WTW partners with Kayna to drive next generation Affinity Insurance product solutions for UK and US-based SMEs
WTW (NASDAQ: WTW) has partnered with Kayna to enhance its Affinity Insurance offerings for SMEs in the UK and US. This collaboration aims to deliver innovative insurance solutions through Vertical Software-as-a-Service (vSaaS) platforms in specific industries like construction, legal, salon/spa, fitness, and field service sectors.
The partnership will enable WTW to distribute various insurance products, including property, general liability, and workers' compensation, through industry-specific vSaaS platforms. By leveraging platform data, the initiative seeks to provide tailored insurance solutions directly to SMEs, streamlining the process and potentially driving top-line growth for vSaaS providers.
Key features of the partnership include Kayna's technology empowering WTW-brokered products, low-code end-to-end orchestration, and real-time alerts on coverage exposure based on dynamic business changes. SME customers will have comprehensive access to manage their insurance policy portfolios through the WTW platform.
WTW (NASDAQ: WTW) ha stretto una partnership con Kayna per migliorare le sue offerte di Assicurazione Affinità per le PMI nel Regno Unito e negli Stati Uniti. Questa collaborazione mira a fornire soluzioni assicurative innovative attraverso piattaforme Vertical Software-as-a-Service (vSaaS) in settori specifici come costruzione, legale, saloni/spa, fitness e servizi sul campo.
La partnership consentirà a WTW di distribuire vari prodotti assicurativi, tra cui proprietà, responsabilità civile generale e indennità per infortuni sul lavoro, tramite piattaforme vSaaS specifiche per settore. Utilizzando i dati della piattaforma, l'iniziativa mira a fornire soluzioni assicurative su misura direttamente alle PMI, semplificando il processo e potenzialmente stimolando la crescita del fatturato per i fornitori di vSaaS.
Le caratteristiche principali della partnership includono la tecnologia di Kayna che potenzia i prodotti brokerati da WTW, orchestrazione end-to-end low-code e avvisi in tempo reale sull'esposizione alla copertura basata su cambiamenti dinamici nel business. I clienti PMI avranno accesso completo per gestire i loro portafogli di polizze assicurative attraverso la piattaforma WTW.
WTW (NASDAQ: WTW) se ha asociado con Kayna para mejorar sus ofertas de Seguro de Afinidad para PYMES en el Reino Unido y Estados Unidos. Esta colaboración tiene como objetivo ofrecer soluciones de seguros innovadoras a través de plataformas Vertical Software-as-a-Service (vSaaS) en industrias específicas como la construcción, legal, salones/spa, fitness y servicios de campo.
La asociación permitirá a WTW distribuir varios productos de seguros, incluyendo propiedad, responsabilidad civil general y compensación laboral, a través de plataformas vSaaS específicas de la industria. Aprovechando los datos de la plataforma, la iniciativa busca proporcionar soluciones de seguros personalizadas directamente a las PYMES, agilizando el proceso y potencialmente impulsando el crecimiento de ingresos para los proveedores de vSaaS.
Las características clave de la asociación incluyen la tecnología de Kayna que potencia los productos intermediados por WTW, orquestación end-to-end de bajo código y alertas en tiempo real sobre la exposición a la cobertura basadas en cambios dinámicos en el negocio. Los clientes de PYMES tendrán acceso completo para gestionar sus carteras de pólizas de seguro a través de la plataforma WTW.
WTW (NASDAQ: WTW)는 Kayna와 협력하여 영국 및 미국의 중소기업 (SME)를 위한 Affinity Insurance 서비스를 강화합니다. 이번 협력은 건설, 법률, 미용실/스파, 피트니스, 현장 서비스 등 특정 산업 분야에서 수직 소프트웨어 서비스 (vSaaS) 플랫폼을 통해 혁신적인 보험 솔루션을 제공하는 것을 목표로 하고 있습니다.
이 파트너십을 통해 WTW는 산업별 vSaaS 플랫폼을 통해 재산, 일반 책임, 근로자 보상 등의 다양한 보험 상품을 배포할 수 있습니다. 플랫폼 데이터를 활용하여, 이 이니셔티브는 중소기업에 맞춤형 보험 솔루션을 직접 제공하여 프로세스를 간소화하고 vSaaS 제공업체의 수익 성장을 촉진할 잠재력을 가지고 있습니다.
이 파트너십의 핵심 기능으로는 WTW 중개 제품을 강화하는 Kayna의 기술, 로우코드 엔드 투 엔드 오케스트레이션, 동적인 사업 변화에 기반한 보장 노출에 대한 실시간 알림이 포함됩니다. 중소기업 고객은 WTW 플랫폼을 통해 보험 정책 포트폴리오를 관리할 수 있는 종합적인 접근성을 갖게 됩니다.
WTW (NASDAQ: WTW) s'est associé à Kayna pour améliorer ses offres d'Assurance Affinité pour les PME au Royaume-Uni et aux États-Unis. Cette collaboration vise à fournir des solutions d'assurance innovantes à travers des plateformes Vertical Software-as-a-Service (vSaaS) dans des secteurs spécifiques tels que la construction, le droit, les salons/spas, le fitness et les services sur le terrain.
