Kayna Features on Open & Embedded Insurance Report 2024
Kayna CEO Paul Prendergast features in the excellent Open& Embedded Insurance Report 2024. Yuri Poletto, Founder and Director, Openand Embedded Insurance Observatory and his team assembled experts who operate within the burgeoning embedded insurance ecosystem and compiles insights from leaders, with details on current use cases, behavioural changes and market research that adds significantly to the knowledge base of this growing sector. Download the full report here.
In Yuri’s words, “The embedded insurance model is particularly timely. In the evolving landscape of our society and economy, there is an unmistakable trend toward increasing digitalization and integration.End consumers are swiftly embracing technological advancements, and micro and small-sized businesses are demonstrating a burgeoning interest in seamless access to insurance services. The embedded insurance model, that by adopting the lens of an insurance provider we have renamed B2P2C distribution(Business-to-Partner-to-Customer), has never been as important as it is today. At the same time, the embedded insurance market is still evolving rapidly, with new opportunities arising from new digital platforms and marketplaces, just to mention two. Digital is making embedding insurance into non-insurance value propositions easier and cheaper to deploy.”
Paul addresses the opportunity for Vertical SaaS platforms seeking new ways to monetise customers, wanting to solve the insurance problem for their customers, at the same time increasing stickiness so customers don’t have to leave their platform to get cover. With vertical SaaS platforms already generating strong revenue from embedded fintech, the next logical step is embedded insurance. “…. embedded insurance is not about treating the vSaaS platform as just a dumb channel to get to the customer. We’re looking at using the data on the platform to be able to provide the right insurance on day one; and then, over the lifetime of the policy, as the business’ needs change over time, the insurance will change with the policy.”
Thanks to all involved in making this a report of substance and an important asset for the Embedded Insurance sector.
