Redkik: Cargo Insurance Instantly |Embedded |Data Driven
In the commercial insurance industry, buying insurance has been the same for the last 30 years. Having little to no automation and no big transformations. Buying an annual cargo policy or using an additional insurance, require lengthy quoting and underwriting processes.
Redkik aims to change this and modernize buying commercial insurance with a transactional solution that is flexible and enables bringing the policy to an actual point of sale.
Redkik is a global technology company with a mission to transform and improve insurance acquisition journeys for logistics and transportation companies. Through Redkik’s embedded solution with licensed insurance providers, transport intermediaries can offer their customers on-demand, per shipment and customized cargo insurance at the time of their freight being booked. Making annual and complex insurance policies obsolete.
Redkik’s solution is platform agnostic, enabling companies to embed it into their existing systems instead of needing an extra portal. The solution has the ability to ‘transaction-alise’ an insurance policy, thus, to insure special shipments or items that took too much time or effort to insure. Redkik’s solution brings convenience to transportation insurance, thereby de-risking the industry.
The solution is fully operational and machine learning components will be added to the next version. The company is currently live in the US and Europe and has anticipated start dates in Asia and Latin America by the end of the year.
The company works with players like Amwins, Chubb, MunichRe, Howden, Roanoke, Gear (corretera de seguros) and won awards as a Top 100 European Startup (Slush) and Top25 Plug and Play Insurtech Startup
How does it work?
Redkik’s solutions enable embedded integration with licensed cargo insurance providers. Its fully integrated solution provides real-time responses for each shipment that is booked in a Transportation Management System, requesting an insurance carrier to cover the risk.
Redkik essentially adds a line item to a booking system, where a customer can add coverage for their transportation with one click, which was unseen in cargo insurance.
For marine insurance it has proven hard to create a transactional and fully embedded solution. With machine learning components being added, Redkik will be able to give personalized quotes according to multiple different data points.
Why did we select Redkik to DIA Amsterdam 2022?
Making insurance more transactionally driven and at the point of sale is something we have been seeing in areas such as flight, bike, and car insurance. Commercial insurance is yet to follow at scale. Redkik leverages two big trends: embedded insurance and AI and Machine Learning which they use to automate the quotation and underwriting.
At DIA Amsterdam Antti Vikman, CTO Redkik, Inc, and Kalle Salminen, VP Asia, will demonstrate the Redkik solution and how simple it is for the customer.
Who is Redkik?
Redkik, Inc. was founded in August 2020 by Chris Kalinski and launched its solution in the US in June 2021. He had worked in the logistics industry for 20+ years focusing on technology, IOT, cold chain and Food Safety solutions and used to own a pharmaceutical transportation carrier lending to his knowledge of the market.
Redkik raised €250,000 pre seed in June 2021 with Redstone, Business Joensuu and angel investor Ilari Schouwvlieger. In February 2022 Redkik closed its seed funding round of $3.3M co-led by Greenlight Re Innovations and MS&AD Ventures, with participation from Fintech Ventures Fund, Plug and Play and North Karelia Growth Fund managed by Redstone.
On April 5th, 2022 Redkik announced a strategic partnership with Howden, together with insurer Chubb, to overhaul how marine cargo insurance is transacted in Europe.
The company now has offices in the USA, Finland and Germany.
Redkik sponsors Snowchange Cooperatives’ young natural growth forest protection site. The funds will be used for supporting the cost of acquiring land and for ecological monitoring and protection. For every single transaction that goes through the system, Redkik will make a direct financial contribution.
” We wanted to disrupt the cargo insurance market with an instant solution, which allows the cargo owner to cover their shipment with one click of a button.”Chris Kalinski, Founder, Chairman of the Board, CEO
As always visit their website here!