Original text here from Patrice Bernard (LinkedIn)
While Small and Medium-sized Enterprises (SMEs) are particularly vulnerable to various incidents, they often struggle with insurance due to a lack of risk awareness, inadequate or unsuitable coverage, and excessive administrative burdens. Addressing this issue, the startup Kayna is developing an embedded insurance solution tailored to the unique needs of SMEs.
The challenge is indeed complex. On one hand, small business owners scarcely have time for tasks perceived as peripheral to their core operations, especially given the typically cumbersome and time-consuming insurance procedures. On the other hand, insurance intermediaries, despite their best efforts, allocate limited resources to this segment, proportionate to its profitability potential, and rarely delve into the specifics of each case.
Kayna’s approach to overcoming these challenges mirrors the emergence of integrated credit solutions on online marketplaces (like Amazon) from years ago. Instead of using data from these platforms to assess a business’s repayment capacity, Kayna uses it to craft personalized insurance proposals.
Practically, Kayna provides marketplace operators with a module that automatically generates a policy for sellers based on the capture of necessary information about their activities and context. It’s important to note that Kayna is not an insurer itself but develops the technical layer that optimizes the relationship on the e-commerce site between an insurance company (and/or a broker) and a client.
The advantages of Kayna’s approach go beyond personalization. The subscription process becomes much simpler and faster, as the endless usual forms can be largely pre-filled with collected data, leaving only a few residual questions for manual handling.
Furthermore, the constant connection to the data source allows for real-time updates of the coverage terms. For the policyholder, this means their contract remains continually aligned with their changing needs and the various developments and contingencies that affect any organization, especially smaller, more dynamic ones, which might not always proactively inform their insurer of these changes.
Beyond its commercial positioning, Kayna masterfully illustrates how the era of omnipresent digital information can transform the financial sector. This transformation is evident in creating seamless, frictionless user experiences, preventing errors, and enabling long-term monitoring of clients and their evolving circumstances. The opportunities are vast across all areas of the industry and potentially less uncertain than those associated with artificial intelligence.
Subscribe to our newsletter:
