UK-based insurtech Kinsu, aimed at the millennial, will be shuttering by the end of April 2019.
Its insurance is no longer available to purchase and coverage will end at midnight 30 April 2019.
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Furthermore, Kinsu’s app was discontinued on 22 March 2019 and users are also recommended to delete it from their phones.
A blog post from the insurtech’s website stated: “We began with an incredible concept: provide peace of mind to our customers and be a Force For Good in the world. For us, Kinsu was never just an insurance product. We are a community of people who truly believe in being socially conscious and kind.
“We hope that we’ve made a big impact in changing people’s mind about what it means to have insurance. For us, it’s all about honesty, trust and the contributions of the many acting as a buffer for the few, cushioning the fall for those who suffer a loss.”
The closing comes just over a year after the app launched on Android.
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By GlobalDataBy using the app, Kinsu said customers could protect their possessions in under two minutes, including phones, bicycles or entire home contents. In addition, coverage renewed monthly as a rolling subscription.
Each policy purchased also sent a contribution to Kinsu’s charity partner StreetLink to help those people who are sleeping rough.
Kinsu held donated thousands of pounds to the charity. In addition, the UK insurtech held partnerships with Impossible, H2, Humankind, Emma and many more to deliver “kind” insurance for the millennial.
UK insurtech
The UK Insurtech Board recently released a toolkit to help firms starting out.
It is designed to help insurtechs and start-ups develop partnerships with corporate partners.
Ripe Insurance has recently signed a five-year capacity deal with Aviva.
Starting from the beginning of 2019, Aviva will be the capacity provider for Ripe’s niche insurance products. These products are in the sports, leisure and business sectors.
This long-term partnership with a giant insurer is set to be a massive boost for the insurtech.
