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Hi All! We are fast approaching the end of 2021 and the industry continues to move forward with exciting news and innovations. This week we are following Toyota’s branded auto insurance offering, Kin positive results and Buckle partnering with AmWins for distribution. Here are the three things we learned: |
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Toyota Branded Auto Insurance Toyota launched an insurance agency earlier this year and this week started to market their own branded auto insurance product through that agency. Yet another example of a major auto maker deciding to embed insurance into the vehicle purchase. We’ve seen Tesla and GM make similar moves and expect this trend will continue as connected vehicles become more prevalent in the market. |
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Kin Insurance Growth & Renewal Rates Impress Kin Insurance, the homeowners insurtech startup, announced impressive growth and retention metrics for the YTD through November. When you can show nearly 100% renewal coupled with increased premium it doesn’t make sense to wait until the year end to annouce. They are hoping that investors start to think about how valuable homeowners customers are over their lifespan when the insurer is able to keep them (Sean Harper, Chief Executive Officer of Kin. “We’ve achieved this while maintaining strong unit economics, with each dollar spent on customer acquisition generating nearly eight dollars of lifetime value.”). Of course he is counting on the wind not blowing and no abnormal freeze events this winter. |
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Buckle & AmWins Partnership Buckle, the gig worker insurtech startup, annouced a distribution partnership with wholesales broker AmWins for rideshare drivers. This appears to be a smart distribution move for an insurtech to partner with an established broker to get their product out to more consumers. Of course there is a cost to pursue this channel but it should be less risky than trying to go it alone and using the trial and error marketing approach of many other insurtechs. |
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