Property and casualty reinsurance company Greenlight Capital Re has launched Greenlight Re Innovations, its new innovation unit, which will be headed by the company's COO Michael Belfatti.

Greenlight Re Innovations will use technology, data and new risk transfer delivery mechanisms to improve the products and services available to Greenlight Re’s insurance company clients, as well as to underlying individuals and businesses. 

By partnering with technology and risk enterprises to maximize the quality and efficiency of risk management methods, the innovation unit will seek to deliver on its central mission of supporting commerce and personal health and welfare.  In doing so, Greenlight Re Innovations will implement a more holistic risk management approach that incorporates preparedness, leading-edge technologies for prevention, and post-loss mitigation as well as risk finance.

Greenlight Re’s innovation strategy recognizes that technology is advancing at a rapid pace, generating ever-growing sources of data.  These data sources capture valuable information that can improve risk management for the benefit of businesses and individuals, but are often viewed as a one-way avenue for insurer profits.

Belfatti said: “New technologies are emerging almost on a daily basis that will transform the way companies do business and individuals live their lives.

“Individuals and companies understand that these technologies and data sources should be used to improve lives and businesses, not just benefit service providers.  We are eager to collaborate with and invest in technology innovators to create a next-generation of risk management products and services that our customers value.”

Greenlight Re CEO Simon Burton said: “Technology and innovation are at the heart of Greenlight Re’s strategy for future growth.

“We are nimble enough to quickly develop and bring to market risk products that are efficient and beneficial.  Our strategy will allow us to maximize on the changing landscape of opportunities from technological innovation, while avoiding large, permanent teams of resources that undermine the benefits available to our customers.”