WTW, an advisory and broking company, has tied up with insurance infrastructure platform Kayna to enhance its Affinity Insurance business.
The collaboration is focused on the delivery of insurance solutions to SMEs in the UK and US through vertical software-as-a-service (vSaaS) platforms.
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vSaaS platforms offer software solutions designed for particular industries.
The companies aim to provide full programme administration for industry-specific vSaaS platforms in sectors such as construction, legal, salon/spa, fitness and field service.
WTW’s specialist teams in the UK and US will handle product development and broker all insurance offerings.
WTW Affinity and Kayna’s alliance is expected to help WTW offer a suite of insurance solutions including property, general liability, workers’ compensation, commercial auto and umbrella liability directly to industry-specific vSaaS platforms.
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By GlobalDataThe goal is to stimulate top-line growth for vSaaS providers by utilising platform data to offer relevant, bespoke insurance products through a simplified process directly to their customer base.
Key features of the partnership include the integration of Kayna’s technology with WTW-brokered products on vSaaS platforms, facilitated by a low-code orchestration layer.
This integration will allow WTW to provide indicative quotes, pre-filled applications and policy generation.
Additionally, Kayna will enable coverage alerts and customised policy proposals for SMEs.
Customers using vSaaS can manage their insurance portfolios and access documentation through the WTW platform, which offers an admin portal for effective oversight.
WTW head of affinity and programmes US Paul Lubbers said: “Insurance at your fingertips, forms derived from the actual key data that informs insurance metrics and a facilitated process that goes beyond the policy purchase to trigger alerts if coverage level needs to be updated to mitigate risk.
“Both WTW and Kayna are playing to our respective strengths in delivering a world-class solution that is set to play a pivotal role in our consumer and commercial programmes across the US.”
In a recent move to expand its insurance offerings, WTW joined hands with Canopius, a specialty reinsurer, and Verita Capital Solutions, a managing general underwriter, to launch the Client Edge Property Facility.
