Insurtech firm vows to bounce back from financial struggles

Insurtech Kinsu has vowed to bounce back following a lack of funding.

It announced earlier this week that it was no longer accepting new customers.

Its chief executive Chris Sharpe told Insurance Times: “We are actively in the market looking for the right partner and we are involved in lots of ongoing discussions. We are now looking for more institutional funding and strategic partnerships.

“Once we secure the funding we can bounce straight back, we are positive and hopeful that we will be able to provide a solution.”

Customers

For this reason, he said it will not be accepting any new customers or offering renewals.

“It’s an expensive endeavor, we have not been able to offer customers the continuation of service that we would really like to, and we have had many messages of disappointment and sadness about our service because people love what we are doing.

“People love products as they are unique and unparalleled in the market.”

He added that any existing customers will be given notice.

Investors

The insurtech was previously backed by angel investors. It has also been involved in a number of individual funding rounds.

Sharpe is the former director of underwriting at Hiscox Bermuda.

It was founded by two Hiscox veterans – Sharpe and Russell Merrett, ex-managing director of Hiscox London Market.

It launched in 2018 offering bike and gadget insurance via monthly renewal offering.

Its name is an amalgamation of “kind insurance” advocating policies in “plain English” and simple products.