Company: Blink Parametric
Business Category: A technology provider of InsurTech tools to insurance practitioners
Maturity Status: Mature (more than 3 years since first product went into production)
Product or Service: Flight Disruption, Lost Luggage, Business Interruption, Personal Data Monitoring, Cyber
Area: Property & Casualty Insurance
Blink Parametric designs data-driven insurance solutions and parametric insurance product innovation, for its global insurance partners transforming clients’ complex offerings into superior service experiences with simple, intuitive, online products in sectors such as Travel, Personal Data Monitoring, Cyber and Business Interruption.
What makes us an InsurTech:
Blink Parametric offers Parametric-As-A-Service (PAAS) on its proven global InsurTech solutions platform.
Blink Parametric started back in 2016 with its innovative real-time data driven flight disruption solution that tracks flight delays and cancellations. Once a traveller registers their flight details, Blink Parametric monitors that flight in real-time. Any eligible flight disruption that occurs to the registered flight, automatically results in a traveller being notified instantly. Real-time event notification allows for real-time problem resolution in the travellers time of need and not weeks after the event like a traditional policy! Once a disruption occurs, the traveller is immediately offered service choices direct to their smart phone, tablet or laptop via SMS, push notification and email that can instantly remove the stress and consequences of the disruption. These may range from offering airport lounge access, a cash payout which is immediately deposited into the travellers’ bank account, reward points being offered from a loyalty programme through to booking and paying for a hotel whilst also booking a new flight. This game-changing real-time flight disruption insurance solution enables the traveller to take direct control of how to manage the disruption – without the need for phone calls, forms or receipts!
Lost Luggage is delivered as a parametric solution offering real-time support to airline passengers whose checked luggage cannot be located following an airport arrival. A customer just needs to buy the policy (or it is embedded already in their travel insurance) and register their flight in advance. Near instant payouts are delivered via PayPal or direct to bank if luggage is delayed by 30 minutes at destination this helps them to buy essential items to ‘get on their way’ and a further payout if luggage is still missing after 48 hours to help re-supply clothing and such for the rest of their stay. This can easily integrate into the existing travel insurance policy and existing processes.
Blink Interruption is a Non-Damage Parametric Insurance solution that provides financial cash liquidity to small and medium-sized businesses in the immediate aftermath of an insured event (i.e. a hurricane), thereby reducing overall claims totals as a direct result of early intervention. It uses automated financial validation through open banking integration with 11,500 banks and credit unions and can provide immediate pay-out solutions to allow businesses to get back on their feet just days after the event occurs. Thus saving time and money for both the insurer and the client.
This is InsurTech at its best – uniquely delighting customers with real value, saving time and stress, providing assistance through a simple, seamless solution with the speed and convenience they demand. This is a multi-user, multi-lingual platform and 100% automated.
OwlDetect is a personal data monitoring, tangible, low cost digital solution cyber risk mitigation offering and was created to enable insurance companies to offer their policy-holders an added security feature, by proactively monitoring a consumer or small business’ online personal data content and detecting threats in the form of stolen, personally identifiable information such as credit card details, driving licence, passport, national ID numbers and as well as email and consumer login account details. It gives the consumer instant and timely early warning alerts 24/7, while also advising them of online ‘Action Plans’ to minimise risks. The software is also capable of scanning the dark web for stolen data that has been leaked or hacked by cyber criminals. It can be offered in Embedded, Standalone or Micro-SME versions.
Major features & technology used:
Blink Parametric is at the cutting-edge of pioneering tech innovation within the InsurTech sector. Blink Parametric uses Cloud based, microservices and globally scalable technical architecture driven by an innovative API systems platform allowing for complex architecture to be filtered into simple processes, that are agile, adaptable and fully customised. Blink Parametric’s full set of API’s integrate with all partner digital properties.
News & Updates
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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 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.
Source: Blink Parametric, CPP Group
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