Top 100 pioneering companies transforming the global insurance industry named by FinTech Global
Customers’ claims will be paid in real-time, during their trip, using their mobile phones
Cork, Ireland (Oct. 24, 2019) – Blink, one of the world’s fastest growing Travel Insurance InsurTechs, has been named to The INSURTECH100. The INSURTECH100 is an annual list of the world’s most innovative InsurTech companies that are solving significant industry problems, generating cost saving or efficiency improvements within insurance as selected by a panel of analysts and industry experts.
This is just the latest highlight in Blink’s 3-year growth story, which since its inception in 2016, has seen it grow from a 2-man start up to a trailblazing InsurTech which was bought by AIM listed CPP Group just 6 months after it was set up.
Speaking of today’s announcement by FinTech Global, the specialist data and research provider and the organisation behind INSURTECH100, Blink’s co-founder and serial Irish entrepreneur Paul Prendergast said: “We are honoured to be named amongst the best and brightest in the global InsurTech industry. Selected from a pool of more than 1,000 companies and being awarded such recognition makes this a very proud day for us. 3 years after we started Blink we continue to grow at speed, driven by our product innovation, Insurance partnerships and our ambition to provide InsurTech solutions to end users in every corner of the world.”
Blink is now a world leader in parametric insurance product innovation, transforming its clients’ complex offerings into superior service experiences with simple, intuitive, online products. The company partners globally with insurance and financial services companies, driving innovation in Asia, Europe and North America.
Blink made it onto the list amidst strong competition in an industry which is growing at breakneck speed and where new players are joining weekly.
According to FinTech Global, the InsurTech industry has seen huge growth in the last 2 years as insurance companies grapple with the challenges of digital transformation and new demands from customers. Nearly $10bn has been invested in InsurTech companies since the beginning of 2017.
Richard Sachar, Director of FinTech Global commented, “The companies on this list are the ones that every leader in the insurance industry needs to know about as they consider and develop their digital transformation strategies.”
Blink successfully launched Blink Travel in 2016 and have recently complemented their services platform with Energy, IOT and Weather solutions.
Blink Travel offers an innovative real-time data driven travel disruption solution. Once a traveller registers their flight details, Blink monitors that flight in real-time. Any flight disruption that occurs to the registered flight, automatically results in a traveller being notified instantly. Real-time event notification allows for real-time problem resolution! The traveller is immediately offered service choices that can instantly remove the stress and consequences of the disruption ranging from airport lounge access, cash which is immediately deposited into the travellers’ bank account, through to booking and paying for a hotel whilst also booking a new flight.
Mr. Prendergast continued, “Being able to differentiate ourselves from other businesses in the industry is crucial. What we offer is unique and has a ‘wow’ factor that delivers an extraordinary impact for our partners as they push ahead with their InsurTech transformation objectives. We’ve signed some huge partnerships over the last 24 months, and we have others in the pipeline to be announced this year, so the future is exciting, and this recognition is the perfect acknowledgement and motivator for our team to keep delivering excellence.”
About The INSURTECH100
The InsurTech (insurance technology) industry has seen huge growth in the last two years as insurance companies grapple with the challenges of digital transformation and new demands from customers. Nearly $10bn has been invested in InsurTech companies since the beginning of 2017.
The INSURTECH100 is an annual list of 100 of the world’s most innovative InsurTech companies selected by a panel of industry experts. These are the companies every leader in the insurance industry needs to know about as they consider and develop their digital transformation strategies. The list aims to help senior management and insurance professionals evaluate which digital insurance models have market potential and are most likely to succeed and have a lasting impact on the industry. More detailed information about the companies is available on the website.
About FinTech Global
FinTech Global offers the most comprehensive data, the most valuable insights and the most powerful analytical tools available for the global FinTech industry. They work with market leaders in the FinTech industry – investors, advisors, innovative companies and financial institutions – and enable them to get the essential intelligence they need to make superior business decisions. FinTech Global cover every industry development, every investment, every exit and profile of every company in every FinTech sector around the world.
For more information, please visit www.FinTech.Global.
Paul Prendergast (CEO) and Peter Bermingham (CTO) founded Blink in 2016, to build data-driven travel disruption insurance solutions and was one of the first InsurTech start-ups to focus on travel insurance. It was also the first InsurTech in the FCA (UK) Sandbox programme, and was one of the early partnerships of Munich Re Digital Partners, the Digital Innovation arm of global Reinsurer Munich Re.
Based in Cork, the company was acquired by CPP Group (AIM CPP) in March 2017, one of the early InsurTech acquisitions globally. Since then Blink has expanded its services platform to become a world leader in parametric insurance product innovation, transforming its clients’ complex offerings into superior service experiences with simple, intuitive, online products in sectors such as Travel, Climate, Energy and IoT. Blink partners globally with insurance and financial services companies driving innovation in Asia, Europe and North America.
For more information, visit blinkblink.io.
About CPP Group
CPP Group is a partner focused, global product and services company, specialising in the financial services and insurance markets. We use our local knowledge from 12 country markets within Asia, Europe and Central America to provide our business partners with technology-led product, marketing and distribution expertise that deliver commercial benefits and bring meaningful solutions to over 9 million end customers worldwide.
CPP’s diverse range of insurance and assistance products can be designed to suit the bespoke needs of our business partners through providing their customers with peace of mind by reducing the stresses of everyday life, ranging from protection of mobile phones, payment cards and household belongings to keeping travel plans moving and the monitoring of compromised personal data.
For more information, visit international.cppgroup.com.
SOURCE: Blink Innovation via Fuller MarketingTags: Blink Innovation, InsurTech, Transformation