Embedded Insurance for Horses: How Equine MediRecord Tackles Massive Underinsurance with Kayna and WTW

In this episode, Lars explores embedded insurance through an unusual but fascinating lens: horses.Finlay Dargan (COO, Equine MediRecord), Paul Prendergast (Kayna), and Anthony Borgman (WTW) share how they partnered to bring mortality insurance directly into a horse health record management platform.The conversation reveals broader insights about embedded insurance opportunities, the challenges of serving underinsured markets, and why this distribution model is 3-4 years behind embedded fintech.Key Insights:The opportunity: The vast majority of horses globally have no insurance due to difficulty obtaining coverage and high costs, creating significant financial risk for ownersSeamless integration: Horse owners can now access insurance directly within their existing workflow: clicking an insurance tab in the platform they already use for medical records, with data automatically passed through to reduce administrative burdenEmbedded insurance is catching up: Although it is 3-4 years behind embedded fintech, the infrastructure is rapidly improving. Hiscox estimates 15% of its European P&C business will be embedded within five yearsTrust matters in insurance: Unlike payments, where "new kids on the block" can win, insurance buyers want established brands with century-long track records—making partnerships between nimble tech providers and traditional insurers crucial.The under-insurance crisis: 43% of UK small business insurance claims involve under-insurance. Embedded solutions can help by using platform data to flag when risk profiles change (like hiring the first employee or a racehorse winning and increasing in value)Future possibilities: Dynamic coverage adjustments, micro-insurance for specific events (like horse transport), and compliance-driven embedded insurance across sectors from construction to franchisesYou can download the whitepaper here: https://www.kayna.io/news/kayna-and-wtw-white-paper---vertical-saas-for-uk-smesVisit our website www.embeddedfinancereview.com for more content. This episode was produced by Orama.tv.(00:00) Start(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) Digitizing 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

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