As a global software company, Redkik undertakes the mission to enhance the insurance industry by creating something for those in logistics and transportation to use without giving much effort. The Finnish American company provides user-friendly services for the marine cargo insurance industry.
For further business developments, Redkik has raised 3.3 million dollars in the seed funding round co-led by Greenlight Re Innovations and MS&AD Ventures, with participation from Fintech Ventures Fund, Plug and Play, and existing investor North Karelia Growth Fund.
Redkik’s revolutionary steps
Founded by Chris Kalinski and Jan Scharf, Redkik has stepped into action seeing that the old-school cargo insurance system is still bearing almost the same patterns in the process. Using this as a source of motivation, Redkik built a risk analysis software so that it can provide opportunities for customers to figure out their needs and offer them exactly what they ask for.
“Redkik is transforming how cargo insurance policies are structured and distributed. We believe the future of cargo insurance is in embedded, point-of-sale solutions and, therefore, we are excited to welcome Redkik to our growing portfolio of Insurtech companies,” said Brian O’Reilly, Head of Innovations at Greenlight Re Innovations.
The software allows one to analyze the actual data sets which underline the value of the new cargo insurance system. This saves time and energy with the help of modernizing the system itself.
The new system they called Transportation Management System (TMS) is not handing over the insurance under the name of the brand. It is just a meeting point between buyers and service providers. The buyer can cover each shipment and escape running up huge debts or a high amount of annual pre-payment.
Founder and CEO of Redkik, Chris Kalinski said. “Insurance for shipping is still determined the same way as 30 years ago, with little to no automation, and outdated IT solutions. This results in low efficiency, double-keying, high overhead costs, and complexity for every party within the supply chain. Our mission is to bring intelligence to insurance and make it simple to secure goods and loads. Most annual policies are based upon 12-month forecasts and the policyholder has to pay the premium upfront. Redkik’s technology coupled with our strategic partners’ insurance placement offering facilitates change to the old structure and we are excited to present this groundbreaking, collaborative solution to the transportation industry.”
New lands to be discovered
The funding will boost the company’s growth. It may also help them keep updated cargo insurance powered by artificial intelligence and machine learning.
The idea is the simplification of an existing system, just like with one click, and saving consignors from the burden of annual policies when they have individual shipments. Since the software allows them to insure just what they need to ship.
“Redkik is upgrading the cargo insurance space. Their solution uses data analytics and artificial intelligence to better serve customers through personalization, empowering brokers and carriers and increasing revenue streams for freight forwarders. We love investing in companies that create a more seamless experience for users,” said Tiffine Wang, Partner at MS&AD Ventures.
The company is meaning to hold the line and go further from there with the research and developments of its as the leader in per shipment cargo insurance. Additionally, thanks to the fund, Redkik will be able to carry out its operations across the USA, Canada, Latin America as well as South-Eastern Asia, and Europe.
Redkik is expecting to hear from freight forwarders, technology integration partners, transport intermediaries, and insurance partners for its next steps in different markets.