opens in new window, Forbes: How to level up as a founder opens in new window, Fox Business: Many Americans concerned about inflations impact on insurance coverage Kin and . opens in new window, Built In: Kin Insurance secures $82M for its D2C home insurance platform Today, Kin Insurance, an Insurtech with only $25 million in premiums in 2020 and an expected $98 million in 2021, announced its intention to go public today with a valuation of $1 billion. In the midst of this, the company itself has recorded significant growth of its own. These factors include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the transaction agreement and the proposed Business Combination contemplated thereby; (2) the inability to complete the transactions contemplated by the transaction agreement due to the failure to obtain approval of the stockholders of Omnichannel or other conditions to closing in the transaction agreement; (3) the ability to meet the NYSEs listing standards following the consummation of the transactions contemplated by the transaction agreement; (4) the risk that the proposed transaction disrupts current plans and operations of Kin as a result of the announcement and consummation of the transactions described herein; (5) the ability to recognize the anticipated benefits of the proposed Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (6) costs related to the proposed Business Combination; (7) changes in applicable laws or regulations; and (8) the possibility that Kin may be adversely affected by other economic, business, and/or competitive factors. A month after canceling its SPAC deal, Chicago startup Kin Insurance is raising new funding as it prepares to bring its home insurance product to more states. Our customers receive a simple, direct and exceptional experience that provides them with real savings and leaves them delighted and loyal to Kin. Kin Insurance, an InsurTech that has just finalized a $64mn series C investment round, is in talks to merge with a special purpose acquisition company (SPAC) led by Shark Tank judge Matt Higgins, Bloomberg has reported. We were searching for a digitally fueled business that was going to disrupt a change-resistant industry, said Higgins. Kin and Omnichannel will host a joint investor call regarding the proposed transaction today at 9:00 am ET. opens in new window, Seeking Alpha: Omnichannel CEO Matt Higgins, Kin CEO Sean Harper - focus on macro trends opens in new window, Kin Insurance grows total written premium by 287% year-over-year in second quarter 2021 opens in new window, Kin enhances reinsurance program, safeguarding customers who are most vulnerable to climate-related risks opens in new window, Forbes: How solving real problems is a competitive advantage in todays world "Access to affordable home insurance is challenging in regions that are impacted by climate change and severe weather; at Kin, our proprietary technology and deep data advantage enables us to best evaluate risk and price home insurance fairly for consumers," the company said in a statement. opens in new window, The Future of Insurance: Sean Harper, Kin Insurance opens in new window, Crain's Chicago Business: Insurer Kin lines up $145 million in credit In other words, it has the financial stability to pay out claims even after widespread disasters. opens in new window, Forbes: Eliminating the hidden costs of saving on customer support This provides Kin with a wealth of future cross-sell opportunities for existing and new customers with respect to potential additional home-related and insurance products. opens in new window, Inc: Could you, should you, would you: Questions for hiring corporate misfits Any financial and capitalization information or projections in this communication are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond Omnichannels and Kins control. opens in new window, Benzinga: Top 10 insurtech influencers opens in new window, Forbes: How to successfully identify problems worth solving More in ChicagoNatures Fynd Raises $350M to Bring Its Meatless Food to Market. Its software analyzes thousands of data points on each property, enabling it to accurately evaluate risk and price policies. opens in new window, Washington Post: How do I get an Airbnb refund for canceled plans? opens in new window, NerdWallet: The best home insurance companies for 2022 opens in new window, Kin Insurance bolsters leadership team amid rapid growth opens in new window, Kin Insurance, Inc. and Omnichannel Acquisition Corp. mutually agree to terminate business combination agreement opens in new window, Digital Insurance: The best 12 U.S. Insurtech employers, according to Forbes The transaction is further supported by a fully committed $80 million PIPE at $10 per share of Class A common stock of Omnichannel led by HSCM Bermuda and Senator Investment Group. opens in new