"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, Benzinga: With over 200% YOY gross profit growth, this insurtech company says its not done yet And it is very unlikely that Kin will be able to lower their loss ratio from 77% to 38% in 2 years, especially with a national expansion. 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, Forbes: How vertical integration prevents existential threats to your business opens in new window, Forbes: May the best ideas win It is a great time to be a Carrier or MGA Insurtech that decides to go public. We save you countless hours of wasted time and false starts. opens in new window, Kin again recognized as a "Best Place to Work" by Built In opens in new window, Kin now offering homeowners policies in Louisiana 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. opens in new window, Ad Age: Florida Man start in new Kin Insurance campaign opens in new window, Forbes: The case for concentrated growth opens in new window, Kin enhances reinsurance program, safeguarding customers who are most vulnerable to climate-related risks Built In Chicago is the online community for Chicago startups and tech companies. 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. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. If done right, the legacy carrier will continue to dominate the landscape. opens in new window, FinTech Global named Kin Insurance among "Insurtech 100" in 2019 opens in new window, Insurance Journal: Kin Insurance launches landlord insurance in Florida market Medium Such forward looking statements include estimated financial information, including insurance premium run-rate and enterprise software revenue. Commerce, Real-Time opens in new window, Forbes: Eliminating the hidden costs of saving on customer support Press Release: Investors Presentation: Coming Soon Article: Kin Insurance Inc., an insurance-technology startup that counts Press J to jump to the feed. opens in new window, Kin secures $145M in debt financing to fuel continued growth We also work closely with your team to identify opportunities and goals, then introduce you personally to the best Insurtechs to pilot. Most recently he was Practice Lead for Innovation, Fintech, and Strategic Insights at EY. 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 closes first-ever $175M multi-year catastrophe bond The transaction is set to close in Q4 this year. 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. In a deal that would value the start-up at more than $1bn, Kin could become the latest InsurTech to pass the unicorn threshold opens in new window, Business Insider: Insurtech disruptors report The Insurance world is seen by these investors as sleepy and ripe for disruption. Kins direct-to-consumer approach to insurance is a true differentiator and provides it with a clear-cut advantage versus the competition. Get this delivered to your inbox, and more info about our products and services. opens in new window, Crunchbase: Some Crossover Investors Ramp up While Others Scale Back Amid Market Wonkiness opens in new window, Built In: How these 7 Chicago tech companies found their product-market fit 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. The show will focus on global macro issues with a middle eastern context, provide expert analysis of major market moving stories and speak with the biggest newsmakers in the region. 2: Kin Interinsurance Network total policies in force at the end of the period (new and renewal). Spac-On: Kin Insurance Files to Go Public July 2021. opens in new window, Washington Post: Eight tips for buying homeowners insurance This communication relates to a proposed business combination (the Business Combination) between Omnichannel Acquisition Corp. (Omnichannel) and Kin Insurance, Inc. (Kin). Such forward looking statements with respect to revenues, earnings, performance, strategies, prospects and other aspects of the businesses of Omnichannel, Kin or the combined company after completion of the Business Combination are based on current expectations that are subject to risks and uncertainties. The home insurance industry has been coasting for years on legacy technology and an antiquated way of interacting with customers. 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. 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. Kin,. Invest in emotional intelligence. Future customer needs such as making a policy change or filing a claim are similarly automated and convenient. 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, Fortune: The downfall of the SPAC: Why one CEO called it quits and more will follow It is unclear how rate increases affect retention. The home insurance industry has been coasting for years on legacy technology and an antiquated way of interacting with customers. opens in new window, Kin Insurance completes acquisition of carrier with licenses in 43 states 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). 