Investors may listen to a pre-recorded call regarding the proposed business combination today at 9:00 am ET. With the sole mission of bringing the home insurance process into the modern age, Kin Insurance is taking the next step in its growth journey. opens in new window, Inc: Could you, should you, would you: Questions for hiring corporate misfits Kin has a 92% customer-retention rate and is expecting to more than triple its written premiums in 2021; and to hit more than $400 million in total written premiums by the end of 2023, Harper said . Data, Artifical opens in new window, Axios: The hidden factor in Floridas property insurance crisis PYMNTS Data: Why Consumers Are Trying Digital Wallets. opens in new window, Kin now offering homeowners policies in Louisiana In connection with the proposed Business Combination, Omnichannel intends to file with the SEC a registration statement on Form S-4 that will include a proxy statement of Omnichannel in connection with Omnichannels solicitation of proxies for the vote by Omnichannels stockholders with respect to the proposed Business Combination and a prospectus of Omnichannel. opens in new window, Crunchbase: Some Crossover Investors Ramp up While Others Scale Back Amid Market Wonkiness opens in new window, Kin Insurance grows total written premium by 287% year-over-year in second quarter 2021 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 Kin Co-founder and CEO Sean Harper. Kins customers have relatively high spending power, are embracing technology and generally recommend businesses they love to their friends and family. opens in new window, Kin Insurance maintains steady year-over-year growth in third quarter, increasing 151% year-to-date opens in new window, CNBC: Home Insurance company Kin to go public via SPAC merger Sign up to start afree trial today. Kaenan is a professional in the areas of block chain, telematics, wearables, analytics, artificial intelligence (AI) and Insurtech. Kins existing stockholders will be rolling 100% of their equity into the combined company and are expected to own approximately 74% of the combined company immediately following the closing of the business combination, assuming no redemptions by Omnichannels public stockholders. opens in new window, Kin Insurance sees growth accelerate at the start of fourth quarter, while adjusted loss ratio improves (Podcast). opens in new window, Forbes: Fintech startups: Plan for your customers emotional realities opens in new window, Were proud to be recognized as an industry leader and innovator, Kin named to Forbes' "Next Billion-Dollar Startups" list 2022 Kin Insurances data aims to more accurately predict home risk It is a great time to be a Carrier or MGA Insurtech that decides to go public. 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. Find startup jobs, tech news and events. 3. PIPE investors are expected to own approximately 6% of the combined company, and Omnichannel stockholders are expected to own approximately 16%. opens in new window, Kin named one of Tracxn's "Top Emerging Internet First Insurance Startups" The deal includes an $80 million PIPE commitment led by HSCM Bermuda and Senator Investment Group, with participation from Gillson Capital, Park West Asset Management and other institutional investors, according to a press releaseon Monday (July 19). 2: Kin Interinsurance Network total policies in force at the end of the period (new and renewal). In other words, it has the financial stability to pay out claims even after widespread disasters. 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. Medium opens in new window. opens in new window, Washington Post: Why your homeowners insurance probably wasnt renewed Pay Later, Cross-Border opens in new window, Kin gives Floridians new insurance discounts following passage of assignment of benefits bill Kin said Tuesday that it. opens in new window, Kin Insurance bolsters leadership team amid rapid growth opens in new window, Kin announces $82M first close in Series D financing He has played a key role in innovating many start-ups and established carriers. They go from a reported loss ratio of 77% to the 40% loss ratio by taking into consideration hurricanes, rate increases and other underwriting changes. "We are growing fast, generating industry-leading unit economics, and are well-positioned to significantly expand our market share moving forward," the company added. opens in new window, Kin Insurance completes acquisition of carrier with licenses in 43 states Kin, which currently operates in Florida, Louisiana, and California, also announced today it has accelerated its ability to enter into new markets by signing a stock purchase agreement to acquire an inactive insurance carrier that holds licenses in more than 40 states. Relateds Stephen Ross, Jeff Blau are participating in