Kin Insurance, an insurtech startup focused on matching US homeowners to insurance policies, has raised $47 million in additional funding.
Kin plans on using the capital to launch Kin Interinsurance Network, a Florida insurance carrier that is expected to expand and serve other states in the near future.
Using a customers’ home address, Kin says its algorithms process thousands of publicly available data points before offering coverage recommendations, at which point the homeowner chooses the policy they want and arrange payment.
The firm also partners with water detection sensor manufacturers to offer deals on products that monitor usage and prevent leaks.
“Our approach in totality is unique,” said Chief Technology Officer and Co-founder of Kin, Lucas Ward.
“We’ve built our own policy administration system, we’re a direct writer serving a CAT-prone state, we have catastrophe modeling expertise and heavy pricing experience, and we use tech to truly benefit the customer. When you add all that up, the result is something the insurtech space hasn’t seen Before.”
Kin will continue to operate as a managing general agent and brokerage in Texas, Georgia,
The firm says the decision to establish its insurance carrier in Florida emphasises its commitment to serving coastal homeowners most impacted by climate change and “often neglected by the insurance industry.”
“We wanted to be able to control all aspects of the customer experience, and the best way to do
that was to launch a carrier,” said Kin Chief Executive Officer and Co-founder Sean Harper.
“We have a team of the best insurance minds in the business guiding our path and we believe in what we’re doing: taking the difficulty and high-cost out of home insurance and focusing on what really matters –taking care of the homeowner.”
A group of new investors contributed to the latest round of funding, including Avanta, Hudson
Structured Capital Management Ltd., doing business as HSCM Bermuda, UChicago Startup
Investment Program, and others.