Co-founders decide to depart after completing successful start-up
Cork, Ireland (Mar. 25, 2021) – The co-founders of Irish InsurTech Blink Parametric are stepping down after deciding it is the right time to look at new opportunities having built a successful platform, innovative product set and a strong sales pipeline.
Chief Executive Paul Prendergast and Chief Technology Officer Peter Bermingham will continue with the business until 16th April, 2021 to facilitate the transition to new management.
Founded in 2016, Blink was bought by AIM listed CPP Group just six months after it was set up. Since then it has become 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, and now counts some of the world’s largest insurers among its client base such as Allianz, Manulife, BlueCross, TuGo.
CPP Group intends to bring the Blink operations under central management to further leverage its expertise in distribution and drive growth in the parametric product set, including travel disruption and business interruption solutions.
Paul Prendergast commented on the departure, “The time is right to complete the handover. I leave Blink with a sense of immense pride in what we have collectively achieved over the years. Together with CPP we have developed an exceptional and passionate team dynamic, which has consistently delivered on creative innovation introducing Insurance Parametrics as a Service (PAAS) to a burgeoning mass market across the globe.
Today marks a career milestone for Peter and myself, which we and the Group planned to initiate 12 months ago but successes and challenges over the past year meant it was better to wait. The additional period on board afforded us time and opportunity to develop and embed new partnerships, product and service lines that will continue to serve the business into the future. I have been truly honoured to play a part in this novel and exciting business and expect that the best is yet to come for Blink”.
Peter Bermingham added, “We leave the company confident in the knowledge that the amazing Blink team will continue to build upon all that it has accomplished to date and that the Blink client base is in safe and capable hands. I’m very happy with the progress made and the contribution of the Blink team to date: we have delivered a new platform for the CPP Group, migrated the first CPP Group product onto that platform as well as delivering the Parametric Blink Products, Travel and now Business Interruption.
We are looking forward to pursuing new projects we have in the pipeline, but we will be cheering Blink from the sidelines as it continues to thrive”.
Sid Mouncey, CPP Group Product and Marketing Director, said “Paul and Peter have worked tirelessly alongside the rest of the Blink team to establish its brand, products and partner base and we thank them for all of their work.
“We’re looking forward to working with Blink’s existing partners and developing new relationships with other businesses that can benefit from the near-instant resolution, frictionless servicing and lower costs that parametric solutions provide.
“The Blink technology and products are very well established and they will form an important part of our core, Group-wide digital offering and benefit from an established global distribution network.”
About Blink Parametric
Paul Prendergast (CEO) and Peter Bermingham (CTO) founded Blink in 2016, a Parametric as a Service (PAAS) InsurTech start-up focussed on a flight disruption travel insurance solution to prove its parametric platform. It became the first InsurTech in the FCA (UK) Sandbox programme and was acquired by CPP Group (AIM CPP) in March 2017. Since then Blink made TheINSURTECH100 (2019 & 2020), an annual list of the worlds’ most innovative InsurTech companies and has expanded its services platform to become a world leader in parametric insurance product innovation. It was selected to join Cohort 5 of the prestigious Lloyd’s Lab innovation accelerator programme in 2020 developing a market-ready Business Interruption offering as part of a 10-week programme. It transforms its clients’ complex offerings into superior service experiences with simple, intuitive, parametric products. Its proven platform serves as the execution conduit for increasingly Covid-19 prone, high frequency, low severity claims across Commercial and Travel as well as Climate, Energy and IoT sectors. It successfully partners globally with insurance and financial services companies in Asia, Australia, Europe, North America and Central and Latin America.For further information visit https://blinkparametric.com/#1, https://blinkblink.io and https://blinkinterruption.com/.
About CPP Group
CPP Group makes millions of lives easier and better protected. We partner with large scale companies across the globe to understand their customers’ needs and meet them through a range of popular ancillary products and services which add value to their core business. Specialising in the financial services and insurance sectors, we achieve long-term, sustainable growth through innovation, specialist digital capability and a culture that brings out the best in our people. We are listed on AIM, operated by the London Stock Exchange. For more information, visit international.cppgroup.com.
SOURCE: Blink Innovation via Fuller MarketingTags: Blink Innovation, startup