Avanta Ventures’ portfolio company (and Avanta Studios alumni), Delos, actively helps protect its customers from wildfires. They have built best-in-class data analytics, which enables them to understand wildfire risk. Their goal is to accurately identify and cover low-exposure homes in communities, using their technology to help people continually decrease the risk to their homes, protecting them before disaster strikes.
We recently sat down with Kevin Stein, Delos’ co-founder and CEO, to ask him about his company’s recent accomplishments, how he has built a culture of inclusivity and his advice for aspiring founders.
Avanta Ventures (AV): Kevin, what problem is Delos working to solve?
Kevin Stein (KS): Our vision is to revolutionize property insurance in this era of rising catastrophes. Legacy models have proven obsolete and non-predictive in a period of climate change. Delos has built a new solution: an MGA with climate and catastrophe modeling expertise vertically integrated into all levels. Delos’ programs are enabled by proprietary AI risk models (patent-pending) created by world-renowned professors and weather prediction experts on our team. Starting with wildfire risk, these models outperform the rest of the industry, allowing Delos to profitably write policies where legacy carriers are quickly exiting. As a result, Delos writes insurance for the millions of low-risk homes that suddenly have no other options.
AV: Looking back at the past year, what business accomplishment are you most proud of?
KS: Over the last year, Delos has on-boarded five new programs with two new insurance companies and four new capacity partners. One of these programs includes a $50M premium take-out of the CA Fair Plan. Delos has also doubled the premium of its ongoing program focused on high-value homes.
AV: What are you most excited about this coming year?
KS: We are in the middle of raising a Series A and would be interested in chatting with investors interested in climate and insurtech. We are also interested in meeting insurers or reinsurers with an appetite for California property.
AV: At the early stage of a company, building an inclusive culture is essential. What are three things you’ve done at Delos to foster an inclusive culture?
KS: Company culture is one of the most important indicators of long-term success. Inclusivity and diversity are incredibly important in building that culture. Delos is committed to — and has been successful at — fostering an inclusive, supportive, and diverse company culture.
AV: What advice would you give aspiring founders based on your journey to date?
KS: Persistence is the most significant indicator of founder success. You’ll go through difficult times, and if you remain dedicated, you’ll find a way through it.
AV: Let’s end with something fun. What is your favorite city to visit and why?
KS: The Greek island of Delos is a fascinating place. The island has excavated ruins encompassing almost the entirety of the island. The Kingdom of Delos was a thriving economic center of the Mediterranean region, pre-dating the Greek empire. Because of a high-water table, the island was a main stop for travelers and merchants crossing the sea. The trading economy on the island led it to be an incredibly successful empire in that era.
Thanks to Kevin for speaking with us; we are excited to see how Delos’ future unfolds.
Delos Insurance is a technology-powered insurance company focused on offering homeowners insurance in California. As a Managing General Agent (MGA), Delos offers policies on behalf of its partners, Homesite Insurance Company (an A-rated carrier) and Canopius US Insurance, Inc (an A- rated carrier).
About Avanta Ventures
Avanta Ventures is the venture capital arm of CSAA Insurance Group. We aim to reimagine the future of insurance and drive future growth for CSAA IG through our engagement and investment in ground-breaking startups and entrepreneurs.