Customers can insure individual shipments without buying annual policies. Credit: Ian Taylor on Unsplash.

Finnish-American insurance technology start-up Redkik has completed an investment round to enhance marine cargo insurance for the transportation and supply chain industry.

The round was led by Ilari Schouwvlieger, along with North Karelia Growth Fund managed by venture capital firm Redstone, and StartUp Fund Joensuu, Hellenic Shipping News Worldwide reported.

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Redkik will use the proceeds for technological advancements. It also plans to expand client base and bolster strategic partnerships.

Redkik’s risk analysis software enables on the spot cargo insurance quotes based on actual data sets.

According to its website, customers can insure individual shipments, which does not require them to buy annual policies.

It also helps freight forwarders protect, secure, and minimise risk for their customers by offering customized real-time insurance policies.

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Redkik CEO and founder Chris Kalinski was quoted by the online portal as saying: “Insurance for shipping is today determined the same way as 30 years ago. Outdated technology and IT solutions result in low efficiency, high overhead costs, and complexity for every party within the supply chain.

“The SaaS solution for per shipment insurance is already available in the US. The company will be launching in the European market in early Q3, and the rest of the world by the end of 2021,” Kalinski added.

Redkik’s digital platform and technology are developed in Joensuu, Finland.

Redstone general partner for the North Karelia Growth Fund Kaj Hagros commented: “Redkik is the early bird on a new InsurTech market where currently around half of all of goods go uninsured due to inflexible policies. The solution is instantly available globally allowing a policy to be created in seconds – which made us believe they will scale fast and big.”