Greenlight Re invests in online insurance dispute resolution business FairClaims
The Cayman Islands-based reinsurer Greenlight Re's insurtech unit has made a strategic investment in an online insurance and consumer dispute resolution start-up FairClaims.
Los Angeles, California-based FairClaims has developed an online platform that educates, empowers, and engages claimants to drive settlement via negotiation and mediation. The investment will allow the company to accelerate expansion into the insurance industry.
The specialist property and casualty reinsurer launched its innovation unit, Greenlight Re Innovations, in Marsh 2018 with the aim to improve its products and services with the help of technology, data and new risk transfer delivery mechanisms.
Greenlight Re chief executive officer Simon Burton said: “The U.S. property and casualty insurance industry alone spends nearly $30 billion annually to defend claims. It is widely recognised that current methods for resolving insurance disputes in the US are time-consuming, inefficient, and expensive. FairClaims is a technology-driven solution to this problem that delivers real benefits to all stakeholders in the claims process. We are very excited to partner with Stephen Kane and the FairClaims team on their vision for improving the claims experience.”
FairClaims founder and chief executive officer Stephen Kane said: "Greenlight Re's investment will allow us to accelerate our expansion into the insurance industry, and we're thrilled to be working with them. Consumers and insurance companies alike benefit from increased transparency and greater efficiency in claims resolution. And while carriers are quite experienced at handling claims, our platform empowers consumers to directly submit and manage their own claims while feeling heard.
"As a third party, neutral dispute resolution platform we provide an alternative to litigation for claims. We hope this means more consumers can get a fair settlement more quickly while insurance companies benefit from shorter cycle times, less overhead and more brand affinity."
