(Image source: RoryMcIlroy.com.)
Kin, a Chicago-based insurance technology company seeking to simplify home insurance in disaster-prone areas across the country, has announced its newest funding from Symphony Ventures (London), an investment partnership established by professional golfer Rory McIlroy and his team. Joining Symphony Ventures was Flourish Ventures (San Francisco), the global fintech fund founded by Pierre Omidyar, the founder of eBay, bringing the total capital raised in this round to $69.2 million. The round was originally co-led by Hudson Structured Capital Management Ltd. (doing its re/insurance business as HSCM Bermuda) and Senator Investment Group (New York).
“We are thrilled to secure Rory as our latest investor, as Kin now joins the ranks of his high-profile partnerships and investments in truly innovative technology companies,” comments Sean Harper, co-founder and CEO, Kin. “As climate change continues to impact many regions like Florida and Louisiana, access to affordable home insurance is a priority that is often overlooked. With Kin, we analyze more than 10,000 property data points in comparison to the mere hundreds assessed by legacy insurance providers, which makes us better equipped to evaluate the risk and price policies fairly.”
Kin claims an advantage over legacy insurers that rely on outdated, inflexible technology. Kin says its proprietary platform allows the company to price risks in real time and ingest more data than competitors. Kin adds that its technology also reduces general and administrative expenses, which constitute roughly 15 percent of premiums at legacy homeowners’ insurance companies. Finally, by selling its products directly to consumers, Kin says it eliminates the expense of paying outside agents.
Expanding Offerings to New Geographies
“Our focus in Symphony Ventures is to partner with technology companies that have a digital-first approach and who are truly innovating our day-to-day lives,” comments McIlroy. “As a Florida resident who has toured the world on the PGA Tour, I’ve seen the devastation that severe weather and climate change can have on communities. This is why I am delighted to invest in Kin to help expand their offerings to new geographies, providing simpler solutions direct to the consumer.”
Kin currently operates in Florida and Louisiana, reflecting the company’s strategic decision to focus first on regions most impacted by climate change and natural disasters because they need affordable solutions now. Kin reports that its priority regions for expansion include Texas and the Gulf Coast, and hurricane-prone regions that touch the Atlantic Ocean.