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Reinventing the homeowners insurance market – a $105BN market – is a historic opportunity. The market is large, fragmented, and currently led by antiquated legacy insurance companies that are often slow to react to change. Customers are dissatisfied with existing offerings, with an industry Net Promoter Score of 42, but have to buy homeowners insurance and are ready for new and better options. That’s where Kin comes in – Kin was built exactly for this new digital world as the only pure play direct to consumer insurtech in the U.S. homeowners insurance market, and an insurtech that leverages thousands of points of data in new ways to efficiently and properly underwrite insurance delivered to customers in a seamless experience.

We believe Kin’s direct to consumer model is a fundamentally better model than the legacy insurance company model of selling through agents. Selling insurance direct to consumer allows us to manage the customer relationship and improve the customer experience in ways that legacy insurance companies selling through agents are not able to accomplish. Customers prefer a direct, online, and simplified insurance experience. We believe this direct relationship and access to the customer will be increasingly beneficial to Kin as we develop other products and services within insurance.

Kin’s unit economics are best-in-class among insurtech peers, with higher average premiums per customer, lower churn rates, and a lower loss ratio. We use proprietary technology to segment and price risk appropriately across our insurance portfolio, and market directly towards high quality customers. Our unit economics are also much better because we don’t use agents - at legacy insurance companies, the agents get paid large and recurring commissions, which are a significant portion of the legacy cost structure. By eliminating this friction, we automatically win from a cost perspective, and crucially, we are able to pass along those savings to our customers.

We have extremely loyal and happy customers because our sophisticated underwriting and our easy-to-use online interface allows them to buy affordable home insurance within minutes. Our customer satisfaction is evident through our 92% customer retention rate, net promoter score of 85, and 96% trust-pilot 5-star rating. This customer stickiness leads to significant stable recurring revenue and consistently improving unit economics.

We believe there are multiple opportunities to continue our rapid growth and scale while ensuring that we maintain a strong handle on our best-in-class unit economics. These include geographic expansion, product expansion, and elevating brand awareness across new marketing channels with support from the Omnichannel team.