Redkik Company Profile

Background

Founded in 2020, Redkik is a global InsurTech company dedicated to transforming the insurance landscape within the logistics and transportation sectors. By integrating advanced technology, Redkik aims to simplify and enhance the cargo insurance process, offering on-demand, per-shipment coverage that eliminates the complexities associated with traditional annual policies. The company's mission is to provide seamless, efficient, and flexible insurance solutions tailored to the dynamic needs of the global supply chain.

Key Strategic Focus

Redkik's strategic focus centers on delivering embedded, transactional insurance solutions that integrate directly into existing logistics platforms. Utilizing artificial intelligence and machine learning, the company offers real-time, customized insurance quotes at the point of sale. This approach targets transport intermediaries, freight forwarders, and shippers, enabling them to secure tailored coverage instantly, thereby enhancing operational efficiency and risk management.

Financials and Funding

Since its inception, Redkik has successfully secured multiple funding rounds to support its growth and technological development:

August 2020: Raised $35.3K in a pre-seed round.

October 2020: Received a grant of $58.8K.

June 2021: Closed a pre-seed funding round backed by Redstone VC and Business Joensuu.

February 2022: Secured a $3.3 million seed funding round co-led by Greenlight Re Innovations and MS&AD Ventures, with participation from Fintech Ventures Fund, Plug and Play, and North Karelia Growth Fund managed by Redstone.

These investments have been instrumental in accelerating Redkik's technological advancements and expanding its market presence.

Technological Platform and Innovation

Redkik's proprietary software platform stands out for its ability to embed insurance solutions directly into clients' existing systems through API integrations. Key technological features include:

Artificial Intelligence and Machine Learning: The platform analyzes numerous data points—such as weather conditions, cargo value, destination, and carrier information—to generate dynamic, risk-sensitive pricing models.

Instantaneous Coverage: Users can obtain insurance coverage with a single click, streamlining the process and reducing administrative overhead.

Data-Driven Risk Management: The system provides preventative risk and exposure tools, enhancing clients' ability to manage and mitigate potential risks effectively.

Leadership Team

Redkik's leadership comprises experienced professionals with deep expertise in logistics, technology, and insurance:

Chris Kalinski: Founder, Chairman of the Board, and CEO. With over 20 years in the logistics industry, Kalinski has a background in technology, IoT, cold chain, and food safety solutions. Prior to Redkik, he served as Senior Strategic Consultant for Oxford Management Consultants and Vice President of Food Safety and Pharmaceutical Solutions at ORBCOMM.

Shannon Webb: Chief Operating Officer.

Antti Vikman: Chief Technology Officer.

Tait McCarthy: Chief Product Officer.

Kalle Salminen: Vice President of Asia and Board Member.

Competitor Profile

Market Insights and Dynamics

The global cargo insurance market is experiencing significant growth, driven by the increasing complexity of supply chains and the need for comprehensive risk management solutions. The integration of technology into insurance processes is a key trend, with companies seeking to offer more flexible and responsive coverage options.

Competitor Analysis

One notable competitor in the cargo insurance space is Parsyl, a Denver-based company that provides data-driven insurance solutions for perishable goods. Parsyl leverages IoT devices to monitor cargo conditions in real-time, offering tailored insurance products based on the collected data.

Strategic Collaborations and Partnerships

Redkik has established several strategic partnerships to enhance its service offerings and expand its market reach:

ERGO: In Singapore, Redkik partnered with ERGO to offer embedded cargo insurance solutions, enabling transport intermediaries to provide coverage with a single click.

Howden Insurance Brokers AB and Chubb: In Europe, Redkik collaborated with Howden and Chubb to deliver on-demand, per-shipment insurance, streamlining the insurance provision for the logistics and transportation industry.

Uber Freight: Redkik integrated its platform with the Uber Freight Shipper Platform, offering less-than-truckload cargo insurance options at the point of booking, thereby enhancing the user experience for shippers.

Operational Insights

Redkik's strategic partnerships and technological innovations position the company as a leader in the embedded insurance space within the logistics sector. By offering flexible, data-driven solutions, Redkik differentiates itself from traditional insurers and other InsurTech companies, providing significant value to its clients through streamlined processes and tailored coverage options.

Strategic Opportunities and Future Directions

Looking ahead, Redkik aims to continue its global expansion, building on its successful entries into the U.S., European, and Asian markets. The company plans to further develop its technological platform, incorporating more advanced AI and machine learning capabilities to enhance risk assessment and pricing models. Additionally, Redkik is exploring opportunities to extend its insurance solutions beyond cargo to other areas within the logistics and transportation industry, addressing a broader range of client needs.