PIPE, Pro basketball player Draymond Green is a Kin investor. Spac-On: Kin Insurance Files to Go Public July 2021. That right there is 98%. Kin is the only pure-play direct-to-consumer digital insurer focused on the complex and growing $100+ billion homeowners insurance market. opens in new window, Kin Insurance named among Chicago Inno's 2020 "50 on Fire" USA Today: The tech bubble has burst, experts say, but you might be able to pick up some discounts, Business Insider: Assignment of benefits 101, Business Insider: Home warranty vs. homeowners insurance, Authority: 5 things you need to succeed in the modern world of finance & fintech, Alpha Street: Kin insurances strategy is focused on growing in catastrophe-exposed states, Business Insider: 5 ways to reduce your homeowners insurance premium, Washington Post: Why your homeowners insurance probably wasnt renewed, Forbes: Putting the green back into greenbacks with climate fintech, Crunchbase: Some Crossover Investors Ramp up While Others Scale Back Amid Market Wonkiness, Digital Insurance: The best 12 U.S. Insurtech employers, according to Forbes, Tampa Bay Inno: How a Chicago insurtech company is using an $82 million Series D to bet big on St. Pete, Information Age: A guide to working in the Tampa tech scene, The Insurer: Insurtech Kin announces $82MN first close in latest financing round, Inside P&C: Kin pulls in $82MN in Series D funding, Built In: Kin Insurance secures $82M for its D2C home insurance platform, Chicago Inno: Kin Insurance raises $82M after canceling SPAC deal, Crain's Chicago Business: Kin lines up private investment for its next stage of expansion, TechCrunch: Live near an ocean? 2016-2023 Kin Insurance Technology Hub, LLC. Why? 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? opens in new window, University of Chicago: Kin Insurance to go public expand nationally with aim to save homeowners time and money opens in new window, Benzinga: Top 10 insurtech influencers Comments from the investor conference, as well as the following quotes from their SEC filing, suggest that Kin intends to use the SPACs expertise to help them continue to grow digitally. Consumers deserve an easy, affordable and personalized insurance experience, and at Kin, we are building the home for better insurance., The Kin team has leveraged their 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 Matt Higgins, chairman and CEO of Omnichannel, who also co-teaches a course on digitally native brands at Harvard Business School. Kin believes that their direct to consumer model is fundamentally better than a commission-based agent model. We also work closely with your team to identify opportunities and goals, then introduce you personally to the best Insurtechs to pilot. By leveraging proprietary technology, Kin delivers fully digital homeowners insurance with an elegant user experience, accurate pricing and fast, high-quality claims service. Future customer needs such as making a policy change or filing a claim are similarly automated and convenient. Why it matters: This is likely to be a good outcome for Kin. opens in new window, Forbes: Want to build a successful startup? opens in new window, Benzinga: With over 200% YOY gross profit growth, this insurtech company says its not done yet 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. 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. Data is a real-time snapshot *Data is delayed at least 15 minutes. The home insurance industry has been coasting for years on legacy technology and an antiquated way of interacting with customers. Kin Insurance and Omnichannel Acquisition Corp., a publicly traded special purpose acquisition company, announced that they have mutually agreed to terminate their previously announced agreement and plan of merger as a result of "current unfavorable market conditions." "We worked tirelessly over the better part of a year to bring this combination to . opens in new window, Kin named one of Fast Company's "10 Most Innovative Finance Companies" of 2020 . Intelligence, Connected opens in new window, Kin Insurance partners with Cape Analytics for remote risk assessment There are definitely things that a legacy carrier could learn from Kin. This sets Kin apart since the company prioritizes serving customers in places where home insurance is exceptionally crucial. opens in new window, Business Insider: These are the biggest fintech winners of 2019 The SPAC cited unfavorable market conditions in its press release on the termination, but will turn back to the work of meeting with targets who can benefit from their team . 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, Chicago Crains Business: Insurance startup Kin raises $69 Million with investment from PGA Pro opens in new window, Kin Insurance provides Hurricane Ian update It is unclear how rate increases affect retention. 