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Startup Home Insurer Targets “Unhappy People”
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Originally started in 2016 as an agency, and then evolving to an MGA, and now a reciprocal exchange, Kin.com demonstrates how technology and marketing can target specific consumers. Kin sells personal lines in areas where "people are unhappy" with insurance, such as coastal Florida. Kin doesn't rely on agents or traditional marketing, Sean says. "Look at a football game - half the advertising is beer; the other half is insurance companies. Mass media isn't the way for us. We target a specific audience who wants to buy online. We use a lot of data science with an eye toward reaching the customers we really want." And they're all ages, he says. "I'm 39 - I was sure I was building this company for people my age and younger. I was absolutely shocked when our average customer came in at the mid 50s." A former insurance technology consultant, Sean observes: "It seems like there has been a lot of investment in insuretech, but as a percentage of total tech investment, it's a smaller ratio than insurance is to GDP. So even now, the insurance industry is under-investing with respect to other industries. I think the investment will continue to increase."