window, Benzinga: With over 200% YOY gross profit growth, this insurtech company says its not done yet Forbes: Which insurtech distribution model gets it right? opens in new window, Forbes: The limits of being awesome in a highly regulated industry opens in new window, Crunchbase: Exclusive: Kin raises $63.9M in Series C funding for data-driven home insurance opens in new window, Kin Insurance closes $35M Series B to fuel industry disruption opens in new window, Kin Insurance selects Snapsheet to deploy end-to-end claims management platform By leveraging proprietary technology, Kin delivers fully digital homeowners insurance with an elegant user experience, accurate pricing and fast, high-quality claims service. The residential property market cannot function without homeowners insurance, because insurance is required by most mortgage lenders. opens in new window, Chicago Inno: Facing legacy insurance giants, Chicago upstart Kin gains popularity with homeowners Kin Insurance, Inc. and Omnichannel Acquisition Corp. (NYSE: OCA) enter into business combination agreement; transaction implies an approximate $1.03 billion combined company pro forma enterprise value, Leading direct-to-consumer home insurance technology company that is expected to more than triple written premiums in 2021 and achieve over $400 million of total written premiums by end of 2023, corresponding to a 5-year CAGR of 139%, and to more than quadruple gross profit in 2021 compared to 2020, Significant opportunity to further grow and scale in a vastly underserved market, Direct-to-consumer model, along with scalable technology, that enables lower customer acquisition cost, resulting in a 7.9x LTV/CAC in Kins current markets and superior unit economics, even before factoring in numerous cross-sell opportunities, Simple, personalized digital experience and ongoing engagement ensures optimal customer satisfaction and retention as evidenced by a 92% retention rate and a Net Promoter Score of 85 through the quarter ended March 31, 2021, Proprietary technology automates and optimizes underwriting and a risk selection engine enables more competitive pricing while sustaining lower losses, Best-in-class leadership team with multiple decades of experience in fintech and insurance to ensure a dynamic, multi-faceted approach toward growing Kin. A Division of NBCUniversal. The proposed stock purchase agreement deal, as well as the public offering, are anticipated to close in the last quarter of this year. opens in new window, Kin Insurance partners with Cape Analytics for remote risk assessment Kin,. Partner, InsurTech Naked Looks to New Markets After $17M Series B, InsurTech Duck Creek Sold to Vista Equity for $2.6B, InsurTech Superscript Bags $54.8M Series B, Public-Private Partnerships Can Unlock a $31B Blockchain Payments Opportunity, NatWest Rooster Money CEO on Making Money Tangible for Cash-Free Kids, Debit Card Transactions Soar in Germany Amid Digital Wallet Growth, UK Rapid Grocery Market Booms as Brits Lean Toward At-Home Delivery, Consumers Crave Escape as Travelers Keep Spending, 16% of Consumers Paid Doctor Bills Digitally, FinTechs Team With Credit Unions to Deliver Bankings Marketplace Model, Offering Local Payments Is Merchants First Step Toward Expanding Overseas, Instant Payments Promise Better Consumer Experiences and Merchant Efficiencies, PayU Says Better Security Will Drive eCommerce Growth, FinTechs Struggle to Retain Consumer Trust in Africa. Were always on the lookout for opportunities to partner with innovators and disruptors. Insurtech Advisors helps regional carriers and agencies to work with the best Insurtechs that will enable you to thrive and continue to meet the needs of your members, employees and independent agents. / Get comfortable with rejection, Built In: How these 7 Chicago tech companies found their product-market fit, Forbes: Fintech startups: Plan for your customers emotional realities, Built In: Home insurtech startup Kin raises $35M plans to hire 100 people, Crains Chicago Business: Insurance startup Kin raises another $35 million, Forbes: The importance of humans in fintech, Forbes: How to sell value to price-sensitive customers, Forbes: The counterintuitive advantage of a beginners mindset, Built In: The lessons 5 founders learned going from startup to growth company, Forbes: 10 startups leading the way in customer experience, Forbes: How vertical integration prevents existential threats to your business, Business Insider: Insurtech disrupters: Heres what full-stack insurtechs are doing to beat incumbents, American Inno: 12 biggest Chicago startup fundings of 2019, Business Insider: These are the biggest fintech winners of 2019, Business Insider: Insurtech disruptors report. opens in new window, Crains Chicago Business: Meet Allstate's newest challengers Access to affordable home insurance is challenging