a reciprocal exchange owned by its customers who share in the underwriting profit.
Operating in Florida, Louisiana and California, Kin is aiming to make home insurance more convenient and affordable by cutting out administrative and agent-related expenses.
The company is poised to launch in several new markets and provide affordable pricing and essential coverage to vastly more people in 2022.
Expanding the suite of insurance products
Recently Kin Insurance has raised US$82mn in the first close of its Series D funding round, with additional commitments for a second close totalling US$18mn.
The funding was led by QED Investors with participation from returning investors Commerce Ventures, Flourish Ventures, Hudson Structured Capital Management Ltd. (doing its reinsurance business as HSCM Bermuda), Alpha Edison, Allegis NL Capital, Avanta Ventures, and August Capital, and new investors Geodesic Capital and PROOF.VC.
Kin, which had raised US$133mn in equity funding prior to this round, will use this latest investment to recruit across its departments, expand its suite of insurance products, and expand into additional states.
“We’re modernising an industry rife with inefficiency, and we’re doing it with our unmatched ability to move fast and respond to changes in climate, technology, and consumer preferences,” said Sean Harper, Chief Executive Officer of Kin. “Kin is a force to be reckoned with and this investment will help us extend our lead over legacy competitors that are stuck in the past.”
Building insurance for the digital world
This round also underscores the continued private market interest in fintech companies, largely fueled by consumer demand as more people transact online.
“Sean and his management team have proven their ability to execute in a challenging environment, replacing archaic models and processes with leading technology and net promoter scores that are double the industry average,” said Amias Gerety, Partner at QED. “Kin was built exactly for the digital world, where people want greater simplicity, highly customised experiences, and the ability for more self-service. This capital will allow Kin to be even more ambitious, expanding their offerings and growing to serve millions of households.”
