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 . opens in new window, Forbes: How data allows you to create tailor-made customer experiences opens in new window, Benzinga: Gary Vaynerchuk, Matt Higgins SPAC OCA strikes deal for homeowner insurance company Kin: What investors should know opens in new window, Alpha Street: Kin Insurance CEO Sean Harper: Will expand into new states, enhance portfolio Get a quote in Troy, MO. 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. He cited his teams expertise with customer acquisition -- such as with the use of micro-influencers -- as a mechanism to accelerate growth at Kin, which benefited from increased e-commerce adoption throughout the pandemic. opens in new window, Forbes: In the era of customer experience, chatbots dont always pay opens in new window, Forbes: How vertical integration prevents existential threats to your business opens in new window, Insurance Journal: Kin Insurance launches landlord insurance in Florida market To learn more, visit https://www.kin.com. 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, Insurance Journal: Kin Insurance to offer homeowners coverage in Louisiana Kins low cost structure, fast reaction time and data advantage enable Kin to adapt better to the increasingly volatile weather occurring throughout the country as the climate warms. 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, Forbes: Eliminating the hidden costs of saving on customer support opens in new window, Built In: Home insurtech startup Kin raises $35M plans to hire 100 people We know that the insurance consumer has become very price sensitive. opens in new window, Kin announces $82M first close in Series D financing Insurance technology (InsurTech) company Kin is merging with the special purpose acquisition company (SPAC) Omnichannel Acquisition Corp. to go public on the NYSE under the ticker symbol KI. The combined entity will be called Kin Insurance and will be valued at an estimated $1.03 billion. opens in new window, Forbes: The counterintuitive advantage of a beginners mindset Required fields are marked *. opens in new window, Axios: The hidden factor in Floridas property insurance crisis Top India Court Asks Panel to Probe Adani Allegations, Markets Brace for Pakistan Default Risk as $7 Billion Debt Looms, Mexico Central Bank Cuts GDP Forecasts With Key Rate at Record 11%, ECBs Visco Says No Question Policy Tightening Must Continue, Feds Bostic Urges 5% to 5.25% Rates Into 2024 to Curb Inflation, Singapore Air Unit Bucks Trend to Sound Bullish on China Demand, A Stock Traders Guide to Chinas National Peoples Congress, Guns, Guard Dogs and a Murder Defined John McAfees Time in Belize, Apple Abruptly Shutters Store in North Carolina After Shootings, Tennis Great Venus Williams Joins Private Equity Firm Topspin, Hunts UK Budget of Fiscal Restraint to Come With Dose of Hope, Crackdown on Black Africans Fuels Attacks and Rebuke in Tunisia, Singapore Wealth Firm Sees Rapid Growth Catering to Rich Families, BillionaireFamily Down $730 Million in Brazil Health Providers Stock Rout, Murdochs Fawning Letter to FIFA Chief Disclosed in World Cup Bribery Case, This Starbucks VP Turned Caribbean Rum Distiller Is the Anti-Captain Morgan, The Good and the Bad From the Factory Floor, What Better Place to Transcend Balkanization Than the Balkans, Tomato Shortage in the UK Is Just a Taste of What's to Come, FBI Documents Show Leonardo DiCaprio, Kim Kardashian Grilled for 1MDB Secrets, Subaru, Nintendo Step Up for LGBTQ Workers in Conservative Japan, Visitors Flock to Macau Again, But Its Gambling Dependence Draws Beijings Ire, UK Mothers Say It No Longer Makes Financial Sense to Work, Starbucks Illegally Fired 6 New York Union Activists, Judge Rules, Australia Tightens Greenwashing Scrutiny as Asia Cracks Down, Australia Prepares for a Power Grid Without Spinning Turbines, Another Blow to City Centers: Retail Stores Move Outward, New York City Isnt Waiting for the White House to Enforce Fair Housing, Singapore Crypto Lender Hodlnaut's Founders Propose Selling Business Rather Than Liquidating Firm, Celsius Examiner Report Mentions FTX More Than 150 Times. opens in new window, Forbes: May the best ideas win opens in new window, Kin Insurance launches AI-based home insurance recommendation platform Kin Insurance Inc., an insurance-technology startup that counts golfer Rory McIlroy among its investors, has agreed to go public through a merger with Omnichannel Acquisition Corp., a blank-check firm led by Matt Higgins, a longtime investor who has appeared as a Shark Tank judge. In addition, the documents filed by Omnichannel may be obtained free of charge by written request to: Christine Pantoya, Chief Financial Officer, Omnichannel Acquisition Corp., 485 Springfield Avenue #8, Summit, New Jersey 07901. opens in new window, Kin upgrades reinsurance program, emphasizing commitment to homeowners most impacted by climate change Kin's proprietary technology enables customers to insure their homes in minutes online, bringing convenience to a historically manual process. In fact, according to their filing, it is 17% better. Heres what I learned Forbes: In the era of customer experience, chatbots dont always pay, Crain's Chicago Business: Insurance startup raises $47 million, VentureBeat: Kin raises $47 million and launches homeowner insurance carrier in disaster-prone areas, Inc: Could you, should you, would you: Questions for hiring corporate misfits, Forbes: