Irish InsurTech Kayna Wins Insurtech NY Award
Innovative specialists in Vertical SaaS Embedded Insurance Win Carrier/Broker Competition for Global Early-Stage Insurtech at Spring Conference.
The win follows a competitive pitch presentation to an InsurTech Industry panel, having made the top 10 as a finalist from 125 world-wide applications.
Cork, Ireland, 4th April 2023 – Kayna, an Irish InsurTech outfit that developed a unique embedded insurance infrastructure, enabling distribution through vertical SaaS, has won the Carrier/Broker Competition for Global Early-Stage Insurtech at InsurTech NY’s Spring Conference held in New York.
The co-founding pair of Paul Prendergast, CEO and Peter Bermingham, CTO developed the solution to provide the technology orchestration layer between Insurance Carriers, Brokers and any Vertical SaaS platform to distribute insurance products. This novel technology-enabling layer is optimised for Embedded Insurance distribution.
Kayna’s No-Code embed integrates with Vertical SaaS platforms that manage the daily operations for thousands of SMB customers. It leverages the unique data of that platform to provide insurance products specific to the needs of each business. It then tracks the relevant changes to the data to enable real-time updates to insurance policies, which adapt continuously to changes within a business. This ensures that Carriers and Brokers are seamlessly serving SMBs with relevant policies based on real-time SMB data and in turn SMBs benefit from the provision of right-sized insurance cover.
Speaking of the win, Kayna CEO Paul Prendergast, commented that, “This award is a great validation of our technology and business model. We are focused on working with carriers and brokers to allow them to compete in an increasingly crowded SMB insurance sector. As an enabling-technology company, we provide an end-to-end service regardless of carrier and broker technology capability and our infrastructure works across any platform to use real-time SMB data. This is unique and transformative in terms of embedded insurance distribution and it fixes a massive problem of over and under insurance. We were honoured to compete with the brightest InsurTech talent in the world for this win which represents huge opportunity, giving us exposure to 10+ early-stage investors and insurance leaders, and the chance to present in front of 400+ InsurTech influencers live in New York.”
David Gritz , Managing Director InsurTech NY, in announcing the win stated that, “The Carrier/ Broker award is given to the startup that is seen to have the largest commercial potential. The award was developed to recognise the innovative early stage innovators in the space.”
How it Works
Kayna accesses Vertical SaaS platform for SMB operations data
Kayna embeds Carrier/Broker with No-Code
Kayna deploys end-to-end orchestration layer
Kayna enables Insurance distribution
Kayna actively conducts real-time SMB data tracking, enabling Vertical SaaS platform to serve unique, real-time carrier/broker insurance solutions to platform customers providing them with relevant, right-sized policy offers.
The Embedded Insurance market is forecast to grow to US$722bn in GWP by 2030 – more than six times its current size.[1]
Note to the Editor:
About INSURTECH NY
Founded in 2019, InsurTech NY brings together carriers, brokers, investors, and InsurTech startups. InsurTech NY’s mission is to help support the insurance industry take advantage of latest digital technology to improve efficiencies and increase revenue, and be ready for the inevitable digitally transformed Insurance industry. We do this through our public events, corporate innovation program, competition, accelerator, MGA lab and the venture fund.
For more information: https://www.insurtechny.com/
[1] https://www.instech.co/civicrm/contribute/transact?reset=1&id=11
