Greenlight Re Improvements (GRI), a part of Greenlight Capital Re Ltd., has introduced an funding in insurtech startup Redkik Inc., a cargo insurance coverage administration and analytics platform.
Cargo insurance coverage insurance policies have historically been written on an annual foundation and priced primarily based on projected cargo quantity and worth, stated GRI, explaining that cargo house owners who can not precisely predict the frequency and worth of future shipments might expertise further prices.
Redkik has created an API-embedded resolution and platform positioned between freight forwarders and insurance coverage carriers, enabling transport intermediaries to supply appropriately priced, per-shipment cargo insurance coverage insurance policies to their purchasers on the level of reserving. (API, or “software programming interface,” is a set of definitions and protocols that allow the combination of software software program).
“A while in the past, we recognized cargo insurance coverage as a perfect candidate for a extra granular and data-driven strategy to underwriting and pricing, that’s extra attentive to the wants of small and enormous enterprises alike,” commented Simon Burton, chief government officer at Greenlight Re. “Redkik’s product completely matches our imaginative and prescient for the way forward for cargo insurance coverage and we’re excited to play a job of their growth.”
“For years, there was a disconnect available in the market between buyer wants and insurance coverage merchandise. The dynamic nature of the logistics course of forces the insurance coverage {industry} to adapt to fulfill the altering calls for,” stated Chris Kalinski, founder and chief government officer at Redkik.
“Redkik presents a transactional, on-demand resolution tailor-made for the distinctive and evolving wants of the worldwide logistics sector, which solves this industry-wide drawback and provides direct worth for the client. Working with Greenlight Re has been instrumental in accelerating our journey to rework the {industry},” Kalinski added.
About Greenlight Capital Re and Redkik
Cayman Islands-based Greenlight Re offers multi-line property/casualty reinsurance via its licensed and controlled reinsurance entities within the Cayman Islands and Eire. In 2018, the corporate launched its Greenlight Re Improvements unit, which helps expertise innovators within the re/insurance coverage area by offering funding, danger capability and entry to its insurance coverage community.
Redkik launched in Finland in August 2020 and operates an entirely owned subsidiary within the U.S. With a mission to rework and enhance the insurance coverage {industry} for all events inside logistics and transportation, Redkik’s platform eliminates the necessity for annual and sophisticated insurance coverage insurance policies. By Redkik’s embedded integration with licensed cargo insurance coverage suppliers, transport intermediaries can supply their prospects on-demand per-shipment, personalized cargo insurance coverage when their freight is booked.
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