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Cork InsurTech Kayna Boosts Global Expansion with Innovative Embedded Insurance Model
Kayna, a Cork-based InsurTech company, is expanding its operations by creating 13 new jobs as part of its strategic entry into the US and UK insurance markets. Founded in 2021, Kayna specializes in embedded insurance solutions for small businesses in sectors like construction and hospitality. With 40% of US SMEs uninsured, Kayna sees a significant market opportunity, projecting embedded insurance to account for 15% of the $1.5 trillion global insurance market in the next decade. Backed by €1 million in funding and a partnership with Willis Towers Watson, Kayna aims to attract software engineers and business development staff while maintaining its local presence.
Virgin Money and Mastercard Join Forces to Revolutionize Credit Card App with Open Banking Innovations
Virgin Money is enhancing its customer experience by allowing users to manage credit card and current account balances from multiple banks via its Credit Card App, thanks to a partnership with Mastercard. This integration of advanced open banking technology aims to simplify financial management for over 6.6 million customers in the UK. Key features include access to various bank balances in one app and improved financial management tools. Katherine Lovell from Virgin Money expressed enthusiasm about making it easier for customers to access financial information. The initiative highlights the transformative potential of open banking in everyday banking tasks.
London Underwriters Teams Up with NormanMax to Enhance Parametric Insurance Solutions
London Underwriters (LU) has partnered with NormanMax Insurance Solutions (NMIS) to improve access to parametric insurance for natural disasters like hurricanes and earthquakes. This collaboration aims to enhance coverage efficiency and accessibility for agents nationwide, supported by InsurTech Insights. The integration of NMIS’s parametric products into the LU ONE platform will streamline processes, offering rapid claims settlement, customizable coverage, and transparency. Both companies’ leaders expressed enthusiasm for the partnership, emphasizing the alignment of their missions to deliver tailored solutions. This alliance marks a significant advancement in providing effective insurance options for clients in high-risk areas.
BIS Unveils Revolutionary AI Toolkit to Transform Global Financial Supervision
The Bank for International Settlements (BIS) has launched Project AISE (Artificial Intelligence Supervisory Enhancer) to transform financial regulation amid the growing FinTech sector. This initiative aims to support regulatory authorities by providing advanced AI tools for improved efficiency and responsiveness in managing complex tasks. Project AISE focuses on streamlining research, enhancing supervision, and bolstering decision-making to address systemic risks and ensure financial stability. It also promotes knowledge retention within supervisory institutions, enabling less experienced supervisors to adapt to market changes effectively. Led by the BIS Innovation Hub’s Toronto Centre, the project is a collaborative effort to leverage technology in financial oversight.
Unlock Your Potential: Apply Now for the 2025 PitchIT Accelerator by ConnectWise and IT Nation!
ConnectWise and IT Nation have launched the 2025 PitchIT accelerator, a global competition designed to foster innovation among managed service provider (MSP) startups. This seventh iteration invites emerging companies to showcase solutions that integrate with the ConnectWise platform, vying for a grand prize of $70,000 at the IT Nation Connect 2025 event in Orlando. Applications are open until April 30, 2025, with selected participants undergoing a 16-week business transformation program featuring expert mentorship. A total of $100,000 in prize money is available, promoting operational efficiency and growth within the MSP community. For more details, visit the ConnectWise website.
Capital One Hit with Lawsuit for Alleged Deceptive Savings Account Practices
The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Capital One and its parent company, Capital One Financial Corp., for allegedly misleading millions of customers, leading to over $2 billion in lost interest from savings accounts. The CFPB claims Capital One advertised its “360 Savings” account with competitive rates but kept the interest at only 0.30% despite rising national rates. Meanwhile, a new “360 Performance Savings” account offered much higher rates. The lawsuit seeks to stop these practices, provide restitution to affected customers, and impose penalties. CFPB Director Rohit Chopra emphasized the need for fairness in banking.