Zurich Canada teams with Blink Parametric to strengthen its post-pandemic solutions in the travel insurance market

Top-three global travel insurance provider Zurich offers services for Canadian travellers

Cork, Ireland (Feb. 16, 2022) – CPP Group’s parametric platform, Blink Parametric, is pleased to announce its collaboration with Zurich Canada, part of the Swiss-based Zurich Insurance Group – a top-three provider of travel insurance in the world.[1] This deal marks another significant milestone for Blink as it tracks the ongoing recovery of the global travel industry.

Flight disruption cover via Blink’s parametric platform will be provided to Zurich Canada policyholders ensuring they receive real-time support wherever they are travelling worldwide. Once a traveller registers their flight details, Blink monitors that flight in real-time. Any flight disruption that occurs to the registered flight such as delay or cancellation, automatically results in a traveller being notified instantly and offered service choices within their policy terms that can immediately alleviate the stress and consequences of the disruption.

Sid Mouncey, CEO of Blink Parametric, noted the importance of this announcement at such a pivotal time for the travel insurance industry, stating: “This announcement with Zurich Canada is hugely important to us and to the market we serve. The post-Covid-19 period is set to be InsurTech’s finest hour! It is certainly the time for a data-led real-time parametric solution to become the norm for resolving the ongoing disruptions faced by the travelling public caused by Covid. Zurich Canada and Blink Parametric’s solution restores confidence and trust with consumers concerned about future travel risks should they be faced with similar events, as we all learn to live with Covid-19. Blink can now process up to 100,000 claims per hour without any manual intervention from either customer service teams or consumers.”

As a platform, Blink is designed to deliver operational efficiency on processing high frequency, low severity claims when the traveller needs an immediate, real-time claim resolution. Zurich Canada has already made the step-change to digital transformation, prioritising customer and user experience as well as revenue savings.

Sanjeewa Goonetilleke, AVP, Travel Insurance, for Zurich Canada, said: “Since our strategic move into the Canadian personal travel insurance market in 2019, we have had a singular focus to add value to our travelling policyholders. Our alliance with Blink Parametric adds a truly novel protection. We are now offering a seamless service to assist stranded or delayed travellers by providing them with service options on their phone in real time to help make things a little easier. Our newly branded “Zurich Flight Assistance” service will be offered through Zurich Canada brokers to travel suppliers and, ultimately, to consumers, and we have every expectation that it will be transformative by offering the right assistance at the right time to anyone who experiences the inconvenience of flight disruption. As we increase our general transit activity and set about re-establishing our close business and tourism connections with our neighbours in the United States, this service as part of our travel insurance offering is designed to give travellers some peace of mind before they travel, because Zurich’s got their back”.

This deal is a culmination of collaboration between Zurich, Blink and Red Consulting, a leading Canadian travel insurance and medical assistance consulting company leading the expansion of Blink Parametric products throughout Canada and the United States.

Gary Andrews, President of Red Consulting, who was key to supporting the successful launch of CPP and Zurich Canada, said: “The Canadian travel insurance industry is truly grasping the value of innovative care for their customers. The Blink parametric service with Zurich Canada is another significant turning point that is showing that travel insurance is becoming relevant and essential for travelers.”

Notes

1. Finnacord for Zurich Insurance Group. Travel Insurance and Assistance Global Market Share Estimates, 2017.

About Blink Parametric

Blink Parametric is an InsurTech company that transforms its clients’ traditional offerings into superior service experiences with simple, intuitive and transparent parametric products. Its proven platform serves as the conduit for high frequency, low severity claims across Commercial and Travel as well as Climate and Energy sectors. It partners globally with insurance and financial services companies in Asia, Europe, North America and Central and Latin America. Blink was founded in 2016 and became the first Insurtech in the FCA (UK) Sandbox programme and was acquired by CPP Group (AIM CPP) in March 2017. Since then, Blink Parametric 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. For more information, visit blinkparametric.com.

About AwayCare

Zurich Canada, part of the Swiss-based Zurich Insurance Group, a top 3 global travel insurance provider, has been serving the Canadian insurance market since 1923. It employs over 400 people and is a leading insurance solutions provider for Canadian corporations, Canadian-based multinationals, international companies with operations in Canada and businesses across manufacturing, real estate, technology, public sector, energy, construction and other sectors. It conducts business exclusively through a network of independent insurance brokers. For more information, visit www.zurichcanada.com/.

About Zurich

Zurich North America is one of the largest providers of insurance solutions and services to businesses and individuals. Our customers represent industries ranging from agriculture to construction and include more than 90 percent of the Fortune 500. We’ve backed the building of some of the most recognizable structures in North America — from the Hoover Dam to Madison Square Garden to the Confederation Bridge. Our North American, LEED Platinum® headquarters is located in the Chicago area. We employ approximately 9,000 people in North America and have offices throughout the U.S. and Canada. Further information is available at www.zurichna.com.

Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With about 55,000 employees, it provides a wide range of property and casualty, and life insurance products and services in more than 215 countries and territories. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX Further information is available at www.zurich.com.

About CPP Group

CPP Group creates assistance and insurance products which reduce the disruptions to everyday life for millions of customers across the world. These products are provided through partnerships with leading insurance, banking and finance companies as either as embedded solutions or as relevant add-ons to enhance their core offering and deliver additional revenue streams. CPP is listed on AIM, operated by the London Stock Exchange. For more information, visit international.cppgroup.com.

SOURCE: Blink Innovation via Fuller Marketing

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