In hyper-growth mode? opens in new window, Fortune: How your homeowners insurance premium is determinedplus 7 tips to help you save opens in new window, Forbes: The importance of humans in fintech 1 Omnichannel Acquisition Corp. is led by Matt Higgins, who is CEO at incubator and investment firm RSE Ventures. Kin said Tuesday that it. opens in new window, Kin Interinsurance Nexus earns Financial Stability Rating of A, Exceptional, from Demotech 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. The company crunches thousands of data points that it says allows for more accurate pricing and better underwriting results. The business combination reflects an estimated implied pro forma enterprise value at closing of $1.03 billion, assuming no redemptions by Omnichannels public stockholders. It is a great time to be a Carrier or MGA Insurtech that decides to go public. 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. We also work closely with your team to identify opportunities and goals, then introduce you personally to the best Insurtechs to pilot. Your email address will not be published. Press Release: Investors Presentation: Coming Soon Article: Kin Insurance Inc., an insurance-technology startup that counts Press J to jump to the feed. 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? Such forward looking statements include estimated financial information, including insurance premium run-rate and enterprise software revenue. opens in new window, Business Insider: Assignment of benefits 101 Kin is the only pure-play direct-to-consumer digital insurer focused on the complex and growing $100+ billion homeowners insurance market. Invest in emotional intelligence. opens in new window, GoBankingRates: How to buy a house without a realtor This also enables it to operate in markets that are subject to growing weather volatility as a result of climate change. opens in new window, Ad Age: Florida Man start in new Kin Insurance campaign / Payments, Grocery opens in new window, Inc: Could you, should you, would you: Questions for hiring corporate misfits 2016-2023 Kin Insurance Technology Hub, LLC. January 27, 2022, 10:59am CST. opens in new window, Kin Insurance, Inc. and Omnichannel Acquisition Corp. mutually agree to terminate business combination agreement opens in new window, Seeking Alpha: Kin Insurance reports four times growth in managed premium You should carefully consider the foregoing factors and the other risks and uncertainties described in the Risk Factors section of Omnichannels Annual Report on Form 10-K, and other documents filed by Omnichannel from time to time with the SEC and the registration statement on Form S-4 and proxy statement/prospectus discussed above. What they dont realize is that you are continuously innovative and have the confidence and experience to build long-term relationships with your agents, partners and customers. A Division of NBCUniversal. 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. 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. Readers are cautioned not to put undue reliance on forward-looking statements, and Omnichannel and Kin assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. The company, which currently operates in Florida, Louisiana and California, also unveiled plans for a national expansion after purchasing an inactive insurer that operates in more than forty states. Their latest funding was raised on Oct 28, 2022 from a Debt Financing round. opens in new window, Forbes: How solving real problems is a competitive advantage in todays world 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, Business Insider: Insurtech disrupters: Heres what full-stack insurtechs are doing to beat incumbents Live from Dubai, connecting Asian markets to the European opens. Kin Insurance, a Chicago home insurance startup, is canceling its previously announced SPAC deal that would have valued the company at more than $1 billion. opens in new window, Bloomberg: Kin Insurance to go public via Matt Higgins SPAC deal This sets Kin apart since the company prioritizes serving customers in places where home insurance is exceptionally crucial. January 26, 2022 InsurTech Kin Insurance and blank-check company Omnichannel Acquisition Corp have mutually agreed to terminate their previously announced special purpose acquisition company (SPAC) merger deal agreement, the companies jointly announced on Wednesday. PIPE investors are expected to own approximately 6% of the combined company, and Omnichannel stockholders are expected to own approximately 16%. Citigroup Global Markets Inc. is acting as capital markets advisor to Omnichannel, and Winston & Strawn LLP is acting as its legal counsel. Focus on the claims experience by responding proactively and in real time through SMS, messaging, and other means. opens in new window, Crunchbase: Exclusive: Kin raises $63.9M in Series C funding for data-driven home insurance opens in new window, Crunchbase: Some Crossover Investors Ramp up While Others Scale Back Amid Market Wonkiness 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, Forbes: The case for concentrated growth 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. opens in new window, Forbes: Eight steps managers can take to facilitate an employees move to another department 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. "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. 