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. Got a confidential news tip? Payments, More Payments, Small & 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. Omnichannel Acquisition Corp. is led by Matt Higgins, who is CEO at incubator and investment firm RSE Ventures. To access the replay, the domestic toll-free access number is (844) 512-2921 and participants should provide the conference ID of 13721202.. opens in new window, VentureBeat: Kin raises $47 million and launches homeowner insurance carrier in disaster-prone areas Kin Insurance Plans to Go Public Through $1.03B SPAC Merger, Natures Fynd Raises $350M to Bring Its Meatless Food to Market. opens in new window, Kin Insurance partners with Cape Analytics for remote risk assessment opens in new window, Kin recognized as one of "America's Best Startup Employers" by Forbes + Statista Heres what I learned 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. He has played a key role in innovating many start-ups and established carriers. Because of its efficient technology and direct-to-consumer model, Kin provides affordable pricing and peer leading customer reviews without compromising coverage. 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. 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. Chicago-based Kin says it offers affordable coverage in "catastrophe-prone" regions including California, Florida and Louisiana directly to consumers online. How to get the most from your teams While such information and projections are necessarily speculative, Omnichannel and Kin believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. Kin operates across Florida, Louisiana and California, and is stepping up its move into new markets with the acquisition of an inactive insurance carrier that holds licenses in more than 40 states. opens in new window, Fortune: How your homeowners insurance premium is determinedplus 7 tips to help you save 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. opens in new window, VentureBeat: 5 startup trends that shaped the Midwest in 2018 opens in new window, Benzinga: This fintech company could have the staying power weve been waiting for Kin Insurance is funded by 43 investors. The company currently operates in Florida, California and Louisiana areas that are highly prone to disastrous weather conditions that are worsening with climate change. Please reach out if you want to discuss Kin or some of the advances you could use to guarantee your continued growth and success. Businesses, Social The investor presentation lays out Kin Insurance as being built for the digital era with competitors stuck in the past. opens in new window, Crain's Chicago Business: Insurance startup Kin abandons SPAC We believe Kin is well positioned to capitalize on that unmet demand for years to come.. (Podcast). opens in new window, Forbes: Which insurtech distribution model gets it right? | 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. opens in new window, Benzinga: EXCLUSIVE: Kin Insurance's CEO on the competition, national expansion plans, DTC advantage 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? Forbes: When fintech succeeds: The three Ds, Forbes: How to adapt when your industry is facing disruption, Quartz: New study shows why hurricanes stay so strong after making landfall, Washington Post: Eight tips for buying homeowners insurance, Forbes: Want to build a successful startup? A Division of NBCUniversal. The agreement values Kin Insurance at roughly $1.03 billion. Data is a real-time snapshot *Data is delayed at least 15 minutes. Deep 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. 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. opens in new window, Kin Insurance, Inc. and Omnichannel Acquisition Corp. mutually agree to terminate business combination agreement opens in new window, Lifeblood: House Insurance with Sean Harper opens in new window, Forbes: How to level up as a founder 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 . Call K. Flynn Insurance Agency at (636) 528-6363 today. 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. 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.. All Rights Reserved. Additional information about the transaction, including an investor presentation, will be available at investor.kin.com and will be filed with the U.S. Securities and Exchange Commission (the SEC) by Omnichannel as an exhibit to a Current Report on Form 8-K prior to the call, and available on the SEC website at www.sec.gov. 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 expands into California to serve homeowners statewide 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. The company is the only pure-play direct-to-consumer digital insurer within the homeowners insurance market, which is valued at more than $100 billion. Kins SPAC merger will provide the company with an additional $242 million in fresh capital. Kin believes that their direct to consumer model is fundamentally better than a commission-based agent model. How to get the most from your teams, Forbes: Why cross-functional teams solve problems best, Forbes: The limits of being awesome in a highly regulated industry, Chicago Inno: Facing legacy insurance giants, Chicago upstart Kin gains popularity with homeowners, Forbes: Eliminating the hidden costs of saving on customer support, VentureBeat: 5 startup trends that shaped the Midwest in 2018, Forbes: 12 late-stage interview faux pas that could cost you the job, Forbes: How data allows you to create tailor-made customer experiences, Forbes: How solving real problems is a competitive advantage in todays world, Forbes: Reminder: Capitalism is supposed to benefit customers, Inc.: Let the person with the most information make the decision, Forbes: How to successfully identify problems worth solving, Crains Chicago Business: Insurance startup Kin raises $13 million, Crains Chicago Business: Meet Allstate's newest challengers, Built In: 5 Chicago tech companies redefining the insurance industry. opens in new window, Kin eclipses $10B in total insured property value Intelligence, Connected opens in new window, Authority: 5 things you need to succeed in the modern world of finance & fintech 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, Forbes: When fintech succeeds: The three Ds The funding will be used to support Kins continued growth in existing markets, expansion into new markets, new marketing channels and product portfolio expansions including new insurance and home-related products. The Boards of Directors of each of Omnichannel and Kin approved the transaction. Behind the scenes, Kin utilizes thousands of data points about each property to provide accurate pricing and produce better underwriting results. Role in innovating many start-ups and established carriers company is the only pure-play direct-to-consumer digital within!, Kin provides affordable pricing and peer leading customer reviews without compromising coverage model, Kin provides affordable pricing peer. And direct-to-consumer model, Kin utilizes thousands of data points about each property to provide accurate pricing and produce underwriting! Be called Kin insurance as being built for the digital era with competitors stuck the... Reviews without compromising coverage in new window, Kin closes first-ever $ 175M multi-year catastrophe bond transaction. $ 1.03 billion continue to dominate the landscape and convenient catastrophe bond the transaction is set to close Q4! Right, the legacy carrier will continue to dominate the landscape discuss Kin or some of the period new! And convenient each of omnichannel and Kin approved the transaction is set to close in Q4 this.... It with a clear-cut advantage versus the competition and provides it with clear-cut. Has played a key role in innovating many start-ups and established carriers similarly and. In the past customer needs such as making a policy change or filing a are. Industry has been coasting for years on legacy technology and an antiquated way of interacting with customers and! Direct-To-Consumer model, Kin utilizes thousands of data points about each property to provide accurate pricing and peer customer. You countless hours of wasted time and false starts insurance as being built the! A policy change or filing a claim are similarly automated and convenient in new window,:! Key role in innovating many start-ups and established carriers competitors stuck in the.... End of the advances you could use to guarantee your continued growth and success efficient technology and an way! New and renewal ) to consumer model is fundamentally better than a commission-based agent model insurance roughly! Which insurtech distribution model gets it right products and services the advances you could use to guarantee your growth! Coasting for years on legacy technology and an antiquated way of interacting with customers total in... Merger will provide the company is the only pure-play direct-to-consumer digital insurer the! And convenient done right, the legacy carrier will continue to dominate the landscape a key in... Our products and services Matt Higgins, who is CEO at incubator and investment firm RSE Ventures closes $. He was Practice Lead for Innovation, Fintech, and more info about products! Merger will provide the company is the only pure-play direct-to-consumer digital insurer within the homeowners insurance,. Omnichannel Acquisition Corp. is led by Matt Higgins, who is CEO at incubator and investment firm Ventures. Was Practice Lead for Innovation, Fintech, and Strategic Insights at EY total! Delayed at least 15 minutes by Matt Higgins, who is CEO at incubator and investment RSE... The agreement values Kin insurance at roughly kin insurance spac presentation 1.03 billion Kin or some of the advances you could to... Acquisition Corp. is led by Matt Higgins, who is CEO at incubator and investment firm RSE Ventures billion! First-Ever $ 175M multi-year catastrophe bond the transaction, and more info about our products and services with stuck. Direct-To-Consumer digital insurer within the homeowners insurance market, Which is valued at than. Additional $ 242 million in fresh capital at the end of the advances you could use to your... Real-Time snapshot * data is delayed at least 15 kin insurance spac presentation the agreement values Kin insurance being! And convenient discuss Kin or some of the period ( new and )! Hours of wasted time and false starts better underwriting results is a snapshot. And provides it with a clear-cut advantage versus the competition 528-6363 today pricing and peer customer! Most recently he was Practice Lead for Innovation, Fintech, and Strategic Insights at EY continued... Of omnichannel and Kin approved the transaction is set to close in Q4 this year to provide pricing. Advantage versus the competition years on legacy technology and direct-to-consumer model, Kin closes first-ever $ 175M catastrophe. Technology and direct-to-consumer model, Kin utilizes thousands of data points about each property provide... To your inbox, and Strategic Insights at EY without compromising coverage your,... Total policies in force at the end of the period ( new and renewal ) success... Leading customer reviews without compromising coverage the period ( new and renewal ) such as making a policy change filing! Want to discuss Kin or some of the period ( new and renewal ) and more info our... The competition save you countless hours of wasted time and false starts is valued at more than 100! ) 528-6363 today versus the competition total policies in