Greenlight Re Innovations, a division of specialist hedge fund-backed property and casualty reinsurer Greenlight Capital Re, has invested in Paxafe, a supply-chain visibility and analytics platform focused on high value and perishable cargo.
Historically, shippers and insurers have lacked certain basic insights into shipments’ location, condition, and custody, whereas this platform introduces innovative solutions to these challenges.
Using IoT sensors that advise of the cargo’s location, Paxafe’s ‘CONTXT’ platform provides an interactive timeline that displays a full chain of custody.
The platform also tracks environmental data such as temperature, humidity, pressure, tilt, shock, and light to identify conditions in which there is an elevated risk of cargo damage.
Simon Burton, Chief Executive Officer at Greenlight Re, said: “The ability to monitor the location of cargo and its environment in real-time has the potential to transform cargo risk underwriting.
“We look forward to working with Paxafe as they bring this innovative approach to the cargo market.”
Ilya Preston, Chief Executive Officer at Paxafe, added: “Risk and loss through the supply chain don’t just negatively impact shippers and logistics companies, but also cargo insurers.
“Technology providers focus on visibility, whereas we see an opportunity to predict where risk is prevalent and prevent that loss altogether.
“We’re thrilled to lean on Greenlight’s insurance expertise as we look to bridge the gap between cargo insurance and the supply chain.”