CPP Group (AIM:CPP), the multinational provider of personal protection and insurance products and services which specialises in the financial services and insurance markets, is pleased to announce it has launched the UK’s first parametric lost luggage product in partnership with travel insurance provider Just Travel Cover.
The technology, which enables real-time support and the automation of the claims process from the moment the traveller registers their checked luggage as missing, will be delivered by Blink, the parametric insurance company acquired by CPP in 2017.
The launch follows the integration of Blink into the Group earlier this year and is in line with CPP’s strategy of investing in technology and innovation to enhance the products and customer experiences of its partners
The integration of Blink enables the Group to better deploy parametric solutions globally using the strength of its local market businesses, capitalising on the growing demand from travel insurance companies across the globe for solutions which deliver differentiation and immediate value at the time of need to consumers.
The UK launch of the Smart Luggage product, which complements Blink’s existing flight delay and cancellation parametric travel products, signifies the first success from this strategic initiative.
CPP intends to further develop its parametric capabilities both within the travel and wider insurance sector.
Jason Walsh, CPP Group CEO, commented:
“Parametric technology will play a massive part in the future of the travel insurance industry and this partnership shows that we are at the forefront of innovation in the space. To partner with a business like Just Travel Cover is further evidence of our growing reputation and ability to attract high profile partners in our home market.
“With international travel markets beginning to open up, and demand for insurance products powered by this kind of technology growing across the territories we serve, the opportunity ahead of us is an exciting one.”