Le partenariat permettra à WTW de distribuer divers produits d'assurance, notamment des biens, une responsabilité civile générale et des indemnités de travail, via des plateformes vSaaS spécifiques à l'industrie. En exploitant les données de la plateforme, l'initiative cherche à offrir des solutions d'assurance sur mesure directement aux PME, simplifiant le processus et stimulant potentiellement la croissance du chiffre d'affaires des fournisseurs de vSaaS.
Les caractéristiques clés du partenariat incluent la technologie de Kayna qui renforce les produits brokerés par WTW, l'orchestration de bout en bout à faible code et des alertes en temps réel sur l'exposition à la couverture, basées sur les changements dynamiques d'entreprise. Les clients PME auront un accès complet pour gérer leurs portefeuilles de polices d'assurance via la plateforme WTW.
WTW (NASDAQ: WTW) hat sich mit Kayna zusammengeschlossen, um sein Angebot im Bereich Affinity Insurance für KMU im Vereinigten Königreich und den USA zu verbessern. Diese Zusammenarbeit zielt darauf ab, innovative Versicherungslösungen durch Vertical Software-as-a-Service (vSaaS) Plattformen in spezifischen Branchen wie Bauwesen, Recht, Salon/Spa, Fitness und Außendienst anzubieten.
Die Partnerschaft ermöglicht es WTW, verschiedene Versicherungsprodukte, einschließlich Sachversicherungen, allgemeiner Haftpflicht und Arbeitsschutzversicherungen, über branchenspezifische vSaaS-Plattformen zu vertreiben. Durch die Nutzung der Plattformdaten soll die Initiative maßgeschneiderte Versicherungslösungen direkt an KMU bereitstellen, den Prozess vereinfachen und potenziell die Umsatzsteigerung für vSaaS-Anbieter vorantreiben.
Zu den wichtigsten Merkmalen der Partnerschaft gehören die Technologie von Kayna, die die von WTW vermittelten Produkte unterstützt, eine End-to-End-Orchestrierung mit wenig Code und Echtzeitwarnungen zur Deckungsexpression basierend auf dynamischen Geschäftswandel. KMU-Kunden werden umfassenden Zugang haben, um ihre Versicherungsportfolios über die WTW-Plattform zu verwalten.
- Partnership with Kayna to expand Affinity Insurance offerings for SMEs in UK and US
- Potential for top-line growth through tailored insurance solutions for vSaaS platforms
- Expansion into new distribution channels via industry-specific vSaaS platforms
- Enhanced data-driven insurance solutions leveraging vSaaS platform data
- Streamlined insurance process for SMEs with real-time coverage alerts and policy management
- None.
Insights
This partnership between WTW and Kayna represents a significant shift in the Affinity Insurance landscape, potentially disrupting traditional distribution models. By leveraging vSaaS platforms' industry-specific data, WTW can offer more tailored and accurate insurance solutions to SMEs. This data-driven approach could lead to improved risk assessment and pricing accuracy, potentially boosting WTW's profitability in the Affinity segment.
The expansion into multiple sectors (construction, legal, salon/spa, fitness and field service) across both the UK and US markets suggests a substantial growth opportunity for WTW. However, the success of this venture will largely depend on the adoption rate of these vSaaS platforms and the willingness of SMEs to purchase insurance through them. Investors should monitor the partnership's performance metrics and revenue contribution in future financial reports to gauge its impact on WTW's overall growth strategy.
The integration of Kayna's insurance infrastructure platform with WTW's insurance expertise creates a powerful insurtech solution. This partnership leverages low-code technology and API integrations to streamline the insurance process for SMEs, potentially reducing operational costs and improving efficiency for WTW.
The real-time alert system for coverage exposure based on dynamic business changes is a standout feature, showcasing the power of continuous data analysis in insurance. This could lead to more accurate risk management and potentially reduce claims for WTW. The comprehensive admin portal for vSaaS platforms also indicates a focus on user experience and transparency, which could drive adoption and customer satisfaction.
However, the success of this technology-driven approach will depend on the reliability and security of the systems involved, as well as the quality of data provided by the vSaaS platforms. Investors should keep an eye on any potential data breaches or system failures that could impact WTW's reputation and financial performance.
LONDON, Sept. 10, 2024 (GLOBE NEWSWIRE) -- WTW (NASDAQ: 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 include:
- 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 WTW
At WTW (NASDAQ: WTW), 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. Learn more at wtwco.com.
About Kayna
Kayna enables embedded insurance through vertical SaaS platforms. It provides the technology and data orchestration layer between carriers, brokers and any vertical SaaS platform to distribute 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 (US).
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 https://kayna.io/
Media Contacts
Sarah Booker
Sarah.booker@wtwco.com / +44 (0)7917 722040
Kayna
Sheila Kelleher
Sheila@fullermarketing.ie / +353 (0)83 4732565
FAQ
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