After raising US$82mn in the first class to its Series D funding round, we take a look at Kin insurance and how the company is reimaging home insurance
Kin Insurance is an insurtech startup and licenced insurance carrier founded by financial tech entrepreneurs Sean Harper and Lucas Ward in 2016. Kin Insurance is fixing home insurance through intuitive tech customer servic.
The company uses hundreds of property data points to tailor coverage and costs according on the user’s preferences.
Kin’s Kin Interinsurance Network (KIN), a reciprocal exchange owned by its clients who share in the underwriting profit, provides homeowners, landlord, condo, and mobile home insurance.
Kin, which has offices in Florida, Louisiana, and California, aims to make house insurance more convenient and cheap by reducing administrative and agent costs.
In 2022, the company plans to expand into many other markets, bringing low pricing and necessary coverage to a far larger number of individuals.
Expanding the suite of insurance products
Kin Insurance recently raised US$82 million in the first close of its Series D fundraising round, with additional pledges totaling US$18 million for a second closure.
Returning investors Commerce Ventures, Flourish Ventures, Hudson Structured Capital Management Ltd. (doing business as HSCM Bermuda), Alpha Edison, Allegis NL Capital, Avanta Ventures, and August Capital, as well as new investors Geodesic Capital and PROOF.VC, contributed to the round.
Kin will utilise this newest investment to recruit across departments, develop its range of insurance products, and expand into new states, having already raised US$133 million in equity finance.
“We’re modernising an inefficient business, and we’re doing it with our unrivalled ability to move quickly and respond to changes in environment, technology, and customer tastes,” said Sean Harper, Kin’s CEO.
“Kin is a force to be reckoned with, and this investment will help us build on our lead over legacy competitors trapped in the past
Building insurance for digital world
This round also demonstrates the private market’s persistent interest in fintech startups, which is powered in large part by consumer demand as more people trade online.
“Sean and his management team have demonstrated their capacity to execute in a difficult environment, replacing old models and procedures with leading technology and net promoter scores that are twice the industry norm,” stated QED Partner Amias Gerety.
“Kin was designed specifically for the digital age, where people want more simplicity, highly customised experiences, and self-service options.
Kin will be able to be even more ambitious with this funding, expanding their capabilities and expanding to serve millions of families.”