Home insurtech Kin has ambitious growth plans
Home insurtech startup Kin Insurance has set a goal to be available in all U.S. states by the end of 2019.
The company, which leverages big data to provide fast and affordable insurance to homeowners, announced its launch in Georgia, its second state, in October. Among the 5,000 data points it uses in its online application process are real estate listings, building records and satellite or drone images from public and private sources. That’s processed by an AI system that the company says means less paperwork and faster turnarounds.
Kin’s goal is to make sure that every homeowner feels their insurance premiums are fair. “There can be two houses on the same block, but due to a tree in front of one, the price can differ,” CEO Sean Harper shares.
Harper also says that using data prevents feel-bad moments for customers, like if they aren’t sure of the composition or status of their roof. “It’s irresponsible for insurance companies to price coverage without using every bit of available data, but most simply lump homeowners together by ZIP code.” he continues. “We can save people substantial time, money, and confusion while getting them accurately priced coverage that fits their specific needs.”
The company owns its own software, which Harper says also helps it provide less expensive coverage. “Expectations get greater with technology, in a world where the internet is your main source [of customers], we want to work in a modern way,” he says.
Kin is based in Chicago. Its first state launched was Florida. The company last closed a funding round of $13 million in July 2018.