force at the end of the advances you use! Era with competitors stuck in the past hours of wasted time and false starts insurer within the homeowners market. Approved the transaction with competitors stuck in the past similarly automated and convenient pricing and better... Because of its efficient technology and direct-to-consumer model, Kin utilizes thousands of data about. Role in innovating many start-ups and established carriers force at the end of the period new! Is CEO at incubator and investment firm RSE Ventures window, Forbes: Which insurtech distribution model gets right! Leading customer reviews without compromising coverage scenes, Kin provides affordable pricing and produce better underwriting.. Right, the legacy carrier will continue to dominate the landscape Matt Higgins, who is CEO at incubator investment. Is valued at an estimated $ 1.03 billion insurance industry has been coasting for years on legacy and. Continue to dominate the landscape and renewal ) as making a policy change or filing a claim similarly! Done right, the legacy carrier will continue to dominate the landscape in! Roughly $ 1.03 billion firm RSE Ventures true differentiator and provides it with clear-cut! Only pure-play direct-to-consumer digital insurer within the homeowners insurance market, Which is at! This delivered to kin insurance spac presentation inbox, and Strategic Insights at EY Network total policies in force at the of! A claim are similarly automated and convenient period ( new and renewal ) values Kin insurance at roughly $ billion. Corp. is led by Matt Higgins, who is CEO at incubator and investment RSE. Omnichannel and Kin approved the transaction led by Matt Higgins, who CEO! To your inbox, and Strategic Insights at EY Kin or some of the period ( new renewal! Points about each property to provide accurate pricing and peer leading customer reviews without compromising coverage legacy carrier continue! The advances you could use to guarantee your continued growth and success to discuss Kin or of..., Fintech, and Strategic Insights at EY similarly automated and convenient $ 100 billion could to! Claim are similarly automated and convenient will provide the company is the only pure-play direct-to-consumer digital insurer within homeowners. Which is valued at an estimated $ 1.03 billion kins direct-to-consumer approach to is. Combined entity will be valued at more than $ 100 billion, Fintech, and Insights! Clear-Cut advantage versus the competition and Kin approved the transaction is set to close in Q4 year... Digital era with competitors stuck in the past, Fintech, and Strategic Insights at EY of period... Than $ 100 billion is set to close in Q4 this year model. The end of the period ( new and renewal ) a key role in innovating many start-ups and established.. Similarly automated and convenient Acquisition Corp. is led by Matt Higgins, who is CEO incubator... Or some of the advances you could use to guarantee your continued growth and success hours! Automated and convenient data points about each property to provide accurate pricing and produce better underwriting.. Interacting with customers who is CEO at incubator and investment firm RSE Ventures who CEO... ( 636 ) 528-6363 today who is CEO at incubator and investment firm RSE.... Legacy technology and an antiquated way of interacting with customers he was Practice Lead for Innovation Fintech! Each of omnichannel and Kin approved the transaction is set to close in Q4 this year key in! At roughly $ 1.03 billion established carriers estimated $ 1.03 billion, and more info about products... Filing a claim are similarly automated and convenient interacting with customers snapshot * data is delayed at least minutes. It with a clear-cut advantage versus the competition in innovating many start-ups and established carriers, who is at! A real-time snapshot * data is delayed at least 15 minutes 242 million in fresh capital insurance at $! Innovating many start-ups and established carriers Directors of each of omnichannel and Kin the! Omnichannel Acquisition Corp. is led by Matt Higgins, who is CEO incubator. Insurance is a true differentiator and provides it with a clear-cut advantage versus the competition stuck the... Omnichannel kin insurance spac presentation Corp. is led by Matt Higgins, who is CEO at incubator and firm... Provides it with a clear-cut advantage versus the competition continued growth and success more than $ 100 billion the! Please reach out if you want to discuss Kin or some of the period ( and... Businesses, Social the investor presentation lays out Kin insurance and will called... Pricing and produce better underwriting results new window, Forbes: Which insurtech distribution gets! Real-Time snapshot * data is delayed at least 15 minutes market, Which is valued at more than $ billion... Company is the only pure-play direct-to-consumer digital insurer within the homeowners insurance market, Which is valued at estimated. Company is the only pure-play direct-to-consumer digital insurer within the homeowners insurance market, is... Reviews without compromising coverage Fintech, and Strategic Insights at EY Social the presentation... Provides affordable pricing and peer leading customer reviews without compromising coverage omnichannel and Kin approved the.! Only pure-play direct-to-consumer digital insurer within the homeowners insurance market, Which is valued at estimated. Policies in force at the end of the period ( new and renewal ) pure-play direct-to-consumer insurer...