Global InsurTech with a mission to simplify the marine cargo insurance industry Redkik closed an investment round led by business angel Ilari Schouwvlieger, along with North Karelia Growth Fund managed by venture capital firm Redstone and StartUp Fund Joensuu.
Currently, buying an annual cargo policy or using an additional insurance website requires re-keying of data and other lengthy delays related to quotation response times. Redkik’s automated solution provides a one-click, on-demand response with highly competitive per shipment quotes generated in seconds.
Through Redkik’s embedded integration with licensed cargo insurance providers, freight forwarders can offer their customers on-demand per shipment, customised cargo insurance at the time of their freights being booked.
Redkik’s platform allows freight forwarders and insurance partners to get instant quotes and coverage for their shipment for a low single purchase fee, all within their shipping bill. At the same time, the utilisation of AI and machine learning boosts risk management and price efficiencies.
With this new capital injection, Redkik aims to advance its technology and at the same time onboard new clients and partners to their rapidly growing network of freight forwarders who want to help their customers insure and secure goods instantly.
Redkik CEO Chris Kalinski believes that in shipping, insurance procedures have lagged in onboarding technology. “Outdated technology and IT solutions result in low efficiency, high overhead costs, and complexity for every party within the supply chain. With the investment from Redstone’s North Karelia Growth Fund, the StartUp Fund Joensuu, and together with our experienced angel investors, we will be able to onboard more freight forwarders in the US and Europe, which enables their customers to buy per- shipment insurance at the time of freights being booked,” he said.
Commenting on the funding, North Karelia Growth Fund general partner Kaj Hagros said, “Quite remarkably, there does not seem to be per- shipment cargo insurance available easily and digitally, despite the global marine insurance being valued at over 30 billion USD. Redkik is the early bird on a new InsurTech market where currently around half of all of goods go uninsured due to inflexible policies. The solution is instantly available globally allowing a policy to be created in seconds – which made us believe they will scale fast and big. Great to be able to support the ride”.
Echoing a similar sentiment, Joensuu Startup Development board chairman Harri Palviainen added, “Redkik’s service is already live in the US and they have developed an impressive SaaS solution that aims directly to the global market. Their digital platform and technology are developed in Joensuu, Finland, making the company a perfect fit with our investment focus”.
The SaaS solution for per shipment insurance is already available in the US. The company will be launching in the European market in early Q3, and the rest of the world by the end of 2021.
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