WTW and Kayna: Shaping the Future of Embedded Insurance

In today’s rapidly evolving digital landscape, the demand for tailored solutions in the insurance industry is at an all-time high. Anthony Borgman, Head of GB Affinity - WTW and Paul Prendergast, CEO, Kayna discuss their collaboration that is shaping the future of embedded insurance.

Overview of Partnership

Vertical SaaS (Software-as-a-Service) platforms, designed for industry-specific solutions, have already revolutionised fields like hospitality, healthcare, and retail. Many are now expanding their offerings to include embedded insurance, creating a streamlined experience for their customers.

Combining WTW's global experience in creating and executing Affinity insurance programs with Kayna's technological prowess is set to transform the way Affinity insurance is delivered in UK and US markets.

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Key timespots:

00:40 Ability for vertical SaaS platform providers that deliver outstanding solutions to SMEs to access the affinity insurance market in a way they haven’t been able to up to now.

01:28 SME Insurance needs attention and vSaaS platforms are the ideal ‘new’ distribution vehicle for Insurance. VSaaS platforms are an incredible community, with a long term view on the customer relationship. They are always trying to solve problems for their customers and with WTW and Kayna can now close the SME protection gap and help solve the problem of underinsurance.

02:10 Insurance is all about data. Kayna is the tech gateway between WTW and these entrepreneur-driven vSaaS platforms.

02:27 The big advantage for vSaaS platforms is they get the security of working with a very large, trusted company like WTW with extensive carrier relationships and insurance market knowledge together with the speed and agility of an expert InsurTech like Kayna.

02:45 Complementary technology of WTW and Kayna has helped the partnership progress quickly with great opportunities in the pipeline.

03:03 Growth of vSaaS platforms in the UK and USA have highlighted the challenges faced by SMEs. Time poor, unsure of their specific insurance needs, what limits of indemnity should be, or what type of insurance products they need. Additionally, the typical annual policy renewal does not cater for how small business activity can change quite rapidly over short periods of time. The ability to now orchestrate insurance solutions to proactively support more SMEs and flag changes to their risk profiles during the insured period is a valuable demonstration of what WTW and Kayna are offering.

04:10 An important Kayna value proposition is its capacity to leverage a vSaaS platform’s data to completely change the insurance experience for the platform customers. Prefilled-forms simplify the process and Kayna uses key insurance metrics data in real-time and trusted by underwriters, to support the provision of right-sized insurance.

05:33 What is a vertical SaaS platform?

A vertical SaaS platform is a software platform that serves a narrow vertical business type such as Restaurants, Dentists, Salons or Construction. The platform is built and designed to service the specific needs of that industry type. The platform customer can rely on the vSaaS platform to run pretty much every aspect of their day-to-day business needs ranging from client engagement, project management, resource management, inventory controls, payments processing, appointment scheduling.

06:30 VSaaS platforms are doing incredibly well through the adoption of embedded fintech as a revenue generator. They all want to do embedded insurance. WTW and Kayna make it really easy for vSaaS platforms to make that a reality. The opportunity is there for vSaaS to enhance the value and support that they provide to SMEs with insurance solutions.

Read more about the partnership here.