Verily established Granular Insurance as a subsidiary last August with backing from Swiss Re Group’s commercial insurance unit Swiss Re Corporate Solutions. As part of the deal, Swiss Re made a minority investment in Granular Insurance.
Upon the closing of Swiss Re Corporate Solutions’ investment, the company’s new name — Granular Insurance — and associated brand capture its precision risk business model and the “granular” framework for predictability over the multiyear partnerships it oversees, according to the news release.
Granular Insurance uses Verily’s hardware, software and data science as well as Swiss Re’s risk knowledge and distribution capabilities to provide self-funded employers with new tech-based approach to employer stop-loss, which is a type of insurance that protects self-funded employers from unpredictable losses.
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