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: Blink Travel, Blink Interruption
Area: Property & Casualty Insurance
Blink designs data-driven insurance solutions and parametric insurance product innovation, transforming clients’ complex offerings into superior service experiences with simple, intuitive, online products in sectors such as Travel, Climate, Energy, IoT and Business Interruption.
What makes us an InsurTech:
Blink offers Parametric As A Service (PAAS) on its proven InsurTech solutions platform.
Blink started back in 2016 with its innovative real-time data driven travel disruption solution. Once a traveller registers their flight details, Blink monitors that flight in real-time. Any 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!
Once a disruption occurs, the traveller is immediately offered service choices that can instantly remove the stress and consequences of the disruption. These may range from offering an airport lounge, offering cash which is immediately deposited into the travellers’ bank account, 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!
Blink also designs innovative solutions for its global insurance partners through its transformative parametric insurance platform, covering climate, energy, utilities and business interruption as well as travel risks.
Blink Interruption is a Hurricane Non-Damage Parametric Insurance solution that provides 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 immediate pay-out solutions to allow businesses to get back on their feet just days after the event occurs.
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.
Major features & technology used:
Blink is at the cutting-edge of pioneering tech innovation within the InsurTech sector. Blink 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’s full set of API’s integrate with all partner digital properties.
News & Updates
See the latest Blink news.
Blink was founded in 2016, a Parametric as a Service (PAAS) InsurTech start-up focussed on a flight disruption travel insurance solution to prove its parametric platform. It 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 with insurance partners including Allianz, Blue Cross, Manulife and TuGo. 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 as part of a 10-week programme. It transforms its clients’ complex offerings into superior service experiences with simple, intuitive, parametric products. Its proven platform serves as the execution conduit for high frequency, low severity claims across Commercial and Travel as well as Climate, Energy and IoT sectors. It successfully partners globally with insurance and financial services companies in Asia, Australia, Europe, North America and Central and Latin America.
The Blink team includes world-class software developers, tech architecture design specialists and experts in business systems integration. Together they demonstrate tremendous creativity, passion and commitment through their pursuit of agile, innovative parametric InsurTech solutions that deliver transformative results for their partners. This team not only delivers on partner goals but takes care to articulate and deliver on a superior service experience for their clients.
Source: Blink, CPP Group
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