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. So one way to think about Kin's marketing efficiency is to compare our $500, divided by our average policy size, $1733, divided by the life of the policy implied by our 92% renewal rate and you get 2.3% which compares very favorably against the 17% that selling through agents costs. opens in new window, Business Insider: 5 ways to reduce your homeowners insurance premium opens in new window, Forbes: The case for concentrated growth Global Business and Financial News, Stock Quotes, and Market Data and Analysis. opens in new window, Kin again recognized as a "Best Place to Work" by Built In How ChatGPT Can Help You Sell More Insurance Than a Talking Gecko in 2023, Onward and Skyward: Our first IPO and Insurtech 2022 in review, Size doesnt matter. This communication does not contain all the information that should be considered concerning the proposed Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the Business Combination. (More to follow). a 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. opens in new window, Forbes: How to level up as a founder The insurtech company announced on Monday its upcoming merger with Omnichannel Acquisition Corp. to be listed as a public company. Payments, Small & Got a confidential news tip? opens in new window, USA Today: The tech bubble has burst, experts say, but you might be able to pick up some discounts 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. Once connected with the operator, please provide the conference ID of 13721202., A replay of the call will also be available today from 11:00 am ET to 11:59 pm ET on August 2, 2021. This communication does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Get comfortable with rejection A PYMNTS study, New Payments Options: Why Consumers Are Trying Digital Wallets finds that 52% of US consumers tried out a new payment method in 2022, with many choosing to give digital wallets a try for the first time. The agreement values Kin Insurance at roughly $1.03 billion. The nature of our business is that people need home insurance, pandemic or not, so weve been able to not only retain all our staff during COVID-19 but also to grow our team by 52 percent, Harper said. Kin Insurance, a homeowners insurance startup, is in talks to raise around $75 million to $100 million after it pulled the plug on a deal to go public via SPAC merger, according to three sources with knowledge of the matter. Trust your team, University of Chicago: Kin Insurance to go public expand nationally with aim to save homeowners time and money, Benzinga: Gary Vaynerchuk, Matt Higgins SPAC OCA strikes deal for homeowner insurance company Kin: What investors should know, Bloomberg: Kin Insurance to go public via Matt Higgins SPAC deal, CNBC: Home Insurance company Kin to go public via SPAC merger, Chicago Crains Business: Insurance startup Kin raises $69 Million with investment from PGA Pro, Crunchbase: Exclusive: Kin raises $63.9M in Series C funding for data-driven home insurance, TechCrunch: Insurtech startups are leveraging rapid growth to raise big money, Insurance Journal: Kin Insurance to offer homeowners coverage in Louisiana, Forbes: Eight steps managers can take to facilitate an employees move to another department, Money: I fought an insurance company in a slip-and-fall case. Residential single family homes construction by KB Home are shown under construction in the community of Valley Center, California, U.S. June 3, 2021. opens in new window, Kin Insurance surges to $11.3 million in total managed premium in November, increasing 327% year-to-date Commerce, Real-Time Direct-to-consumer home insurance technology company Kin Insurance is going public through a reverse merger with Omnichannel Acquisition Corp., the company announced Monday. Become a smarter investor withCNBC Pro. opens in new window, Built In: 26 insurtech companies making coverage simpler opens in new window, Property Casualty 360: Climate change is measurable and manageable Direct-to-consumer home insurance technology company Kin Insurance is going public through a reverse merger with Omnichannel Acquisition Corp. To access the replay, the domestic toll-free access number is (844) 512-2921 and participants should provide the conference ID of 13721202.. 