Greenlight Re Innovations (GRI), part of Greenlight Capital Re, has announced an investment in Safely, a provider of short-term rental protection.
The short-term home rental market has grown rapidly as seen with the rise of booking platforms like Airbnb and Vrbo. With this, concerns have grown among homeowners about the possibility of property damage and liability exposure, which have left them reluctant to list their properties, according to GRI.
Simon Burton, Chief Executive Officer at Greenlight Re, said, “The significant growth of the short-term rental market has occurred despite the absence of a suitable insurance product. Safely has the right product to respond to this demand and has prioritised customer experience through their impressive platform.”
The Atlanta based startup tries to address these by screening each guest, reducing the likelihood that the homeowner will incur a loss. Safely also embeds commercial insurance protection directly into each reservation through its partnerships with property management systems.
When a claim is made, the property manager can easily administer it within Safely’s platform, which pays nearly all claims within two business days. According to GRI, Safely has accumulated more than two million nights’ worth of data, building a robust view of risk factors within the short-term rental market and the broader sharing economy.
Andrew Bate, Founder and Chief Executive Officer at Safely, said, “We are excited to work with Greenlight Re and their recently launched Lloyd’s syndicate. Greenlight Re quickly understood the potential of Safely’s home rental product, and we look forward to collaborating with them to make our program world-class.”
