Greenlight Re Innovations has invested in InsurTech Redkik, a cargo insurance administration and analytics platform.
The companies explained that cargo insurance policies have traditionally been written on an annual basis and priced based on projected cargo volume and value. For cargo owners that cannot accurately predict the frequency and value of future shipments, pricing inefficiencies can represent significant additional costs.
Redkik is a global Insurtech start-up with the mission to transform and improve the insurance industry for all parties within logistics and transportation.
The company 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.
Simon Burton, CEO at Greenlight Re, said, “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. Redkik’s product perfectly matches our vision for the future of cargo insurance and we’re excited to play a role in their development.”
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