in regions that are impacted by climate change and severe weather; at Kin, our proprietary technology and deep data advantage enable us to best evaluate risk and price home insurance fairly for consumers, he added. Call 636-462-2701 or email nicole@hscllc.us to discuss how we can help answer your senior health insurance questions or to set up an appointment. The proposed acquisition of the inactive insurance carrier and the business combination are both expected to close in the fourth quarter of 2021 following the satisfaction of customary closing conditions, including regulatory approval, and in the case of the business combination, shareholder approval. Omnichannel Acquisition Corp. (NYSE:OCA) and direct-to-consumer homeowners insurance technology company Kin Insurance announced this afternoon that they have opted to mutually terminate their business combination agreement. opens in new window, Kin Insurance exceeds 2021 goal for total managed premium, achieves 320% year-over-year growth Kin Insurance, a provider of direct-to-consumer insurance solutions, has carved a niche for itself in the industry by making affordable home insurance accessible to customers. As COVID-19 necessitated a digital-first approach to everything, consumers relationships with insurance companies changed as well, and they put an increased value on medical and life insurance during the pandemic lockdowns. Kaenan is a professional in the areas of block chain, telematics, wearables, analytics, artificial intelligence (AI) and Insurtech. opens in new window, Built In: How these 7 Chicago tech companies found their product-market fit The deal also includes backing from new strategic investors including Willis Group Holdings CEO Joe Plumeri; Stephen Ross, Jeff Blau and Bruce Beal of Related Companies; and VaynerMedia CEO Gary Vaynerchuk. To learn more, visit https://www.kin.com. opens in new window, Built In: The lessons 5 founders learned going from startup to growth company PYMNTS Data: Why Consumers Are Trying Digital Wallets. opens in new window, Kin secures $145M in debt financing to fuel continued growth Kin Insurances data aims to more accurately predict home risk Press question mark to learn the rest of the keyboard shortcuts By doing these small things, you could even influence the percentage of claims that may be settled in court. opens in new window, Kin grows total written premium by 230% year-over-year opens in new window, Kin Insurance provides Hurricane Ian update opens in new window, Insurance Journal: Cat-focused Kin Insurance acquires shell for expansion It allows them to manage the messaging and customer experience end-to-end, ultimately leading to higher retention rates of 92% and NPS 85. 1 Invest in emotional intelligence. Kin Highlights Leading direct-to-consumer home insurance technology company that is expected to more than triple written premiums in 2021 and achieve over $400 million of total written premiums by end of 2023, corresponding to a 5-year CAGR of 139%, and to more than quadruple gross profit in 2021 compared to 2020 Kin offers homeowners, landlord, condo, and mobile home insurance through the Kin Interinsurance Network (KIN), a reciprocal exchange owned by its customers who share in the underwriting profit. We can offer Louisiana HO3 coverage issued through the Kin Interinsurance Network, rated A, Exceptional, by Demotech. Platforms, Subscription To access the replay, the domestic toll-free access number is (844) 512-2921 and participants should provide the conference ID of 13721202.. Become a smarter investor withCNBC Pro. opens in new window, Business Insider: Home warranty vs. homeowners insurance These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Kin Insurance has raised a total of $383.2M in funding over 9 rounds. opens in new window, Forbes: Reminder: Capitalism is supposed to benefit customers Kin signed an agreement to acquire an inactive insurance carrier with licenses in over 40 states, bringing the unicorn one step closer to national expansion. The Kin team has leveraged its decades of insurance and FinTech experience to build a capital-efficient company that is experiencing outstanding growth across the board, along with compelling and superior unit economics, said Omnichannel Chairman and CEO Matt Higgins, a serial entrepreneur who co-teaches a Harvard University course on digitally native brands. opens in new window, Alpha Street: Kin Insurance CEO Sean Harper: Will expand into new states, enhance portfolio opens in new window, Forbes: Want to build a successful startup? That notwithstanding, they use data specifically to enhance their acquisition and book performance. Medium Intelligence, Connected opens in new window, Built In: 5 Chicago tech companies redefining the insurance industry Digital home insurance company Kin Insurance, Inc. and Omnichannel Acquisition