Insurance innovator Kayna targets US and UK market expansion

Anna-Marie Turley of Enterprise Ireland with Kayna chief executive Paul Prendergast, Minister of State Robert Troy, Kayna chief technical officer Peter Bermingham and Anne Lanigan of Enterprise Ireland.

Insurance company Kayna plans to create 13 jobs in Cork over the next two years as the company expands into the US and UK markets. 

Kayna is a technology enabler that helps integrate embedded insurance solutions.  The InsurTech firm was founded in 2021 by Paul Prendergast and Peter Bermingham. Kayna’s platform is targeting SME sectors such as construction, hospitality, and legal services. The company founders say the company model addresses a critical market gap, with 40% of small businesses in the US alone without insurance.

“The opportunity is huge. Embedded insurance is forecast to account for 15% of the global insurance market, worth $1.5tn, within a decade," said Kayna chief executive and co-founder Prendergast. "Kayna’s goal is to lead from the front, and to do so from Cork.” 

Mr Prendergast and Mr Bermingham were joined by the minister of state with responsibility for financial services, credit unions and insurance Robert Troy this weekend to discuss policy considerations that can support home-grown insurtech success stories like Kayna. "A well-functioning insurance market is vital for any economy, and the work that Kayna is doing to support businesses navigate the sector is the sort of innovation I want to continue to foster in Ireland," said Mr Troy. 

Kayna has announced plans to begin hiring software engineers and business development specialists to support its growth plans, and Enterprise Ireland representatives joined Mr Troy at the weekend. “We’ve always believed in building from Cork. Over the years, we’ve launched and scaled three insurtech companies here with invaluable support from Enterprise Ireland. That backing combined with strong government policy has never been more important," said Mr Prendergast. "If Ireland is to remain a tech hub of global relevance, we must continue to invest in the ecosystem that enables founders to take bold ideas to market quickly and effectively.”