Greenlight Re Innovations (“GRI”), part of Greenlight Capital Re, Ltd.(“Greenlight Re” or the “Company”), has announced an investment in Redkik, Inc. (“Redkik”), a cargo insurance administration and analytics platform.
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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 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.
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Simon Burton, Chief Executive Officer 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.”
Chris Kalinski, Founder and Chief Executive Officer at Redkik, said, “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. 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.”
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