- Online Travel Insurance Saver platform is part of the Insurance intermediary Rothwell & Towler portfolio of specialist travel and lifestyle insurance brands
- Real-time parametric flight disruption cover to be offered across multiple policy tiers
Cork, Ireland (Oct. 2, 2024) – Blink Parametric and Travel Insurance Saver – trading name of Rothwell & Towler, a UK-based insurance intermediary – have partnered to launch a real-time parametric flight delay solution. Travel Insurance Saver is the latest partner to access Blink Parametric-enabled technology via Firemelon’s Magenta Insurance System platform since their alliance in January 2023 enabling easy access to travel assistance technology. The product is underwritten by specialist insurer Financial and Legal Insurance Company Ltd (F&L).
Announcing the deal, Sid Mouncey, CEO of Blink Parametric said: “As we all face an increasingly unpredictable travel environment, the travel insurance industry needs fast and intuitive solutions to assist their customers. Our work with Travel Insurance Saver is delivering a personalised and positive customer experience delivered through our ‘plug and play’ parametric integration that enables faster, cheaper and more scalable solutions.. It’s fantastic to be partnering with such a well-established travel insurance brand and partner in Rothwell & Towler who are right at their customers’ side when they need real-time assistance.’’
How It Works
The award-winning Blink Flight Disruption solution simply requires a Travel Insurance Saver policy holder to register their flight details on the insurance portal at least 12 hours in advance of departure. Blink Parametric then monitors the registered flights in real-time. If an eligible delay occurs on the flight schedule, the traveller is automatically notified by an alert to their mobile phone and offered in real-time, a choice of airport lounge access or an immediate payout to their bank account.
The data-driven flight disruption solution service will be embedded and available free of charge for all Travel Insurance Saver Gold customers who will be offered a choice of airport lounge access or a real-time cash payout of £50 when a flight is delayed by two-hours. It will also be available as an optional add-on for Bronze and Silver customers.
Data is always the key for parametric insurance. The data allows Blink Parametric to map options and solutions along a typical Yes/No parametric model so that each problem scenario triggers an action to assist the customer. It’s simple, effective and powerful.
Simon Neicho, Head of Commercial, Rothwell & Towler said: “We’re excited to partner with Blink Parametric to bring their real-time flight disruption technology to Travel Insurance Saver. This collaboration underscores our commitment to innovation, transforming flight delays from a source of stress to an opportunity for comfort and immediate financial support. Our customers will now benefit from real-time solutions like lounge access and direct cash payments, significantly reducing the discomfort and anxiety often associated with travel disruptions.”
Karen Beales, Managing Director at Financial and Legal Insurance Company Limited, which is underwriting the product, commented, “This is an important move in providing greater support to outbound travellers from the UK. Customer-centric benefits are central to evolving travel insurance trends and I am delighted that we are extending our underwriting support to Travel Insurance Saver for this cover.”
The Blink Parametric suite of InsurTech travel solutions is designed to deliver operational efficiency on processing high frequency, low value global travel insurance claims when the traveller needs immediate real-time claim resolution.
- Learn more about Blink in the InsurTech Spotlight.
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 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 business interruption sector 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, became the first Insurtech in the FCA (UK) Sandbox programme and made TheINSURTECH100 (2019, 2020, 2022), an annual list of the worlds’ most innovative InsurTech companies. Selected for Cohort 5 of the prestigious Lloyd’s Lab innovation accelerator programme in 2020, it has subsequently won multiple UK and European-wide industry awards for Service, Technology, Customer Experience, Best App, Claims Innovation and Cyber Risk, including Outstanding Industry Contribution of the Year at the 2022 ITIJ: International Travel & Health Insurance Journal Awards. For more information, visit blinkparametric.com.
About Travel Insurance Saver
Travel Insurance Saver is an innovative brand launched in 2018 by Rothwell & Towler, a family business that has been pioneering customer-friendly travel insurance since 1973. Originally a small insurance firm, Rothwell & Towler has a long history of providing fair and reliable insurance solutions. Travel Insurance Saver continues this legacy, offering streamlined and cost-effective travel insurance without compromising on quality. For more information, visit www.travelinsurancesaver.co.uk.
About Rothwell & Towler
Rothwell & Towler has its roots in a family insurance business founded in 1973. Since then, we have grown to become a leading insurance intermediary, with a portfolio of specialist travel and lifestyle insurance brands. Our policies provide peace of mind to more than 350,000 customers per year.
The principles of the family business remain today: honesty, integrity, compassion. Our business has grown because we do the right thing by customers. And we were one of the first intermediaries to issue cover for complex existing medical conditions. That includes the innovation of a travel policy for customers with HIV over 20 years ago.
As insurance markets evolve, we are excited to do the same. By blending emerging technologies with our industry expertise, we are going to help create a future where insurance becomes almost seamless for the consumer. A shared ambition to provide both quality and value to our customers is what drives us. It’s why a people-first approach to insurance is at the heart of everything we do.
Since 2013 we have been a wholly owned subsidiary of CSP Holding Ltd. It allows us to benefit from decades of experience in the domestic and international insurance markets – as well as back-office support across HR, legal, finance and regulatory compliance. With that support at our fingertips, we can put extra focus on delivering great products and service, while ensuring the best corporate governance behind the scenes. For more information, visit www.rothwellandtowler.com.
About Financial & Legal (F&L)
Financial & Legal Insurance Company is a niche insurer, specialising in legal expenses insurance.
The business has been trading for over 25 years, initially offering Before the Event legal expenses insurance, adding After the Event following the introduction of the Access to Justice Act in 1999 and more latterly increasing the product range to niche, specialist, general insurance products.
The business is dual regulated by both the PRA and FCA and is based in Cheadle near Manchester. It has a team of 25 and is part of the wider collective, Drive Further.
We underwrite all of our own products, with a team of dedicated, specialist professionals, offering bespoke solutions where required and excellent claims handling services. For more information, visit www.financialandlegal.co.uk.
About Firemelon
Firemelon Limited develops sales and claims systems for the insurance industry and has helped to drive a total transformation of the travel insurance market for over 20 years. Firemelon’s Magenta Insurance System has been used to process a significant proportion of policy administration and is used by over 30 different insurers, brokers, claims handling companies and assistance companies.
Initially founded to support the UK market, Firemelon’s systems solution has been adopted throughout the world including Europe, South Africa, USA and Canada. For more information, visit firemelon.com.
SOURCE: Blink Innovation via Fuller Marketing
Tags: Blink Innovation, InsurTech, InsurTech Spotlight, launch, parametric insurance, travel