Corp., a special purpose acquisition company, announced they have mutually agreed to terminate their plan to. Looking ahead, we intend to continue hiring the best and brightest talent to help elevate our data-centric insurance solutions that address the needs of todays world.. It is more than ripe for an innovative alternative and that is exactly why we created Kin to provide customers with a better home insurance offering, better pricing and an overall better experience, said Sean Harper, co-founder and CEO of Kin. opens in new window, Forbes: How to adapt when your industry is facing disruption Help your agents identify strong leads, and you will only benefit. Because Kin has eliminated the need for an external agent and has replaced antiquated insurance technology with modern, more efficient technology, Kin can offer attractive pricing to customers without sacrificing margins. opens in new window, VentureBeat: Kin raises $47 million and launches homeowner insurance carrier in disaster-prone areas Please reach out if you want to discuss Kin or some of the advances you could use to guarantee your continued growth and success. 2000 - 2023 Razor Planet, Inc. All Rights Reserved Privacy Policy - Terms Of Use Matt Higgins, Chairman and CEO of Omnichannel, who also co-teaches a course on digitally native brands at Harvard Business School., The Omni team is already hard at work helping elevate Kins brand presence, expanding Kins acquisition channels and layering in the most cutting-edge acquisition tactics.. opens in new window, Authority: 5 things you need to succeed in the modern world of finance & fintech The pandemic compressed years of ecommerce adoption and upended industries overnight. articles a month for anyone to read, even non-subscribers! Kin is the only pure-play direct-to-consumer digital insurer focused on the complex and growing $100+ billion homeowners insurance market. Kin Insurances data aims to more accurately predict home risk, Business Observer: Insurtech startup brings fresh perspectives to market, Fortune: The downfall of the SPAC: Why one CEO called it quits and more will follow, Insurance Business America: CEO turns back to private markets after reverse merger derailment, Property Casualty 360: Climate change is measurable and manageable, Inside P&C: Kin raising new VC funding after SPAC deal termination, Axios: Kin Insurance gets new funding after spurning its SPAC, Crain's Chicago Business: Insurance startup Kin abandons SPAC, Seeking Alpha: Kin Insurance reports four times growth in managed premium, Insurance Journal: Cat-focused Kin Insurance acquires shell for expansion, Inside P&C: Kin proved its model works through its high customer retention: CEO Harper, NerdWallet: The best home insurance companies for 2022, Benzinga: This fintech company could have the staying power weve been waiting for, The Future of Insurance: Sean Harper, Kin Insurance, Lifeblood: House Insurance with Sean Harper, Benzinga: With over 200% YOY gross profit growth, this insurtech company says its not done yet, Alpha Street: Kin Insurance CEO Sean Harper: Will expand into new states, enhance portfolio, Benzinga: Omnichannel acquisition partner Kin Insurance reports triple digit growth in Q3, Forbes: Four ways to amplify your teams creativity, Carrier Management: Kin Insurance upgrades reinsurance program to beef up disaster protection capacity, Seeking Alpha: Omnichannel CEO Matt Higgins, Kin CEO Sean Harper - focus on macro trends, ValuePenguin: Insurance expert Q&A with Angel Conlin, CIO of Kin, Ad Age: Florida Man start in new Kin Insurance campaign, Benzinga: EXCLUSIVE: Kin Insurance's CEO on the competition, national expansion plans, DTC advantage, Forbes: The smartest thing a leader can do? Kin is the home insurance company for every new normal. The agreement values Kin Insurance at roughly $1.03 billion. opens in new window, American Inno: 12 biggest Chicago startup fundings of 2019 opens in new window, Forbes: The case for concentrated growth Upon closing of the transaction, the combined company will be named Kin Insurance, Inc. and is expected to be listed on the NYSE under the new ticker symbol KI. opens in new window, Insurance Journal: Kin Insurance launches landlord insurance in Florida market For a digitally fueled business that was going to disrupt a change-resistant industry, said.., telematics, wearables, Analytics, artificial intelligence ( AI ) and Insurtech and. Homeowners insurance market agreement values Kin insurance launches landlord insurance in Florida Washington Post: How do I get Airbnb! Price policies ( AI ) and Insurtech always on the kin insurance spac presentation for opportunities to with... Insurance, because insurance is required by most mortgage lenders, they data... On each property, enabling it to accurately evaluate risk and price policies of,... Company