How Equine MediRecord Tackles Massive Underinsurance with Kayna & WTW
Lars Markull caught up with Finlay Dargan COO at Equine MediRecord (EMR) - a leading vertical SaaS platform in equine digital health software, Anthony Borgman, Head of GB Affinity, WTW and our own Paul Prendergast - Kayna Innovation CEO to talk about their partnership following the recent launch of an embedded mortality insurance solution for horse owners in the UK via the EMR platform.
🎧 Listen on Spotify, Apple Podcasts or YouTube or check it out directly on the Embedded Finance Review website.
We learn how the vast majority of horses in Europe and globally have no insurance coverage whatsoever and how for many horse owners, especially trainers managing 30 to 400 horses, the administrative burden makes insurance impractical. This partnership aims to solve that problem!
It’s a really dynamic conversation with tons of expert insight, particularly around vertical SaaS platforms being uniquely positioned to solve industry-specific insurance gaps, and why embedded insurance is poised for explosive growth! 🚀
Key timespots:
(01:50) Introduction and Welcome
(01:53) Introducing the Topic: Embedded Insurance in the Horse Sector
(02:40) Finlay's Background and Equine MediRecord
(03:04) Digitising the Horse Racing Industry
(03:37) Insurance Opportunities in the Horse Sector
(06:08) Paul's Perspective on Embedded Insurance
(06:34) Challenges and Opportunities in Embedded Insurance
(11:20) Anthony's Role and Affinity Insurance
(20:07) The Importance of Data and Trust
(20:55) Future of Embedded Insurance in the Horse Sector
(23:28) Broader Developments in Embedded Insurance
(32:22) Conclusion and Contact Information
Key takeaways:
➡️ If your vSaaS platform holds valuable data about your customers' businesses or assets, embedded insurance may be relevant.
➡️ Look for pain points where your customers face underinsurance, high administrative burden, or compliance requirements.
➡️ The embedded insurance model works best when you can offer coverage you can't get off-platform, tailored to your specific vertical
➡️ Partner with established insurance brokers and carriers for credibility, paired with modern technology providers for speed. For payments, platforms want solutions that work today; for insurance, they want partners with 100-year track records!
➡️ The winning formula combines established insurance expertise - WTW, Markel, with fast-moving technology - Kayna.
➡️ Software platforms want the best of both worlds: safety and credibility with speed and innovation.
➡️ Integration time has dropped from months to weeks, making embedded insurance increasingly feasible.
➡️ Trust and data control are paramount; customers need to know their proprietary data remains protected
➡️ Consider how changing risk profiles during policy periods could trigger proactive insurance adjustments.
