Greenlight Re Innovations has made an undisclosed investment in FairClaims, an online insurance and consumer dispute resolution start-up based in California, the US.
FairClaims has introduced an online platform which educates, empowers, and engages claimants to drive settlement though negotiation and mediation.
The investment will enable FairClaims to speed up expansion into the insurance market.
Commenting on the investment, Greenlight Re CEO Simon Burton said: “The US property and casualty insurance industry alone spends nearly $30bn 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 CEO 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.”
Kane further said that its third party, neutral dispute resolution platform offers an alternative to litigation for claims so that consumers can get a fair settlement more quickly whereas insurers benefit from shorter cycle times, less overhead and more brand affinity.
Greenlight Re, a Cayman Islands-based specialist property and casualty reinsurance company, launched an innovation unit in March last year.