The company's underwriting platform currently underwrites more than $120 million
property
Written by Kenneth Arauro
Insurtech Kayna, known for its vertical SaaS platform that powers insurance solutions, has partnered with AEGIS London to power AEGIS' Opal Underwriting online quote and binding platform.
The partnership aims to provide data-driven insurance to borrowers through surplus line brokers during commercial loan transactions. AEGIS London operates as a managing agent of Lloyd's of London Syndicate and is part of AEGIS, a mutual insurance company serving the North American energy industry.
The focus of this effort is to develop tailored property and casualty insurance options for U.S. borrowers. Through its Opal Underwriting platform, AEGIS London currently underwrites more than $120 million annually in insurance premiums, primarily the types of insurance that commercial lenders require their borrowers to purchase.
The insurance service enhancements planned through this partnership will allow borrowers to access a variety of insurance coverages directly through the lending platform during the loan application process.
These enhancements include providing access to AEGIS London's deductible purchase products, making it easier to arrange coverage through licensed surplus line brokers, and seamlessly adding to loan application workflows via Opal Underwriting's API-enabled solution. This includes providing the ability to obtain an integrated reference quote.
Additionally, the system features automated form-filling capabilities that leverage data from lending platforms, thereby streamlining the application process.
Kayna CEO Paul Prendergast (pictured above, left) expressed his enthusiasm for working with Lloyd's top quartile syndicate.
“By combining their specialized market expertise with our Kayna technology and data capabilities, we have identified a potential and attractive embedded insurance opportunity for commercial loan platforms. , has the potential to reduce loan processing time and add value to the applicant experience. We are excited about the tremendous potential of this unique solution in the United States,” he said.
Calum Williams, Digital Development Manager at AEGIS London, also noted the strategic benefits of the partnership as the company expands its specialist portfolio.
“We believe that commercial real estate insurance solutions that leverage loan platform data to generate coverage options specific to customer needs through licensed surplus lines brokers have the potential to benefit the entire value chain. In this regard, we proudly uphold Aegis London's core values ​​of striving to do better with fairness and respect.” said Williams.
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