Insurtech Kayna, known for its vertical SaaS platforms that facilitate insurance solutions, has entered into a collaboration with AEGIS London to enhance AEGIS's Opal Underwriting online quote and bind platform.
This partnership is set to provide data-driven insurance coverages to borrowers through surplus lines brokers during commercial lending transactions. AEGIS London operates as a managing agent for a Lloyd's of London syndicate and is part of AEGIS, a mutual insurance company serving the North American energy industry.
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The focus of the initiative is to develop property insurance options tailored for US borrowers. AEGIS London, through its Opal Underwriting platform, currently underwrites over $120 million in premiums annually, largely for insurance types that commercial lenders require borrowers to have.
The enhanced insurance offerings planned through this partnership will allow borrowers to access various insurance coverages directly through lending platforms during the loan application process.
These enhancements include providing access to AEGIS London’s deductible buy-down product, facilitating coverage placements through authorized surplus lines brokers, and offering the ability to obtain indicative quotes seamlessly integrated into the loan application workflow via Opal Underwriting’s API-enabled solution.
Additionally, the system will feature automated form completion leveraging data from the lending platform, thereby streamlining the application process.
Paul Prendergast (pictured above, left), CEO of Kayna, expressed his enthusiasm for the collaboration with the Lloyd’s top quartile syndicate.
“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,” he said.
Calum Williams, digital development manager at AEGIS London, also noted the strategic benefits of the partnership as the firm expands its specialist portfolio.
“We immediately recognized the potential to benefit the entire value-chain with commercial property insurance solutions that utilize loan platform data to generate cover options specific to client needs through authorized surplus lines brokers. In this, we are proudly preserving our AEGIS London core values of striving to do better with fairness and respect,” Williams said.
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