Provider of reinsurance and insurance Swiss Re has expanded its partnership with Verily, which uses technology to better understand health.
Swiss Re and Verily closed a transaction whereby Swiss Re exchanged its investment in Granular Insurance Company for an equity stake in Verily. Granular is now wholly-owned by Verily.
Founded in 2015, Verily devotes itself to the study of life sciences and using technhology to solve health issues.
In 2020, Swiss Re made a minority investment in Granular, an insurer that provides self-funded employers with a data-based approach to help them manage risks, costs and achieve better outcomes.
Swiss Re will no longer be a direct shareholder in Granular, nor directly involved in its operations. Both Granular and Swiss Re remain independently committed to the Employer Stop Loss segment in the US.
Andy Conrad, chief executive officer, chairman, and founder of Verily, said, “During our two-year relationship, we’ve been able to show Swiss Re our vision for how Verily can impact precision health,” said. “We welcome Swiss Re and their expertise to our group of investors who see the potential of Verily to impact the larger healthcare ecosystem.”
Christian Mumenthaler, chief executive officer of Swiss Re, added, “We are pleased to broaden our strategic relationship with Verily. Our positive experience collaborating with Verily over the last two years has given us confidence in expanding the relationship towards potential new areas of innovation in the life and health space.”
Earlier this year, Swiss Re partnered with T-Hub, an innovation hub and “ecosystem enabler” based in India, to drive innovation in the InsurTech space.
The partnership involves Swiss Re’s analytics and innovation hub in India, Swiss Re Global Business Solutions (GBS) India.
Swiss Re said together with T-Hub it will work to discover innovative technologies and trends with the aim of developing new business models and products, as well as adopt open innovation strategies.
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