Blink Parametric Platform is Launched across Travel, Climate, Energy and IOT Sectors. #InsureTech #IoT #BlinkParametric

An Irish Insurtech which is making waves across the globe, has just launched Blink Parametric, a broad-based parametric insurance solutions platform to allow insurers around the world bring the benefits of parametrics to their customers.

The launch comes as the latest success for Blink, who having only set up in 2016, have since experienced significant growth, partnering with some of the world’s largest insurers and reinsurers such as Blue Cross Canassurance Group, Pluto in the UK, Manulife and TuGo in Canada, Generali in Hong Kong, Munich Re in Germany and Financial Conduct Authority in London. 

Speaking on the expansion of the business concept and what it will mean for Blink partners, Paul Prendergast, CEO of Blink,

We have been working on this platform expansion for 2 years now so it’s exciting to finally be able to launch it. Parametrics is an Insurtech gamechanger globally, and Blink is leading parametric insurance product innovation, by transforming our clients’ complex offerings into simple, intuitive, online products. By using parametrics, we are simplifying that which people might ordinarily deem convoluted – by simply offering a pre-agreed amount of cover, based on the probability of a pre-defined triggering event. We are already using it widely with our travel partners in North America, Singapore, Australia, Turkey and the UK and with great success. Insurers recognise that what we offer adds real value to what they can then offer their clients and customers. Parametrics allows clients to self-serve, assessment is data-led, and claims pay-outs are immediate”.

 

 Blink Parametric platform-based solutions span the Travel, Climate, Energy and IOT sectors.

It comprises:

–          Blink Travel which offers customers a proactive real-time insurance service that meets the speed and convenience that modern customers demand of their travel insurance provider, on-line travel agent, airline, transport provider or enterprise travel specialists.

Mr. Prendergast explained,

If a customer misses a flight or experiences a delay, we can provide them with real-time options like a lounge pass, a hotel room or an instant cash pay-out. We offer customisable software that can be adapted to innovate our partners insurance solution”.

 

–          Blink Climate which offers an efficient, rapid, tailored, risk cover. It is a metric-based insurance solution adaptable to risk factors including climate change, extreme weather and natural disasters.

Mr. Prendergast explained,

A farmer for example can secure cover for specific harmful climate conditions (drought or flooding etc) occurring within a fixed period of the year. The parameters of the insurance cover are clear, and the determination of a claims pay-out are automated and conclusive as they are supported by measured weather data across that specific period. Customers benefit from immediate claims decisions, without a lengthy loss adjustor process time. We can adapt to specific requirements, as our partners determine the policy criteria, enabling them to add tangible value to their insurance offering”.

 

–          Blink Energy & IOT which is a parametric insurance technology solution adaptable to such risk factors associated with domestic appliance and industrial-led IoT.

Mr. Prendergast explained,

Exposure to frequent and unpredictable environmental changes is now impacting on our energy consumption levels. Blink Energy Parametric Insurance Solution can be designed to monitor the increase or decrease in energy usage during a pre-defined time period. Based on data-led assessment, it can deliver insurance cover, as oil, gas, electric and renewable energy shifts in terms of demand and cost. For example, an energy provider could give automatic support to vulnerable customers where they have secured cover on the occurrence of an extended spell of freezing temperatures across a specific period. IoT devices that create connected homes with the use of smart devices, smart meters and digital assistants provide huge amounts of data that can inform a multitude of solution-based parametric insurance services.”

 

Mr. Prendergast spoke as to why he believes they have experienced such rapid growth and expansion to date,

Our business development and integration teams have been stellar, and we are really fortunate that our reputation has helped open doors for us along the way with insurance companies that are ready to introduce a step-change to their business and customer relationships. 

Our commercial strategy has been to enable our insurance partners to innovate and to collaborate with them to build new experiences for their customers. We are agile and expert and have the capacity to have an insurance solution implemented within a 12-week timeframe. The industry feedback has been overwhelmingly positive, and we are on track to achieve 3 million users by the end of 2020”.

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