Cork InsurTech Kayna Boosts Global Expansion with Innovative Embedded Insurance Model
Kayna, a Cork-based InsurTech company, is making waves in the insurance industry with its recent announcement to create 13 new jobs. This expansion is part of Kayna’s strategic move into the US and UK insurance markets, aiming to provide innovative embedded insurance solutions for small businesses. The announcement was made during a visit from Robert Troy, Minister of State for Financial Services, who met with Kayna CEO Paul Prendergast to discuss the company’s growth plans and Ireland’s pivotal role as a FinTech innovation hub.
Kayna’s Mission in the Insurance Industry
Founded in 2021 by Paul Prendergast and Peter Bermingham, Kayna specializes in delivering embedded insurance solutions tailored for small businesses across various sectors, including:
- Construction
- Hospitality
- Legal Services
The platform allows small and medium-sized enterprises (SMEs) to access customized insurance coverage seamlessly through their existing software tools. In the US alone, a staggering 40% of SMEs remain uninsured, indicating a significant market opportunity that Kayna intends to capitalize on.
Significant Market Opportunity
Prendergast emphasized the potential for growth, stating, “The opportunity is huge. Embedded insurance is projected to account for 15% of the global insurance market, worth $1.5 trillion, within the next decade. Kayna aims to lead this transformation from Cork.”
Funding and Future Hiring Plans
Kayna is bolstered by €1 million in funding and has secured a major partnership with global broker Willis Towers Watson to facilitate its expansion. The company’s recruitment efforts will focus on attracting:
- Software Engineers
- Business Development Staff
All positions will be based in Cork, emphasizing the company’s commitment to its local roots while expanding its international footprint.
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