Greenlight Capital Re Ltd., a Cayman Islands-based specialist property and casualty reinsurance company, has launched an innovation unit called Greenlight Re Innovations.
Headed by Greenlight Re’s Chief Operating Officer Michael Belfatti, the new unit will use technology, data and new risk transfer delivery mechanisms to improve the products and services available to insurance company clients, as well as to underlying individuals and businesses, said the company in a statement.
“We are eager to collaborate with and invest in technology innovators to create a next-generation of risk management products and services that our customers value,” commented Belfatti.
Greenlight Re’s innovation strategy recognizes that technology is advancing at a rapid pace, generating ever-growing sources of data, which can be used to improve risk management for the benefit of businesses and individuals, affirmed Greenlight Re.
“New technologies are emerging almost on a daily basis that will transform the way companies do business and individuals live their lives,” said Belfatti. “Individuals and companies understand that these technologies and data sources should be used to improve lives and businesses, not just benefit service providers.”
“Technology and innovation are at the heart of Greenlight Re’s strategy for future growth,” said Simon Burton, Greenlight Re’s chief executive officer.
“We are nimble enough to quickly develop and bring to market risk products that are efficient and beneficial. Our strategy will allow us to maximize on the changing landscape of opportunities from technological innovation, while avoiding large, permanent teams of resources that undermine the benefits available to our customers,” he added.
Source: Greenlight Capital Re