Cork central to entrepreneurial journey
A Cork-based InsurTech plans to create 13 new high-skilled jobs over the next two years, as the company accelerates its expansion into the US and UK insurance markets.
Kayna, founded by local entrepreneurs Paul Prendergast and Peter Bermingham, platform aims to simplify and embed insurance at the point of need, targeting underserved SME sectors such as construction, hospitality, and legal services. The model addresses a critical market gap, those at Kayna said, where 40% of small businesses in the US alone currently have no insurance, while the majority of the rest are underinsured.
Paul Prendergast and Peter Bermingham also recently welcomed the Minister of State with responsibility for Financial Services, Credit Unions and Insurance, Robert Troy TD to its headquarters for what was described as a high-level meeting focused on innovation, international growth, and the role of Government support in Ireland’s thriving tech sector.
Speaking at the meeting, Minister Robert Troy TD said: “Kayna is a real success story, and represents the growing environment for InsurTech innovation in Ireland. I congratulate them on their plans to hire new staff and expand further into more markets. As Minister of State with Responsibility for Financial Services, Credit Unions, and Insurance, I am committed to ensuring that Ireland remains a globally competitive and supportive environment for financial services, including InsurTech. 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.”
Kayna, founded in 2021 is the third start up from its co-founders, whose previous ventures in the sector have achieved international scale. The team will remain rooted in Cork, a city Mr Prendergast said is central to their entrepreneurial journey. “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. 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.”