Rory McIlroy backs US insurtech startup, Kin
Northern Irish champion golfer Rory McIlroy has thrown his support behind the North American home insurance startup, Kin through Symphony Ventures, McIlroy’s Dublin-based investment vehicle.
The Series C funding round for Kin raised $69m and was also backed by Flourish Ventures, asset manager Hudson Structured Capital Management and the Senator Investment Group.
According to reports, the Chicago-based Kin was launched in 2016 and is a cutting-edge home insurance company that customises coverage and prices by leveraging thousands of property data points.
Whereas legacy insurers rely on outdated, inflexible technology, Kin's proprietary platform allows the company to price risks in real time and ingest more data than competitors. Kin's technology also reduces general and administrative expenses, which constitute roughly 15% of premiums at legacy homeowners insurance companies. Finally, by selling its products directly to consumers, Kin eliminates the expense of paying outside agents.
The startup has gained recognition for its streamlined and simple user experience and offers cover for homeowners, landlords, mobile home insurance and condos.
The company also has the Kin Interinsurance Network (KIN) a reciprocal exchange owned by its customers, who share in the underwriting profit. The insurtech direct-to-consumer model is also able to provide cost-effective products and services.
Kin and severe weather cover
McIlroy, who lives in Florida, has won 28 international tournaments and has ranked number one in the Official World Golf for 106 weeks. He is also a partner in Symphony Ventures, which has an investment portfolio of technology companies across health, wellness and golf.
McIlroy explained, "Our focus in Symphony Ventures is to partner with technology companies that have a digital-first approach and who are truly innovating our day-to-day lives.
"As a Florida resident who has toured the world on the PGA Tour, I've seen the devastation that severe weather and climate change can have on communities. This is why I am delighted to invest in Kin to help expand their offerings to new geographies, providing simpler solutions direct to the consumer."
Kin home insurance growth strategy
Currently, Kin analyses over 10,000 property data points to customise coverage and prices. The company operates in Florida and Louisiana – a strategic decision to focus first on regions most impacted by climate change and natural disasters because they need affordable solutions now. Priority regions for expansion include Texas and the Gulf Coast, and hurricane-prone regions that touch the Atlantic Ocean.
Speaking about the insurtech’s latest funding round, Kin’s co-founder and chief executive, Sean Harper said "As climate change continues to impact many regions like Florida and Louisiana, access to affordable home insurance is a priority that is often overlooked.
He added, “With Kin, we analyse more than 10,000 property data points in comparison to the mere hundreds assessed by legacy insurance providers, which makes us better equipped to evaluate the risk and price policies fairly."
