(Image credit: Drew Beamer/Unsplash.)
Kin, a Chicago-based direct-to-consumer home insurance company has announced its expansion into Mississippi. The state is located in the heart of Dixie Alley, an area in the southeast that faces destructive tornadoes. In 2022, Mississippi was hit with 184 tornadoes and ranked third in the nation for tornado activity. Mississippi has also endured several other natural disasters, including Hurricane Katrina and Hurricane Ida, which have contributed to $1 billion in damages since 1980. The increasing frequency and severity of storm activity in Mississippi has led to most of the state’s population seeing higher-than-average home insurance rates, according to a statement from Kin.
The Data Factor
“Kin is taking on a 100+ year old industry and modernizing it with technology and the eagerness to serve markets where insurance is harder to get due to extreme weather,” says Sean Harper, CEO, Kin Insurance. “We can operate in catastrophe-prone states like Mississippi because we use huge troves of data and weather simulations to assess and price risk appropriately to the benefit of homeowners–keeping them properly and fairly insured.”
According to the statement, Kin is technology-driven and built to respond to change. Utilizing technology and a data-rich infrastructure, Kin is able to operate in high-risk areas while offering the personalization and service afforded by its distribution model.