Kayna launches to help SMEs with business insurance

Kayna is a new vertical SaaS embedded insurance solution for small to medium sized businesses, which has now launched.

It was co-founded by Paul Prendergast and Peter Bermingham, with the support from accelerator and venture studio Founders Factory. It was created after the pair found that small businesses in the UK do not have the correct amount of insurance in place.

On top of this, there is a major shift from small businesses to manage their business on vertical specific SaaS platforms.

Kayna can integrate with vertical SaaS platforms that manage the daily operations for thousands of SMB customers. Through its embedded solution, Kayna can assess the SaaS platform’s data to build insurance products specific to the needs of each business.

It tracks relevant changes to the data to enable real-time updates to insurance policies, which adapt continuously to the changes within a business. This ensures the SME always has the correct insurance cover.

Kayna CEO Paul Prendergast said, “Both over and underinsurance in SMBs has been an issue for decades. 80% of UK businesses never tell their broker or insurer of fundamental changes that impact on their risk exposure.

“This problem becomes more acute when we recognise that major challenges for SMBs caused by Covid-19 and Brexit have forced them towards significant ongoing changes in a volatile trading environment – meaning that some are paying too much for cover they don’t need, while others are leaving themselves hugely financially exposed with cover that’s not sufficient and/or fit for purpose.

“Business owners can feel secure in the knowledge that they are covered appropriately for the identified risks, insurers can also price risk more accurately, while the broker can provide the right support, at the right time.”

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