AN IRISH insurance firm which prides itself on offering a platform which solves a problem facing underserved sectors is preparing to expand into the global market.
Kayna is a Cork-based ‘insurtech’ company which was founded by local entrepreneurs Paul Prendergast and Peter Bermingham.
The firm’s platform simplifies and embeds insurance “at the point of need” for its clients, and targets underserved small and medium sized businesses in sectors such as construction, hospitality, and legal services.
Since it was founded in 2021, Kayna has grown steadily and built up a healthy client base in Ireland.
Now they are setting their sights further afield, with plans to launch in the UK and the US, where they have found a significant gap in the market.
“The [Kayna] model addresses a critical market gap: 40pc of small businesses in the US alone currently have no insurance, while a majority of the rest are underinsured,” they explain.
(L-r) Anna-Marie Turley of Enterprise Ireland with Kayna chief executive Paul Prendergast, Minister of State Robert Troy, Kayna CTO Peter Bermingham and Enterprise Ireland's Anne LaniganAs a result, the firm will increase its workforce, adding 13 new roles, to support their expansion.
“The opportunity is huge,” Mr Prendergast said of the firm’s plans.
“Embedded insurance is forecast to account for 15pc of the global insurance market, worth $1.5 trillion, within a decade.
“Kayna’s goal is to lead from the front, and to do so from Cork.”
Mr. Prendergast describes their home county as “central” to their entrepreneurial journey.
“We’ve always believed in building from Cork,” he explained.
“Over the years, we’ve launched and scaled three insurtech companies here with invaluable support from EnterpriseIreland.
“That backing combined with strong government policy has never been more important.
"If Ireland is to remain a tech hub of global relevance, we must continue to invest in the ecosystem that enables founders to take bold ideas to market quickly and effectively.”
Ireland’s Minister of State with responsibility for Financial Services, Credit Unions and Insurance, Robert Troy recently visited Kayna’s headquarters to meet with the team.
“Kayna is a real success story, and represents the growing environment for insurtech innovation in Ireland,” he said
“I congratulate them on their plans to hire new staff and expand further into more markets,” he added.
“I am committed to ensuring that Ireland remains a globally competitive and supportive environment for financial services, including Insurtech,” Mr Troy explained.
“A well-functioning insurance market is vital for any economy, and the work that Kayna is doing to support businesses navigate the sector is the sort of innovation I want to continue to foster in Ireland.”
See More: Insurance, Insurtech, Kayna
