WTW partners with Kayna to drive next-generation Affinity Insurance product solutions for UK and US-based SMEs
Cork, Ireland (Sept. 10, 2024) – WTW, a leading global advisory, broking and solutions company today announced a partnership between its Affinity Insurance business and Kayna, the award-winning insurance infrastructure platform. The partnership has been developed to enable delivery of innovative WTW insurance solutions to SME clients in the UK and US through Vertical Software-as-a-Service (‘vSaaS’) platforms.
Vertical SaaS platforms provide types of software solutions which are created for specific industries and the partnership between WTW and Kayna intends to provide full program administration for US and UK-based industry-specific platforms in the construction, legal, salon/spa, fitness and field service sectors, distributing tailored insurance solutions.
Specialist WTW teams in the UK and US will lead the product development and broker all insurance offerings as the company affirms its primary focus to delivering next generation distribution for the fast-growing Affinity Insurance sector.
The partnership between WTW Affinity and Kayna will enable WTW to distribute property, general liability, workers’ compensation, commercial auto and umbrella liability insurance solutions to industry-specific vSaaS platforms. The partnership aims to drive top-line growth for vSaaS platform providers by leveraging platform data to serve relevant, tailored insurance through a streamlined process direct to the customer base that use such platforms to run their day-to-day business operations.
“This is Affinity Insurance 2.0”, said Paul Lubbers, Head of Affinity and Programs US at WTW. “Insurance at your fingertips, forms derived from the actual key data that informs insurance metrics, and a facilitated process that goes beyond the policy purchase to trigger alerts if coverage level needs to be updated to mitigate risk. Both WTW and Kayna are playing to our respective strengths in delivering a world-class solution that is set to play a pivotal role in our consumer and commercial programs across the US.”
Anthony Borgman, Head of Affinity GB at WTW concluded, “WTW Affinity have been able to add our unique value and expertise to the delivery of a data-led, end-to-end insurance service to not only deliver value but provide greater confidence to SME’s seeking appropriate levels of protection. I am delighted to see our UK Affinity capabilities expand in this exciting way and to have this opportunity to build on our partnership for the long-term.”
Commenting on the partnership, Paul Prendergast, CEO and Kayna co-founder, said, “This is all about driving lots of new types of data-led, automated, simplified insurance business, tapping into huge distribution opportunities and doing all the heavy lifting for vSaaS platforms and their customers. WTW powered by Kayna will be providing trusted full service, tailored insurance solutions direct to SMEs via platforms whose core business is not insurance but whose rich, curated SME data is the critical success factor in ensuring right-sized insurance cover.”
Key aspects of the partnership:
- Kayna technology empowers WTW-brokered products on any vSaaS platform.
- Kayna deploys low-code end-to-end orchestration layer.
- Kayna technology enables WTW insurance distribution and the ability for platform customers to engage with indicative quotes, pre-filled applications, and policy generation.
- vSaaS platform leverages its data via Kayna technology to provide relevant, right-sized policy offers for SME customers.
- Kayna technology allows WTW to provide real-time alerts on coverage exposure based on dynamic business changes across the life-time of the policy.
- vSaaS SME customers can manage their insurance policy portfolios with full access on the WTW platform to: Insurance documentation, certificate of Insurance and general account information – fees paid, renewal dates, claims status.
- vSaaS platform has oversight on activity via a comprehensive admin portal.
About Kayna
Kayna enables embedded insurance through vertical SaaS platforms. It provides the technology and data orchestration layer between carriers, authorized brokers and any vertical SaaS platform for products that are directly relevant to platform customers. Founded in 2021, Kayna was developed in the Founders Factory Venture Studio in collaboration with Aviva. It is a Lloyd’s Lab Accelerator Programme Cohort 9 alumnus and winner of the 2023 InsurTech NY’s Carrier/Broker Competition for Global Early-Stage Insurtech.
Kayna is backed by Delta Partners (Ireland), MiddleGame Ventures (pan-European), Aperture (Switzerland) and InsurTech Fund – an affiliate of InsurTech NY (USA). Kayna operates across platforms that serve millions of people and businesses worldwide, ranging from field services, fintech and retail, to personal care and wellness. For more information, visit kayna.io.
About WTW
At WTW (NASDAQ: WLTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance. Working shoulder-to-shoulder with our clients, we uncover opportunities for sustainable success – and provide perspective that moves you. For more information, visit www.wtwco.com.
SOURCE: Kayna via Fuller Marketing
Tags: InsurTech, InsurTech Spotlight, Kayna, small business, Software as a Service (SaaS), United Kingdom (UK), United States (USA), Willis Towers Watson (WTW)