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Reinsurer Greenlight Capital Re (Greenlight Re) has invested in Austin-based healthcare third party administrator (TPA) Sana Benefits, which is focused on the self-insured health market in the US.
The investment was made through the reinsurer's insurtech unit Greenlight Re Innovations, which was launched in March 2018 to seek technology and innovation opportunities relating to the reinsurance and insurance markets.
Sana commenced providing administrative services on Sept. 1, 2018. It 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. Sana is led by co-founders Will Young and Nathan Hackley who have previous experience with Google, Barrel and most recently, the tech enabled benefits firm, Justworks.
Greenlight Re chief executive officer Simon Burton said: “We are pleased to support Will, Nathan, and the growing team at Sana as they apply their expertise in employee benefits, customer experience and software development to address the needs of an underserved market. 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.”
Sana founders 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. Greenlight Re understands and supports Sana’s vision for building a fully integrated, tech-forward experience to fix it.”
Greenlight Capital Re, Sana Benefits, M&A, Healthcare, Simon Burton, US