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. Built In Chicago is the online community for Chicago startups and tech companies. Golf's Greatest Holes: Golfing legend Paul McGinley takes television presenter Chris Hollins on a tour of the best golf courses in Ireland and Northern Ireland. opens in new window, Kin Insurance surpasses $70M in gross written premium in second quarter, increasing 204% year-to-date Kin Insurance CEO Sean Harper The stock market's swoon has ended a Chicago tech company's SPAC IPO plans. Kin Interinsurance Network, our Florida home insurance carrier, has a principal office in St. Petersburg, Florida, and our NAIC number is 16603. Sign up for free newsletters and get more CNBC delivered to your inbox. 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.. opens in new window, Tampa Bay Inno: How a Chicago insurtech company is using an $82 million Series D to bet big on St. Pete 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. opens in new window, Kin secures $145M in debt financing to fuel continued growth opens in new window, Kin Insurance launches landlord insurance in Florida market Payments, Small & opens in new window, Kin Insurance raises $13M in financing, welcomes new board member opens in new window, Kin Insurance brings new flood coverage to Florida homeowners opens in new window, Forbes: 12 late-stage interview faux pas that could cost you the job Throughout his career he has held leading roles within Marketing Strategy and Decision Management with top Insurance, Banking and Finance companies, including USAA, Citibank and Sallie Mae. Our customers receive a simple, direct and exceptional experience that provides them with real savings and leaves them delighted and loyal to Kin. Call K. Flynn Insurance Agency at (636) 528-6363 today. Kin Insurance, a digital direct-to-consumer home insurer that targets catastrophe-prone areas, said it has has acquired an inactive insurance carrier holding licenses in 43 states. Kin's technology-first approach enables customers to insure homes online within minutes. opens in new window, Forbes: Which insurtech distribution model gets it right? Kin launches home and property insurance in South Carolina 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. Before making any voting or investment decision, investors and security holders are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed Business Combination as they become available because they will contain important information about the proposed transaction. opens in new window, Forbes: Want to build a superteam? Here are some of the key statistics Kin presented in the filing: They have created an interesting revenue / insurance model by creating a reciprocal exchange company that also levies a 10% premium on the premium to fund the exchange and pays Kin a 32% commission to generate and operate the business. PYMNTS Data: Why Consumers Are Trying Digital Wallets. This deal follows in the footsteps ofseveral other private companiesthat have opted togo public through a SPAC merger. 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. Louisiana homeowners insurance can cover: Your dwelling, including walls, foundation, roof, floors, plumbing, and more. opens in new window, Kin named one of Tracxn's "Top Emerging Internet First Insurance Startups" opens in new window, Forbes: How to win with transparency 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. opens in new window, Forbes: 11 strategies for praising employee work (without causing team resentment) 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, USA Today: Which tech investments can weather volatile markets best? opens in new window, Insurtech startup Kin Insurance continues to expand its capacity to serve Florida residents opens in new window, Kin Insurance continues rapid growth trajectory in third quarter 2021 The foregoing list of factors is not exhaustive. opens in new window, Kin now offering homeowners policies in Louisiana Now the future belongs to frictionless commerce, and the homeowners insurance industry is lagging way behind. Conjoined, the company will be valued at roughly $1.03 billion and plans to trade on the NYSE under the ticker symbol KI.. opens in new window, Seeking Alpha: Omnichannel CEO Matt Higgins, Kin CEO Sean Harper - focus on macro trends opens in new window, NerdWallet: The best home insurance companies for 2022 Kin Insurance, a home insurance company, is targeting a Q4 public debut after announcing a SPAC deal with "Shark Tank" investor Matt Higgins' SPAC Omnichannel Acquisition Corp. (NYSE: OCA) last . The supply of SPAC and investor money exceeds the available supply of Insurtechs. Kins direct-to-consumer approach to insurance is a true differentiator and provides it with a clear-cut advantage versus the competition. 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 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. opens in new window, Kin closes first-ever $175M multi-year catastrophe bond Kins direct-to-consumer approach to insurance is a great time to be a or... Exceeds the available supply of SPAC and investor money exceeds the available supply of Insurtechs crunches thousands data. Be a Carrier or MGA Insurtech that decides to go public Want to build a superteam, messaging and! That provides them with real savings and leaves them delighted and loyal to Kin combined will., floors, plumbing, and Omnichannel stockholders are expected to own approximately %... 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