Kin Insurance surpasses $10bn in insured property value
The Chicago-based home insurance insurtech, Kin Insurance, has announced it’s latest growth figures, showing the enterprise has enjoyed stratospheric growth over the past 12 months.
Founded in 2016, Kin is a fully-licensed home insurance technology startup that provides cost-effective coverage to homeowners in disaster-prone regions like Florida and California.
Revealing its $10bn total insured property value, a target it hit in Q4 of 2020, the insurtech is also experiencing a 92% renewal rate, while customer recommendations stand at an impressive 95% compared to the industry average which is 35%.
Kin Insurance has been rated as ‘Exceptional’ by the independent rating agency Demotech and is considered a strong contender when it comes to affordable, basic home insurance cover, for those struggling to find policies in high-risk areas.
Affordable cover insurtech
The announcement follows news that Kin raised $35m in a Series B investment round led by Commerce Ventures with contributions from Flourish Ventures, Hudson Structured Capital Management, Alpha Edison, Avanta Ventures and more.
The funding has been used to drive Kin’s growth into other US states and will launch its homeowners product in Louisiana imminently.
To date, the company has raised a total of $86m in investments.
In September 2020, the insurtech became the first company of its kind to facilitate homeowners in both Florida and California. These two states make up 20% of the US home insurance market.
The strategy used by Kin sees it leveraging thousands of property data points and customising coverage and prices through an easy-to-use interface. The company 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.
The paired-back process allows the company to streamline its services and then pass that saving back to the policy holder in the form of cost-effective cover.
Kin’s co-founder and CEO , explained, “Kin’s growth is evidence of the exponential need for accessible and affordable home insurance. Every new customer is an opportunity to prove that home insurance can actually be a delightful, easy experience. We’re eager to share that experience with homeowners everywhere.”
Akur8’s US$30mn Series B to fuel US and APAC expansion
Still a relatively new company in the sector, Akur8’s progress since it was founded in 2018 has been characterised by cutting-edge tech, strategic growth, and a highly personable approach that clearly demonstrates the youthful innovation of insurtech itself.
The company strives to embody four key values:
- Challenging a status quo that doesn’t benefit customers
- “Disrupt the known, organise the unknown”
- Provide artificial intelligence (AI) tech with a distinctly human edge
- Create solutions that will endure the test of time
At the heart of Akur8’s business is its Transparent AI solution. Capable of empowering actuaries and pricing teams through better, faster decision making, the insurtech touts it as “the only solution that automates rate modeling while keeping full transparency and control.”
Transforming insurance pricing
In just two years, Akur8 has acquired over 30 customers in 10 countries - including high-profile insurers like Munich Re, Tokio Marine Kiln, AXA, and Generali - and established additional offices in London and New York. Now, the company is keen to develop its business in the US’ verdant insurance market and build its presence in APAC.
“The BlackFin team is thrilled to see Akur8 continue to spread its wings and deploy its next generation pricing platform across insurance carriers worldwide,” said Julien Creuzé, Partner. “We have built a great relationship with the Akur8 management team and it’s a pleasure to welcome new investors and continue this journey with them.”
Guillaume Beraud-Sudreau, Co-Founder and Chief Actuary at Akur8, added, “We are humbled by the trust that our clients and investors have placed in Akur8. Building the future of insurance pricing powered by Transparent AI has been our goal since the first day of R&D. Now this vision has become reality and we can’t wait to accelerate our growth to become the global reference in insurance pricing.”
Cover image source: Akur8