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 owners
• Seamless 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 burden
• Embedded 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 years
• Trust 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 franchises

You can download the whitepaper here: https://www.kayna.io/news/kayna-and-wtw-white-paper---vertical-saas-for-uk-smes

Visit 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