Last year, Insurance Times called US based start-up Lemonade “one of the most high profile” insurtech companies. This was after Softbank joined Allianz, Sequoia Capital, and Google Ventures in backing the company with a $120m funding round. Lemonade, which sells insurance to property renters in the US, state they can get a claim in less than 3 seconds.
Across the pond, UK based Kinsu has been dubbed the ‘new Lemonade’. Aiming to reconnect insurers and customers with a friendlier, customer-centric approach. Their app is easy to use, with no jargon, and can be cancelled at any time. “It does everything that people think their current policy does. Everything it’s supposed to do,” according to co-founder Chris Sharpe.
They both share an ethical view of business; both having B Corp status, which holds them to high standards of accountability, transparency, social and environmental practices. Kinsu also donates to homeless charity StreetLink with every policy bought.
However, there are differences between them. Their starting point for one; where Lemonade starts from the presumption that “insurance is broken” and are trying to fix it; Kinsu starts with “insurance is beautiful”, they want to form a more positive view of insurance.
Whether Kinsu will reach the status Lemonade has worked towards remains to be seen, but they’re definitely a contender.
For more information, please contact Nick Pester.
UK-based start-up Kinsu has elected to remain mostly in the shadows since its creation in 2016. The aspiring B Corp’s co-founder, ex-Hiscox Bermuda director of underwriting Chris Sharpe, reveals how it hopes to prove that insurance can be “beautiful” ‘We’re here to change the way you feel about insurance,’ start-up Kinsu’s homepage proudly boasts. As the UK-based company launches, comparisons to US insurance start-up Lemonade, which since 2016 has seen customer numbers skyrocket and picked up a US$120m investment, seem inevitable.