US-based InsurTech baoba Celebrates Integration With Blink’s Award-Winning Parametric Platform Starting With Roll-Out Of Flight Disruption Solution
Cork, Ireland (Apr. 19, 2022) – Blink Parametric, a CPP Group Company, is pleased to announce it has entered into a partnership with baoba, a global travel InsurTech with offices in the US, Canada and Hungary. baoba serves as a B2B marketplace for travel sector organizations looking to add innovative solutions for their customer base including online travel agents (OTAs), travel insurance companies and airlines.
The immediate roll-out of the Blink Parametric flight delay solution will soon be followed by flight cancellation, hotel disruption, lost luggage and weather guarantees as the baoba team works to provide clients with an extensive portfolio of innovative consumer-centric insurance solutions.
Sid Mouncey, CEO of Blink Parametric, speaking of the announcement: “With baoba, from the outset we knew we were a natural fit. As two dynamic insurtechs determined to influence the future of insurance with novel solutions – this is a great match. We are excited by the benefits we can bring to the insurance value chain and to the entire customer experience for baoba’s client base. Our shared ethos regarding intuitive, simple, insurance product design and delivery signals a lively and productive partnership and we are excited to get underway.”
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. Benefits can include complimentary airport lounge access, hotel rebooking options and instant payment when the insured’s flight is delayed, all done seamlessly through the traveller’s smartphone. Enabling companies to communicate with customers in real-time, offering alerts, status updates, service benefit options and importantly, compensation, has been a cornerstone of Blink’s ongoing success. It launched Blink Parametric in 2020, offering a full suite of parametric insurance solutions.
Celebrating the new partnership, Kata Ludvig, CEO and Co-Founder at baoba, said: “Today represents another important milestone for baoba. Blink is enabling us to further expand our client portfolios with travel insurances that are street-smart, automated, modular, on-demand, value-add and supported by claim processing and real-time pay-out solutions. This is our sweet spot – where world-class insurtech and inspiring customer experiences converge. Right now, our partners can link to us with a single API to embed parametric products, sell standalone products or upsell during their customer journey. Following our successful integration of Blink’s platform, we are now well underway to transitioning multiple partners towards the launch of their own parametric products. This is gamechanging for our business and we are truly excited by the potential that lies ahead.”
Carl Carter, CCO at Blink Parametric added: “Blink’s travel solution and parametric suite of products are designed to deliver the sparkling performance and operational efficiency sought by baoba on processing high frequency, low severity claims when the policy-holder needs immediate real-time claim resolution. We are delighted to be partnering with such a high-energy business – and I have full confidence that our collaboration will deliver exceptional results.”
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
baoba is a B2B marketplace for travel sector organisations looking to add innovative solutions for their customer base including online travel agents (OTAs), travel insurance companies and airlines. Co-founded by successful digital entrepreneur CEO Kata Ludvig and seasoned travel and insurance professionals in 2021, the company is headquartered in Florida, USA with offices in Canada and Europe. baoba’s mission is to support insurances that are street-smart, automated, modular, on-demand and value-add. It also offers claim processing and real-time pay-out solutions. baoba has gained significant traction since the company’s launch, working with global insurers to deliver better protection experiences to travellers. For more information, visit gobaoba.com.
About CPP Group
CPP Group is a technology-driven assistance company that creates embedded and ancillary assistance products and resolution services that reduce disruption to everyday life for millions of people around the world, at the time and place they are needed. These products are provided through partnerships with leading insurance, banking and finance companies as either 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, disruption, InsurTech, InsurTech Spotlight, partnership, solution, travel, United States (USA)