Simplifying the marine cargo insurance industry – Redstone’s North Karelia Growth Fund invests in Redkik
The company’s goal is to simplify the marine insurance industry while providing a 1-click response to demand. The new injection of capital will give Redkik the opportunity to further develop its industry-leading technology as well as add new customers and partners to its rapidly growing network of carriers.
Currently, purchasing an annual freight policy or using an additional insurance website requires long delays in terms of response times to quotes. With its automated solution, Redkik enables highly competitive quotes per shipment that are generated in seconds.
Kaj Hagros of Redstone, the general partner of the North Karelia Growth Fund, says, “It’s remarkable that there doesn’t seem to be any easily and digitally accessible per-shipment cargo insurance, despite the fact that the value of global marine insurance is over $30 billion. Redkik is the early bird in a new InsurTech market where about half of all goods are currently uninsured due to inflexible policies. The solution is instantly available globally and allows you to create a policy in seconds – which made us think they will scale quickly and big. It’s great that we can support this development.