Insurtech company Kin Insurance has recently surpassed $10 billion in total insured property value, according to PRWeb. This shows a growth of around 400% in written premiums during the fourth quarter of 2020 compared to 2019 figures.
The firm has seen success in offering accessible services through instinctual technology and affordable rates. Its growth shows that the market needs easy and accessible insurance for property owners.
Aside from the 400% increase in its written premiums, the company also recorded a 92% renewal acceptance rate. For the company, this indicates customer satisfaction and Kin’s commitment to it.
The firm has been outperforming traditional companies and services when it comes to customer satisfaction. It received a Net Promoter Score of 85, which indicates customers’ willingness to recommend the firm. The average for the insurance industry is 35.
Kin co-founder and CEO Sean Harper are confident about the success of the insurtech firm. Harper said, “Kin’s growth is evidence of the exponential need for accessible and affordable home insurance.”
“Every new customer is an opportunity to prove that home insurance can actually be a delightful, easy experience. We’re eager to share that experience with homeowners everywhere.”
In pursuance of its goal to provide its service to customers everywhere, it funnelled funds obtained in August 2020 toward expansion. It acquired $35 million during the Series B round, which will be used to enter markets in other states.
The funding round was led by Commerce Ventures and is participated by Hudson Structured Capital Management, Flourish Ventures, QED, Alpha Edison, Allegis NL Capital, Avanta Ventures, August Capital, and the Startup Investment Program by the University of Chicago, as per Crowdfund Insider.
It was able to open insurtech homeowner coverage in Florida and California, the first such company to do so. The two aforementioned states include 20% of the country’s home coverage market.