MOUNTAIN VIEW, Calif. — (BUSINESS WIRE) — April 8, 2020 — Today, 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.
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.
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.
About Cape Analytics
Cape Analytics was established in 2014 to revolutionize the way property information is created and used. The company leverages geospatial imagery, computer vision, and machine learning to instantly and automatically extract proprietary property data for insurance carriers and other property stakeholders. Cape Analytics establishes a new category of property data, offering immediacy and coverage comparable to pre-filled data, but with accuracy and detail that previously required time-consuming in-person inspection reports. Cape Analytics seamlessly integrates into carrier quote engines via API. To learn more, visit www.capeanalytics.com
About Kin
Kin Insurance is a technology company and licensed Florida home insurance carrier that exists to change insurance from what it is to what it should be. Founded in 2016 by seasoned financial technology entrepreneurs Sean Harper, Lucas Ward, and Stephen Wooten, Kin leverages thousands of property data points to customize coverage and prices through a super simple user experience. Kin provides affordable coverage to homeowners in catastrophe-prone regions and is committed to helping homeowners most impacted by climate change. The company is headquartered in Chicago with an office in Tampa Bay, and is currently hiring in both offices. For more information, visit www.kin.com.
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Contact:
Kayvan Farzaneh
Cape Analytics
press@capeanalytics.com
