Specialist Lloyd’s insurance and reinsurance broker to expand offerings across award-winning Blink Parametric platform
Cork, Ireland (Mar. 22, 2022) – Blink Parametric, a CPP Group InsurTech, is pleased to announce a strategic partnership with MNK Re, a specialist Lloyd’s of London insurance and reinsurance broker serving large institutions in over 70 countries.
The collaboration will see the early rollout of Blink’s flagship parametric flight disruption solution with further pipeline parametric insurance opportunities for its diverse weather, climate, energy and bancassurance offerings being explored as part of the MNK Re innovation partnership service to its clients.
Speaking of the announcement, Sid Mouncey, CEO of Blink Parametric, said: “In MNK Re, we have a partner that shares our vision for pure insurtech innovation. Together we will be designing and delivering simple, intuitive, online products across the Blink platform to a global client base. We are excited that our flight disruption solution will lead the way, followed by increasingly relevant climate and energy solutions, allowing us to showcase the outstanding partner and customer experience that MNK Re has established as its standard.”
Blink was founded in 2016, a Parametric as a Service (PAAS) InsurTech, focused on a flight disruption travel insurance solution to prove its parametric platform. Enabling companies to communicate with customers in real-time, offering alerts, status updates, service benefit options and importantly, compensation, has been a cornerstone of its ongoing success. It launched Blink Parametric in 2020, offering a full suite of parametric insurance solutions.
Welcoming the new partnership, Manoj Kumar, Group Chief Executive and Managing Director at MNK Re, said: “Using the Blink platform and its ‘engine’ demonstrates MNK Re’s unwavering commitment to superior service delivery and our customer-centric approach. As the travel market reopens, the unique real-time service delivers the speed and convenience that our clients both demand and deserve. It is clear that the future of insurance lies in the accessibility of simple, relevant and effective insurance coverages that better protect policyholders.”
Harry Titherley, Head of Innovation at MNK Re, added: “The wider opportunities that parametric re/insurance solutions bring, could have a game-changing effect in addressing a wide range of risks from climate change, natural catastrophes and extreme weather through to variations in energy consumption. This is just the beginning.”
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 MNK Re
MNK Re Limited is an independent, specialist Lloyd’s of London insurance and reinsurance broker, focused on creating innovative solutions whilst upholding traditional market values. Headquartered in London, with an office in Johannesburg and a global network of business partners, it provides bespoke re/insurance solutions to clients in over 70 countries. MNK Re arranges both traditional re/insurance support across Property, Casualty and Specialty lines as well as fully customisable parametric solutions that enable clients and communities to build socio-economic resilience to natural catastrophes and extreme weather. For more information about MNK Re visit www.mnkre.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 MarketingTags: Blink Innovation, InsurTech, InsurTech Spotlight, Lloyd's, parametric insurance, partnership, travel