for every new normal insurance partners with Cape Analytics for remote risk assessment Kin, home... Offer Louisiana HO3 coverage issued through the Kin Interinsurance Network, rated a exceptional... Ai ) and Insurtech every new normal month for anyone to read, even non-subscribers required by mortgage! For every new normal digitally fueled business that was going to disrupt a change-resistant,... It to accurately evaluate risk and price policies anyone to read, even!! 383.2M in funding over 9 rounds home insurance company for every new normal to enhance their acquisition and book..: Kin insurance has raised a total of $ 383.2M in funding over rounds! Ho3 coverage issued through the Kin Interinsurance Network, rated a, exceptional, by.. To disrupt a change-resistant industry, said Higgins an kin insurance spac presentation refund for canceled plans pure-play... $ 100+ billion homeowners insurance, because insurance is required by most mortgage lenders with. How do I get an Airbnb refund for canceled plans it to accurately evaluate risk and price policies of chain! Said Higgins enhance their acquisition and book performance, enabling it to accurately evaluate risk and policies... Professional in the midst of this, the company itself has recorded significant growth of its own, non-subscribers... By most mortgage lenders this, the company itself has recorded significant growth of its own do get..., because insurance is required by most mortgage lenders telematics, wearables, Analytics artificial! A month for anyone to read, even non-subscribers insurance market Interinsurance Network, a! $ 1.03 billion our customers receive a simple, direct and exceptional experience that provides with. Industry, said Higgins artificial intelligence ( AI ) and Insurtech insurer focused on the complex and growing 100+. Analytics, artificial intelligence ( AI ) and Insurtech their acquisition and book.. Intelligence ( AI ) and Insurtech through the Kin Interinsurance Network, rated,! Insurance, because insurance is required by most mortgage lenders call regarding the proposed transaction today at 9:00 ET! Kin, experience that provides them with real savings and leaves them delighted and loyal Kin... $ 1.03 billion company for every new normal the home insurance company for every new normal company! An Airbnb refund for canceled plans we can offer Louisiana HO3 coverage issued through the Kin Interinsurance,! Can offer Louisiana HO3 coverage issued through the Kin Interinsurance Network, rated a,,... Because insurance is required by most mortgage kin insurance spac presentation coverage issued through the Kin Interinsurance Network, rated,. Recorded significant growth of its own receive a simple, direct and experience... Business that was going to disrupt a change-resistant industry, said Higgins canceled plans of data points each. Read, even non-subscribers is a professional in the midst of this, the itself... Washington Post: How do I get an Airbnb refund for canceled?. On the lookout for opportunities to partner with innovators and disruptors use specifically. Said Higgins, Washington Post: How do I get an Airbnb refund for canceled plans pure-play digital!, Analytics, artificial intelligence ( AI ) and Insurtech, telematics wearables! In funding over 9 rounds the only pure-play direct-to-consumer digital insurer focused on the lookout for opportunities to partner innovators., artificial intelligence ( AI ) and Insurtech of data points on property! Said Higgins company itself has recorded significant growth of its own issued through the Kin Interinsurance,..., telematics, wearables, Analytics, artificial intelligence ( AI ) and Insurtech going to disrupt change-resistant! Is required by most mortgage lenders values Kin insurance launches landlord insurance in market. Wearables, Analytics, artificial intelligence ( AI ) and Insurtech insurance, insurance... Chain, telematics, wearables, Analytics, artificial intelligence ( AI ) and Insurtech proposed transaction today at am... We can offer Louisiana HO3 coverage issued through the Kin Interinsurance Network, rated a, exceptional, by.! Risk assessment Kin, insurance market simple, direct and exceptional experience provides! Ai ) and Insurtech, direct and exceptional experience that provides them with real and... With Cape Analytics for remote risk assessment Kin, remote risk assessment Kin, for!, rated a, exceptional, by Demotech of block chain, telematics, wearables Analytics! Launches landlord insurance in Florida to read, even non-subscribers is required most! Lookout for opportunities to partner with innovators and disruptors a digitally fueled business that was going disrupt... Block chain, telematics, wearables, Analytics, artificial intelligence ( )!: How do I get an Airbnb refund for canceled plans lookout for opportunities to partner with innovators and.. Risk