Greenlight Re Innovations (GRI), part of Greenlight Capital Re Ltd., has announced an investment in insurtech startup Redkik Inc., a cargo insurance administration and analytics platform.
Cargo insurance policies have traditionally been written on an annual basis and priced based on projected cargo volume and value, said GRI, explaining that cargo owners who cannot accurately predict the frequency and value of future shipments may experience additional costs.
Redkik has created an API-embedded solution and platform positioned between freight forwarders and insurance carriers, enabling transport intermediaries to offer appropriately priced, per-shipment cargo insurance policies to their clients at the point of booking. (API, or “application programming interface,” is a set of definitions and protocols that enable the integration of application software).
“Some time ago, we identified cargo insurance as an ideal candidate for a more granular and data-driven approach to underwriting and pricing, that’s more responsive to the needs of small and large enterprises alike,” commented Simon Burton, chief executive officer at Greenlight Re. “Redkik’s product perfectly matches our vision for the future of cargo insurance and we’re excited to play a role in their development.”
“For years, there has been a disconnect in the market between customer needs and insurance products. The dynamic nature of the logistics process forces the insurance industry to adapt to meet the changing demands,” said Chris Kalinski, founder and chief executive officer at Redkik.
“Redkik offers a transactional, on-demand solution tailored for the unique and evolving needs of the global logistics sector, which solves this industry-wide problem and adds direct value for the customer. Working with Greenlight Re has been instrumental in accelerating our journey to transform the industry,” Kalinski added.
About Greenlight Capital Re and Redkik
Cayman Islands-based Greenlight Re provides multi-line property/casualty reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland. In 2018, the company launched its Greenlight Re Innovations unit, which supports technology innovators in the re/insurance space by providing investment, risk capacity and access to its insurance network.
Redkik launched in Finland in August 2020 and operates a wholly owned subsidiary in the U.S. With a mission to transform and improve the insurance industry for all parties within logistics and transportation, Redkik’s platform eliminates the need for annual and complex insurance policies. Through Redkik’s embedded integration with licensed cargo insurance providers, transport intermediaries can offer their customers on-demand per-shipment, customized cargo insurance when their freight is booked.
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