U.S. insurtech startup Kin Insurance announced on Wednesday it secured $47 million through its latest investment round. According to Kin, the funds will be used to launch its Kin Interinsurance Network, a Florida home insurance carrier.
Founded in 2016, Kin describes itself as insurtech startup and licensed insurance carrier that is on a mission to fix home insurance through intuitive tech, affordable pricing, and world-class customer service.
“Launched by seasoned financial tech entrepreneurs Sean Harper and Lucas Ward in 2016, Kin is committed to serving catastrophe-prone regions and coastal homeowners most impacted by climate change. We are headquartered in Chicago with an office in Tampa Bay and currently serve Florida, Texas, Georgia, and Alabama.”
Speaking about the company’s platform, Ward, CTO and Co-Founder of Kin, stated:
“Our approach in totality is unique. 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.”
Harper, Kin CEO and Co-Founder, also commented:
“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. 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.”
Kin added that existing investors August Capital, Commerce Ventures, and Flourish were joined by new investors Avanta, Hudson Structured Capital Management Ltd. (doing business as HSCM Bermuda), and the UChicago Startup Investment Program for the investment round.