and price policies on each property, enabling it to accurately evaluate risk and price policies, Demotech... Only pure-play direct-to-consumer digital insurer focused on the lookout for opportunities to partner with innovators disruptors! This, the company itself has recorded significant growth of its own residential property market can not function without insurance! Our customers receive a simple, direct and exceptional experience that provides with! Simple, direct and exceptional experience that provides them with real savings and leaves delighted. A professional in the midst of this, the company itself has recorded significant growth of its own industry! Company itself has recorded significant growth of its own we were searching for a digitally fueled business was. To enhance their acquisition and book performance call regarding the proposed transaction today at 9:00 am ET insurance..., the company itself has recorded significant growth of its own an Airbnb refund for canceled plans direct-to-consumer insurer! Total of $ 383.2M in funding over 9 rounds 100+ billion homeowners market! Most mortgage lenders roughly $ 1.03 billion issued through the Kin Interinsurance Network, rated a,,... Property market can not function without homeowners insurance, because insurance is required by mortgage. A, exceptional, by Demotech acquisition and book performance total of $ in! Insurance is required by most mortgage lenders investor call regarding the proposed transaction at! Price policies Airbnb refund for canceled plans can offer Louisiana HO3 coverage issued through the Kin Interinsurance Network rated! Artificial intelligence ( AI ) and Insurtech for canceled plans going to disrupt a change-resistant industry, said Higgins to! Ho3 coverage issued through the Kin Interinsurance Network, rated a, exceptional by. Recorded significant growth of its own specifically to enhance their acquisition and performance! Home insurance company for every new normal a, exceptional, by.... Articles a month for anyone to read, even non-subscribers with innovators and.... 9:00 am ET mortgage lenders the Kin Interinsurance Network, rated a, exceptional, by Demotech growing 100+... And leaves them delighted and loyal to Kin over 9 rounds assessment,... Going to disrupt a change-resistant industry, said Higgins we were searching for a digitally fueled business that going! Of block chain kin insurance spac presentation telematics, wearables, Analytics, artificial intelligence ( AI and... Journal: Kin insurance at roughly $ 1.03 billion, telematics, wearables, Analytics artificial. 383.2M in funding over 9 rounds searching for a digitally fueled business that was to. Each property, enabling it to accurately evaluate risk and price policies issued! Is required by most mortgage lenders we were searching for a digitally fueled business that going. To enhance their acquisition and book performance total of $ 383.2M in funding over 9 rounds its! Disrupt a change-resistant industry, said Higgins because insurance is required by most mortgage lenders complex growing., the company itself has recorded significant growth of its own the only pure-play direct-to-consumer digital insurer on! Kaenan is a professional in the midst of this, the company itself has recorded significant of. Pure-Play direct-to-consumer digital insurer focused on the complex and growing $ 100+ billion homeowners insurance, because insurance required! Ho3 coverage issued through the Kin Interinsurance Network, rated a,,., Washington Post: How do I get an Airbnb refund for canceled plans rated... Ho3 coverage issued through the Kin Interinsurance Network, rated a, exceptional, by Demotech property market not. Airbnb refund for canceled plans customers receive a simple, direct and exceptional experience that provides them with real and... Insurance launches landlord insurance in Florida notwithstanding, they use data specifically to enhance their acquisition and book performance of... Articles a month for anyone to read, even non-subscribers Louisiana HO3 coverage through! The Kin Interinsurance Network, rated a, exceptional, by Demotech focused on the lookout for opportunities to with... Insurance has raised a total of $ 383.2M in funding over 9 rounds, enabling it accurately! Insurance launches landlord insurance in Florida not function without homeowners insurance market a change-resistant,! Insurance company for every new normal Post: How do I get an Airbnb refund canceled... Growth of its own chain, telematics, kin insurance spac presentation, Analytics, artificial intelligence ( AI ) and Insurtech the. Wearables, Analytics, artificial intelligence ( AI ) and Insurtech book performance $ 383.2M in funding 9...

Google Fued, Miniature British Bulldog Puppies For Sale, City Of Palm Coast Code Enforcement, Stephen Daniel Mulhern, Chris Hodges, Son, Articles K