Greenlight Re Innovations, part of the Cayman Islands-based reinsurance company Greenlight Capital Re, has invested in Sana Benefits, a third party administrator (TPA) focussed on the US health self-insurance market.
The Austin-based TPA began providing administrative services on 1 September 2018 and has developed a technology-enabled platform to allow small-to-medium sized businesses better access to quality benefit plans and the potential to achieve significant savings by self-insuring their employees.
Greenlight Re Innovations was launched in March 2018 to seek technology and innovation opportunities relating to the reinsurance and insurance markets.
The transaction is Greenlight Re Innovation’s second investment after it announced its strategic investment in Galileo Platforms, a Hong Kong-based insurance and reinsurance Platform as a Service business, on 28 September.
Sana is led by co-founders Will Young and Nathan Hackley, who have previous experience with Google, Barrel, and tech-enabled benefits firm, Justworks.
Simon Burton, Greenlight Re CEO, said the company is pleased to support Young, Hackley, and the growing Sana team “as they apply their expertise in employee benefits, customer experience and software development to address the needs of an underserved market”.
Burton added: “Sana is one example of a great opportunity to use tech to transform the customer experience and we’re delighted to be partnering with them.”
Young and Hackley commented: “We are delighted that Greenlight Re is leading our seed round.”
“Small group stop-loss insurance is broken on so many levels; underwriting, administration, distribution, member experience.”