Kin Insurance Partners with Cape Analytics to Improve the Insurance Experience with Geospatial, Predictive Property Insights
Cape Analytics is announcing that Kin Insurance – a fully licensed home insurance technology company that provides easy, affordable coverage to homeowners in catastrophe-prone regions – has expanded its partnership with Cape Analytics. Kin is using Cape Analytics’ geospatial property intelligence to inform its homeowner insurance offering and provide customers the best possible coverage at the lowest price with the least hassle. By utilizing Cape Analytics for remote risk assessment, Kin is continuing to write policies and serve customers, while maintaining social distancing rules that keep customers and employees safe.
“We are thrilled to have a growing partnership with an innovative, data-first carrier like Kin where we can enable them to expand usage in alignment with their rapid growth as an upstart insurer”
Cape Analytics is providing Kin with the most comprehensive, timely, and accurate property information available, by leveraging geospatial imagery, computer vision, and machine learning. The integration of Cape Analytics’ data allows Kin to provide customers with policies tailored to individual property and coverage needs. Cape Analytics automatically provides information such as roof condition, roof type, tree coverage, and presence of a swimming pool, allowing Kin customers to get the right coverage faster.
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Kin is using this new form of instant property intelligence in innovative ways by leveraging property attributes that are related to geo-specific risks. For example, in a wind-prone state like Florida, Kin can access Cape’s wind-related property attributes such as roof type and the presence of pool enclosures. In states with higher risk of wildfire, Kin may automatically retrieve Cape information regarding vegetation coverage surrounding a structure. In precipitation-heavy areas, Cape’s loss-predictive Roof Condition Rating can allow Kin to better understand the potential of a property experiencing water damage from a leaking roof.
In a recent study of Hurricane Irma, Cape Analytics found that Florida homes with roofs in poor or severe condition were far more vulnerable and had a 45 percent higher chance of suffering major damage. In addition, 65 percent of homes affected by the hurricane took more than six months to repair. Kin is leveraging these and other insights to decrease customer risk while improving their experience.
“Our platform is built from the ground up to seamlessly integrate industry-leading sources of data, which is exactly what Cape Analytics provides. As a result, we can leverage our machine learning prediction framework to instantly assess risk and customize coverage and prices through our super simple online experience,” said Blake Konrardy, VP of Product at Kin.
“We are thrilled to have a growing partnership with an innovative, data-first carrier like Kin where we can enable them to expand usage in alignment with their rapid growth as an upstart insurer,” said Busy Cummings, VP of Sales at Cape Analytics.
Both companies have received outstanding recognition in recent months: Fast Company named Kin one of the most innovative finance companies of 2020, while Insurance Insider shortlisted Cape Analytics as 2020 InsurTech of the Year.
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