Blink, part of CPP Group, has launched Blink Parametric, an innovative parametric insurance solution which will allow insurers across the globe to harness real-time data to provide remediation to their customers faster than ever before.
This solution leverages big data to expand insurance solutions and will be available for those operating within the travel, climate, energy and IoT sectors and aims to bring three million users to the platform in the coming year.
This launch comes as the latest in a line of successes for the Irish InsurTech firm, having secured global partnerships with some of the world’s largest insurers and reinsurers, such as Blue Cross, Manulife and TuGo in addition to being listed amongst the 2019 INSURTECH100.
Speaking on the launch of the platform, Paul Prendergast, CEO of Blink said:
“We have been working on this platform expansion for 2 years now so it’s exciting to finally be able to launch it. Parametrics is an Insurtech gamechanger globally, and Blink is leading parametric insurance product innovation, by transforming our clients’ complex offerings into simple, intuitive, online products.”
The solutions available on the platform are divided into three distinct offerings: Blink Travel, Blink Climate and Blink Energy and IoT:
Blink Travel offering gives customers a proactive real-time insurance service that meets the speed and convenience that modern customers demand of their travel insurance provider, on-line travel agent, airline, transport provider or enterprise travel specialists.
Blink Climate provides efficient, rapid, tailored, risk cover. It is a metric-based insurance solution adaptable to risk factors including climate change, extreme weather and natural disasters.
Blink Energy and IoT is a parametric insurance technology solution adaptable to such risk factors as domestic appliance and industrial-led IoT. Based on data-led assessment, it can deliver insurance cover, as oil, gas, electric and renewable energy shifts in terms of demand and cost.
Paul continued, “By using parametrics, we are simplifying that which people might ordinarily deem convoluted – by simply offering a pre-agreed amount of cover, based on the probability of a pre-defined triggering event. We are already using it widely with our travel partners in North America, Singapore, Australia, Turkey and the UK and with great success. Insurers recognise that what we offer adds real value to what they can then offer their clients and customers. Parametrics allows clients to self-serve, assessment is data-led, and claims pay-outs are immediate”.
Jason Walsh, CEO at CPP Group said:
“At CPP we are proud to be at the forefront of pioneering technology across the InsurTech industry and this latest launch from Blink drives us even further forward in our pursuit of innovation. Blink has shown impressive scalability in the past year having signed several partnerships of international note and this new product range will no doubt bring in many more similar deals for the Group in 2020.”