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Greenlight Re Innovations, part of specialist property and casualty insurer Greenlight Capital Re, has announced an investment in Sana Benefits, a Texas-based third-party administrator (TPA) focused on the self-insured health market.
Sana Benefits has developed a platform that allows small to medium-sized businesses to access benefit plans and potentially achieve significant savings by self-insuring their employees, according to Greenlight Re Innovations. Sana is headed by co-founders Will Young and Nathan Hackley.
“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,” said Greenlight Re CEO Simon Burton. “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.”
“Small-group stop-loss insurance is broken on so many levels: underwriting, administration, distribution, member experience,” Young and Hackley said in a statement. “Greenlight Re understands and supports Sana’s vision for building a fully integrated, tech-forward experience to fix it.”
The transaction is the second investment announced by Greenlight Re Innovations, which was launched in March to support tech and innovation opportunities related to the reinsurance and insurance spaces. Last month, the company announced a strategic investment in Hong Kong-based Galileo Platforms, an insurance and reinsurance platform-as-a-service business focused on the emerging Asian markets.
