Portfolio Company Spotlight: Kin
Home and property insurance has become increasingly complicated over the last few decades, which has led to abysmal consumer satisfaction ratings. In 1928, a home insurance policy was 3 pages. Today, it can be closer to 60 pages. Facts like that make it easy to see why the insurance industry has consumer satisfaction ratings similar to the U.S. Congress.
Simplifying Home Insurance By Making It More Accessible
Kin.com was formed to revolutionize home insurance and fix many of these issues. Offering new solutions in the insurance industry is hard because of legal “red tape” but it looks like Kin is well on its way to revolutionizing the entire industry. Recent natural disasters like Hurricane Harvey have proven that homeowners need the correct coverage now more than ever. Countless people needed flood coverage when they didn’t have it. Kin’s AI platform learns from tragedies like this so that people in vulnerable areas get the coverage they need. No other platform offers forward-looking protection like this.
According to Sean Harper, CEO of Kin, “94% of homeowners insurance is still sold through local brokers and agents but only 24% of people under the age of 40 actually want to buy that way, and these are the people who are now buying the most houses.” If Kin can follow through on its goals, and with its $4 million fundraising in 2017, property insurance could be changed for the better.
Key Advantages Of Using Kin.com
- Artificial intelligence: Large amounts of historical data are available to homeowners but individual insurance agents simply aren’t capable of processing everything that’s out there. That’s where AI comes in. Kin’s AI platform crunches more data than any agent ever could, saving consumers the most money possible.
- Cost savings: Kin has no costly agents spread throughout the country. Kin’s technology and in-house support staff make quoting, buying, and filing insurance claims a breeze. You can typically save 15-20% on your policy by simply saving on agent commissions.
- Simplicity: Instead of studying a 50+ page insurance policy, Kin wants your coverage to be straightforward and understandable. With just an address, Kin can give you an accurate quote with no obligation.
- Time savings: There’s no need to spend 20 or 30 minutes on the phone with an insurance agent. Using Kin, you can get a quote in only two clicks. By using readily available data online, through satellites, and real estate platforms like the MLS, Kin eliminates the need for consumers to fill out long, boring questionnaires.
- Zero Hassles: If you’ve ever had your phone blown up by insurance salesman, you understand the frustration being on a call list can bring. Kin has done away with traditional call-center style selling and instead, actually helps its customers protect their property. With Kin, you never get trapped in an endless call list ever again.
Kin is currently available in Florida and Texas with more states on the way. You can check out Kin’s blog and learn about policies, see real world examples, and gain clarity and peace of mind knowing exactly what your policy covers.
Meet the Founders, Sean, Lucas & Sebastian
Sean Harper: Sean is the current CEO at Kin Insurance. Sean attended The University of Chicago, Booth School of Business, where he received his MBA. Before co-founding Kin, Sean started Feefighters, which was acquired by Groupon. – LinkedIn
Lucas Ward: Lucas is Kin’s CTO. He also attended the University of Chicago where he received a B.S. in Physics. “Lucas is a proven technology leader. As CTO of Fundspire he created a disruptive and innovative product in the Financial industry from the ground up.” – LinkedIn
Sebastian Villarreal: Sebastian leads product at Kin. He graduated from University of Chicago with a B.S. in Physics. “I’ve been a founder with one exit, a CEO, and a product manager. I like to build useful, simple, and beautiful products.” – LinkedIn
If you’re a startup founder and you’d like to become one of Tandon Group’s investment portfolio companies, reach out to us. Tandon Group is always looking for innovative new companies that need capital to grow. While we focus on consumer, EMS, healthcare, IT, defense, and wireless industries, we’re open to hearing any promising company pitch. We’d love to be your partner for the road ahead.