Start-up insurtech Kanya has launched a solution that integrates with a company’s systems to monitor its operations and assess whether it is carrying the correct level of insurance cover in the various products across its insurance programme.

Paul Prendergast, CEO of Kanya, said: “Both over and underinsurance in small and medium businesses has been an issue for decades. 80% of UK businesses never tell their broker or insurer of fundamental changes that impact on their risk exposure.

“This problem becomes more acute when we recognise that major challenges for SMBs caused by COVID-19 and Brexit have forced them towards significant ongoing changes in a volatile trading environment - meaning that some are paying too much for cover they don’t need, while others are leaving themselves hugely financially exposed with cover that’s not sufficient and/or fit for purpose.

“Kayna surmounts these challenges by providing a dynamic policy process which prompts businesses with risk impact alerts for their insurer, then suggests subsequent policy changes.”

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