WTW partners with Kayna to expand affinity insurance offering for UK & US SMEs
Global insurance broker WTW has established a strategic partnership between its Affinity Insurance business and Kayna, the insurance infrastructure platform, expanding its insurance solutions to SME clients domiciled in the US and UK through Vertical Software-as-a-Service (vSaaS) platforms.
The partnership will enable WTW to distribute property, general liability, workers’ compensation, commercial auto and umbrella liability insurance solutions to industry-specific vSaaS platforms.
The duo additionally aims to provide full programme administration for UK and US industries, such as construction, legal, salon/spa, fitness and field service sectors.
The UK and US specialist WTW teams will lead the product development and broker all insurance offerings as the company affirms its primary focus on delivering next-generation distribution for the affinity insurance sector.
Paul Lubbers, Head of Affinity and Programmes US at WTW, commented: “This is Affinity Insurance 2.0. 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.”
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 uses such platforms to run their day-to-day business operations.
Kayna deploys a low-code end-to-end orchestration layer with its technology enabling 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.
Anthony Borgman, Head of Affinity GB at WTW added: “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.”
Kayna technology will also allow WTW to provide real-time alerts on coverage exposure based on dynamic business changes across the policy’s lifetime.
vSaaS SME customers can manage their insurance policy portfolios with full access to the WTW platform for services like insurance documentation along with certificates of insurance and general account information. The vSaaS platform oversees activity via a comprehensive admin portal.
Paul Prendergast, Chief Executive Officer 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.”
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