InsurTech delivers real-time consumer parametric propositions within a market segment valued at c.$1.7bn
Cork, Ireland (July 10, 2023) – Blink Parametric is pleased to announce plans to increase its headcount, effectively doubling its workforce in Cork by the end of 2025. The expansion will be across all technical roles – including presales, full stack developers, QA, and data analytics – with opportunities across multiple levels ranging from experienced hires to graduates, the majority of which will be based in their new office location in City Quarter, Cork.
Minister for Finance Michael McGrath officiating at the opening of the company’s offices, welcomed the announcement, adding that it “further demonstrates the strength of Cork’s tech sector power base and its increasingly global reach. It is to the credit of the Blink Parametric team commitment to delivering world-class InsurTech innovation that it has secured its position at the heart of the CPP Group growth strategy. I applaud that achievement. This investment in people, infrastructure and R&D will serve Ireland’s economy, provide skills and opportunity for our graduates and add to our outstanding reputation for excellence in technology.”
The global parametric insurance industry was valued at $11.7bn in 2021 (projected to reach $29.3bn by 2031). The consumer parametric proposition segment of that market was valued at c.$1.7bn. Blink Parametric has a specialist focus on B2B2C parametric travel solutions. It serves the global travel insurance sector with flight disruption and lost/delayed luggage real-time claims assistance. This sector is experiencing market growth predicted to be nearly eight times larger in 2030 than it was in 2021 (reaching $108.8bn by 2030), buoyed by the number of flights and passenger numbers returning to pre-COVID levels by 2024 (c.34m and 4.4bn respectively).
Blink Parametric Chief Executive Sid Mouncey acknowledged the Blink Parametric evolution from a high potential insurtech start-up founded in Cork in 2016 to a thriving, agile, specialist technology partner serving the global insurance industry today. “From this Cork hub, we leverage large scale data sets to create solutions that appear simple and intuitive to insurers and their customers. We deliver real-time insurance assistance solutions to automate insurance claims and payments, used worldwide every hour of every day. We are consumer-centric and are leading transformative industry change as Insurers modify their business models and work to improve their distribution channels. Our strategic objectives are ambitious and include becoming the ‘go-to’ partner for the world’s large-scale insurers and brands, driving mass adoption of parametric technology. I am proud to say that we are on track following significant launches of our flight disruption solution in the US, UK, Italian and Japanese markets year to date. We have a promising pipeline of new market opportunities and look forward to delivering on further growth by building on our existing presence here in Cork and investing in its rich resource of skilled and talented people.”
CEO of IDA Ireland Michael Lohan said: “Blink Parametric’s decision to locate in Cork is very welcome news. Its presence is a valuable reference point as we continue to attract InsurTech investment into the South West. IDA Ireland remains committed to winning projects for regional locations. I’d like to wish Blink Parametric every success.”
1. Allied Market Research, 2022.
About How the Blink Parametric Flight Disruption solution works
An insured traveller simply registers their flight details prior to travel. Blink Parametric then monitors the flight(s) in real-time. Any delay that occurs to the registered flight automatically results in a traveller being notified and being offered choices that help alleviate the stress and consequences of the delay. These assistance options can include airport lounge access if a flight is delayed by a predetermined number of hours or a cash payout per traveller, which is directly issued. We even integrate with a global service that can provide hotel accommodation reservations for extended delays or flight rebooking for customers.
The travelling consumer selects their preferences via their smartphone. The average resolution time is 4 minutes. The result is an enhanced customer experience during a time when the traveller is experiencing inconvenience and frustration. For the travel insurance sector, we specialise in high frequency, low value claims with market leading real-time propositions for flight delay, flight cancellation, checked luggage delay and loss.
About Blink Parametric
Blink Parametric is a multi-award-winning global InsurTech that transforms its clients’ traditional insurance offerings into superior service experiences with simple, intuitive and transparent parametric products. Its proven platform serves as the conduit for high frequency, low value claims across Travel, with flight disruption and lost luggage solutions as well as developing solutions within the travel weather sector, business interruption and online personal data monitoring and cyber solutions. It partners globally with insurance and financial services companies in Asia, Europe, North America and Central and Latin America.
Blink Parametric 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, 2022), an annual list of the worlds’ most innovative InsurTech companies. Selected to join Cohort 5 of the prestigious Lloyd’s Lab innovation accelerator programme in 2020, it developed a market-ready Business Interruption offering. It has progressively expanded its services platform to become a world leader in parametric consumer insurance product innovation, winning various numerous awards including Gold for Excellence in Technology – Service Provider in the Insurance Times Awards 2022, Best Use of Technology for Customer Experience and Best Customer App in the 2022 Insurance Times Tech & Innovation Awards, Claims Innovation of the Year at the European Risk Management Awards 2022, Outstanding Industry Contribution of the Year at the 2022 ITIJ: International Travel & Health Insurance Journal Awards, InsurTech Specialist at the National Insurance Awards 2023 and Customer Care Solution of the Year and Claims Product Solution of the Year in the 2023 Insurance Times Claims Excellence Awards. For more information, visit blinkparametric.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 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, jobs