The aim is to utilise InsurTech and a data orchestration layer in order to optimise the strength of OPAL, AEGIS London’s online quote and bind platform, enabling surplus lines brokers to offer real-time property cover options to meet the mandatory insurance requirements of commercial loan applicants.
Kayna, the award-winning InsurTech that facilitates insurance solutions through vertical SaaS platforms, and AEGIS London have agreed to work together to optimise AEGIS London’s online quote and bind platform, Opal Underwriting, by making data-led insurance coverages available to borrowers through surplus lines brokers, during commercial lending transactions. AEGIS London is a managing agent of a top quartile performing Lloyd’s of London syndicate and part of AEGIS (Associated Electric & Gas Insurance Services Limited), a mutual insurance company that serves the needs of the North American energy industry.
The Kayna infrastructure is set to explore developing property insurance options for US borrowers. AEGIS London currently writes in excess of $120m of premium through its OPAL Underwriting platform per year, much of this for certain types of insurance typically required for borrowers to have in place by commercial lenders.
Kayna and AEGIS London, using its OPAL Underwriting platform, are collaborating on the design of insurance coverage that would be available, via surplus lines brokers, to borrowers active on lending platforms and engaged in the loan application process. The concept in development includes:
· Enabling access to AEGIS London’s deductible buy-down product – intended to help borrowers satisfy lending requirements;
· Surplus lines insurance placements through an authorised surplus lines broker who would offer and help place coverages for the potential insureds;
· Ability to obtain indicative quotes during the loan application process on the lending platform – using OPAL Underwriting’s API-enabled quote and bind solution; and
· Automated form completion - utilising data from the lending platform.
Paul Prendergast, CEO of Kanya said that: “We are delighted to be working with AEGIS London – managing agent of a top quartile syndicate at Lloyd’s, both by size and performance. Their specialist market expertise combined with our Kayna tech and data capability has identified a potential and compelling embedded insurance opportunity for commercial loan platforms. Adoption within the loan process workflow could improve loan processing time and add value to applicants’ experience. I’m excited by the immense potential for this unique solution in the US.”
Providing technology and data orchestration between insurance carriers, surplus lines brokers and any vertical SaaS platform, Kayna drives top-line growth for vertical SaaS providers while providing access to potential insurance options. Its Low-Code embed integrates with vertical SaaS platforms that manage the daily operations for thousands of business customers. It leverages the unique data of that platform to provide insurance options specific to the needs of each business. A key feature that makes Kayna ideal for embedded solutions for dynamic SMBs is its tracking of relevant data changes. This enables real-time updates and policy adaptation to facilitate ongoing appropriate cover.
Calum Williams, Digital Development Manager, AEGIS London, commented, “Our proposed collaboration with Kayna represents a new and innovative opportunity to expand our specialist product portfolio. We immediately recognised the potential to benefit the entire value-chain with commercial property insurance solutions that utilise loan platform data to generate cover options specific to client needs through authorised surplus lines brokers. In this, we are proudly preserving our AEGIS London core values of striving to do better with fairness and respect.”
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