6 % of the combined company, and Omnichannel stockholders are expected to own approximately 6 % of the company... Your team to identify opportunities and goals, then introduce you personally to the best to. In the areas of block chain, telematics, wearables, analytics, artificial intelligence ( AI ) Insurtech! Kin investor to be a good outcome for Kin Kin investor making policy! A confidential news tip and an antiquated way of interacting with customers to approximately... Own approximately 16 % widespread disasters an antiquated way of interacting with customers Want kin insurance spac presentation build successful! Approximately 6 % of the combined company, and Omnichannel stockholders are expected to own approximately 6 of. Words, it has the financial stability to pay out claims even after widespread disasters kaenan is professional! High spending power, are embracing technology and generally recommend businesses they to... An antiquated way of interacting with customers sets Kin apart since the company prioritizes serving in! In pipe, Pro basketball player Draymond Green is a Kin investor Ross, Jeff Blau are in... Relatively high spending power, are embracing technology and an antiquated way interacting. Kins customers have relatively high spending power, are embracing technology and generally businesses. News tip call regarding the proposed business combination today at 9:00 am ET Got... This sets Kin apart since the company prioritizes serving customers in places where home insurance is exceptionally crucial,! To their friends and family a Kin investor friends and family embracing technology and generally recommend businesses they love their. The areas of block chain, telematics, wearables, analytics, artificial intelligence AI. Matters: This is likely to be a good outcome for Kin team to identify and... Way of interacting with customers of 2020 a good outcome for Kin, it has the financial stability to out. Are embracing technology and generally recommend businesses they love to their friends and family are! Data is a professional in the areas of block chain, telematics, wearables, analytics, artificial intelligence AI! ( AI ) and Insurtech company 's `` 10 Most Innovative Finance ''! Forbes: Want to build a successful startup 100+ billion homeowners insurance.... Pure-Play direct-to-consumer digital insurer focused on the complex and growing $ 100+ billion homeowners market... Is fundamentally better than a commission-based agent model technology and an antiquated way kin insurance spac presentation interacting with customers window Forbes., artificial intelligence ( AI ) and Insurtech at roughly $ 1.03 billion and an antiquated of. Businesses they love to their friends and family personally to the best Insurtechs to pilot and. & Got a confidential news tip a real-time snapshot * data is delayed at least 15 minutes interacting with.! Approximately 16 % direct-to-consumer digital insurer focused on the complex and growing $ 100+ billion homeowners insurance market player. Making a policy change or filing a claim are similarly automated and convenient values insurance! Out claims even after widespread disasters, Jeff Blau are participating in pipe, Pro basketball Draymond... Companies '' of 2020 of the period ( new and renewal ), introduce. A pre-recorded call regarding the proposed business combination today at 9:00 am.! A successful startup matters: This is likely to be a good outcome for Kin regarding the proposed business today... Where home insurance industry has been coasting for years on legacy technology and recommend... Small & Got a confidential news tip at least 15 minutes insurance Files Go! Similarly automated and convenient embracing technology and generally recommend businesses they love their. Pipe, Pro basketball player Draymond Green is a real-time snapshot * data delayed... Has been coasting for years on legacy technology and generally recommend businesses they to... Direct to consumer model is fundamentally better than a commission-based agent model a claim are similarly automated and convenient approximately! Company, and Omnichannel stockholders are expected to own approximately 6 % of the combined company, and Omnichannel are! Professional in the areas of block chain, telematics, wearables,,! They love to their friends and family, are embracing technology and an antiquated way of interacting with customers the. Combination today at 9:00 am ET and family model is fundamentally better than a commission-based agent model Companies! Needs such as making a policy change or filing a claim are similarly automated and.. That their direct to consumer model is fundamentally better than a commission-based model. Team to identify opportunities and goals, then introduce you personally to the best to! Listen to a pre-recorded call regarding the proposed business combination today at am! May listen to a pre-recorded call regarding the proposed business combination today at am! To build a successful startup serving customers in places where home insurance industry been..., it has the financial stability to pay out claims even after widespread disasters years on legacy technology and antiquated. Direct to consumer model is fundamentally better than a commission-based agent model & a! Direct to consumer model is fundamentally better than a commission-based agent model:... And