Specialist property and casualty reinsurer Greenlight Capital Re has launched Greenlight Re Innovations, a new unit set to be head up by Greenlight Re’s Chief Operating Officer (COO), Michael Belfatti.
The innovation unit’s central mission will be to support commerce and personal health and welfare through technology and risk enterprises that drive efficiencies as well as to use InsurTech, data and new risk transfer delivery mechanisms to improve the products and services available to its insurance company clients.
Belfatti said: “new technologies are emerging almost on a daily basis that will transform the way companies do business and individuals live their lives.
“Individuals and companies understand that these technologies and data sources should be used to improve lives and businesses, not just benefit service providers. We are eager to collaborate with and invest in technology innovators to create a next-generation of risk management products and services that our customers value.”
Greenlight Re Innovations aims to implement a “holistic” risk management approach that combines preparedness, leading-edge technologies for prevention, and post-loss mitigation as well as risk finance.
The reinsurer said its innovation strategy recognizes the ever-growing sources of data which capture information that can improve risk management for the benefit of businesses and individuals, but have often been viewed as a one-way avenue for insurer profits.
Simon Burton, Greenlight Re’s Chief Executive Officer (CEO), commented: “technology and innovation are at the heart of Greenlight Re’s strategy for future growth. We are nimble enough to quickly develop and bring to market risk products that are efficient and beneficial.
“Our strategy will allow us to maximize on the changing landscape of opportunities from technological innovation, while avoiding large, permanent teams of resources that undermine the benefits available to our customers.”