Irish InsurTech poised to achieve 3 million users across the globe this year as it harnesses big data to expand real-time insurance solutions
Cork, Ireland (Feb. 6, 2020) – Blink, an Irish InsurTech making waves across the globe, has just launched Blink Parametric, a broad-based parametric insurance solutions platform to allow insurers around the world bring the benefits of parametrics to their customers.
The launch comes as the latest success for Blink, who having only set up in 2016, have since experienced significant growth, partnering with some of the world’s largest insurers and reinsurers such as Blue Cross Canassurance Group, Pluto in the UK, Manulife and TuGo in Canada, Generali in Hong Kong, Munich Re in Germany and Financial Conduct Authority in London.
“We have been working on this platform expansion for 2 years now so it’s exciting to finally be able to launch it,” said Paul Prendergast, CEO of Blink, on the expansion of the business concept and what it will mean for Blink partners. “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. 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.”
Blink Parametric platform-based solutions span the Travel, Climate, Energy and IOT sectors.
- Blink Travel, which offers 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.
- “If a customer misses a flight or experiences a delay, we can provide them with real-time options like a lounge pass, a hotel room or an instant cash pay-out. We offer customisable software that can be adapted to innovate our partners insurance solution”.
- Blink Climate, which offers an efficient, rapid, tailored, risk cover. It is a metric-based insurance solution adaptable to risk factors including climate change, extreme weather and natural disasters.
- “A farmer for example can secure cover for specific harmful climate conditions (drought or flooding etc) occurring within a fixed period of the year. The parameters of the insurance cover are clear, and the determination of a claims pay-out are automated and conclusive as they are supported by measured weather data across that specific period. Customers benefit from immediate claims decisions, without a lengthy loss adjustor process time. We can adapt to specific requirements, as our partners determine the policy criteria, enabling them to add tangible value to their insurance offering”.
- Blink Energy & IOT, which is a parametric insurance technology solution adaptable to such risk factors associated with domestic appliance and industrial-led IoT.
- “Exposure to frequent and unpredictable environmental changes is now impacting on our energy consumption levels. Blink Energy Parametric Insurance Solution can be designed to monitor the increase or decrease in energy usage during a pre-defined time period. Based on data-led assessment, it can deliver insurance cover, as oil, gas, electric and renewable energy shifts in terms of demand and cost. For example, an energy provider could give automatic support to vulnerable customers where they have secured cover on the occurrence of an extended spell of freezing temperatures across a specific period. IoT devices that create connected homes with the use of smart devices, smart meters and digital assistants provide huge amounts of data that can inform a multitude of solution-based parametric insurance services.”
Mr. Prendergast explained why he believes they have experienced such rapid growth and expansion to date: “Our business development and integration teams have been stellar, and we are really fortunate that our reputation has helped open doors for us along the way with insurance companies that are ready to introduce a step-change to their business and customer relationships,” he said. “Our commercial strategy has been to enable our insurance partners to innovate and to collaborate with them to build new experiences for their customers. We are agile and expert and have the capacity to have an insurance solution implemented within a 12-week time frame. The industry feedback has been overwhelmingly positive, and we are on track to achieve 3 million users by the end of 2020.”
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. Named in TheINSURTECH100 for 2019, an annual list of the worlds’ most innovative InsurTech companies, Blink partners globally with insurance and financial services companies driving innovation in Asia, Australia, Europe and North America. For more information, visit blinkparametric.com.
The Blink Innovation team includes world-class software developers, tech architecture design specialists and experts in business processes, with a blend of more than 30 years’ experience. Together they demonstrate tremendous creativity, passion and commitment through the pursuit of agile, innovative parametric InsurTech solutions. Blink Innovation excel in effective project management, best-practice collaboration and integration to ensure the successful launch of transformative, compliant parametric insurance solutions. The team not only delivers on partner goals but takes care to articulate and deliver on a superior service experience for clients.
For more information, visit blinkblink.io.
- Learn more about Blink in the InsurTech Spotlight.
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: Big Data, Blink Innovation, InsurTech, InsurTech Spotlight, Internet of Things (IoT), launch, parametric insurance, platform, Real-Time, solution