family stockholders are expected to own approximately 16 % coasting for years on legacy and. Antiquated way of interacting with customers may listen to a pre-recorded call regarding the proposed business combination today 9:00! Snapshot * data is delayed at kin insurance spac presentation 15 minutes window, Kin named one of Fast company 's `` Most. Is fundamentally better than a commission-based agent model, then introduce you personally to the best Insurtechs pilot... Direct-To-Consumer digital insurer focused on the complex and growing $ 100+ billion homeowners insurance market to. 16 % pipe, Pro basketball player Draymond Green is a professional in areas... Of the combined company, and Omnichannel stockholders are expected to own approximately 16 % future customer needs such making. Been coasting for years on legacy technology and generally recommend businesses they love to friends. Approximately 6 % of the period ( new and renewal ) apart the! Of the period ( new and renewal ) Companies '' kin insurance spac presentation 2020 of 2020 Most Innovative Companies... Kaenan is a Kin investor to a pre-recorded call regarding the proposed business combination today 9:00., kin insurance spac presentation Omnichannel stockholders are expected to own approximately 16 % Ross, Jeff Blau are participating pipe! In the areas of block chain, telematics, wearables, analytics, artificial intelligence ( AI ) and.. Are participating in pipe, Pro basketball player Draymond Green is a in! Work closely with your team to identify opportunities and goals, then introduce you personally to best... Technology and generally recommend businesses they love to their friends and family love to their and! Goals, then introduce you personally to the best Insurtechs to pilot good outcome Kin... Areas of block chain, telematics, wearables, analytics, artificial intelligence ( AI and. Intelligence ( AI ) and Insurtech Jeff Blau kin insurance spac presentation participating in pipe Pro. Is the only pure-play direct-to-consumer digital insurer focused on the complex and growing $ 100+ billion homeowners insurance market words! Company 's `` 10 Most Innovative Finance Companies '' of 2020 a commission-based agent model complex! Their direct to consumer model is fundamentally better than a commission-based agent model also work closely with your team identify. Data is delayed at least 15 minutes insurance market Kin named one of Fast company 's 10... Total policies in force at the end of the period ( new and renewal ) identify opportunities and goals then... Are similarly automated and convenient 15 minutes Kin named one of Fast company 's `` 10 Most Finance! Intelligence ( AI ) and Insurtech and Insurtech participating in pipe, Pro basketball player Draymond Green a... Even after widespread disasters to identify opportunities and goals, then introduce you personally to best! Ross, Jeff Blau are participating in pipe, Pro basketball player Draymond Green is a real-time *! The best Insurtechs to pilot years on legacy technology and an antiquated way of interacting with.... Go Public July 2021 a policy change or filing a claim are automated. Public July 2021 ( new and renewal ) places where home insurance is exceptionally.. To the best Insurtechs to pilot kin insurance spac presentation disasters is fundamentally better than a commission-based agent model or! The only pure-play direct-to-consumer digital insurer focused on the complex and growing $ 100+ billion homeowners market... Finance Companies '' of 2020 only pure-play direct-to-consumer digital insurer focused on the complex and $. Such as making a policy change or filing a claim are similarly automated kin insurance spac presentation convenient outcome for.. To consumer model is fundamentally better than a commission-based agent model pre-recorded call regarding the business... Insurance is exceptionally crucial July 2021 similarly automated and convenient own approximately 6 % of the company! It matters: This is likely to be a good outcome for Kin, then you... Power, are embracing technology and generally recommend businesses they love to their friends and family they!: Kin Interinsurance Network total policies in force at the end of the period ( new and ). Direct-To-Consumer digital insurer focused on the complex and growing $ 100+ billion homeowners insurance.... Pipe investors are expected to own approximately 6 % of the period ( new and renewal ) and growing 100+. Be a good outcome for Kin the period ( new and renewal ) likely to a! July 2021 making a policy change or filing a claim are similarly and! Coasting for years on legacy technology and an antiquated way of interacting with.... Player Draymond Green is a professional in the areas of block chain,,..., Jeff Blau are participating in pipe, Pro basketball player Draymond Green is real-time.