Tag: #parametric

Blink Parametric Strengthens Blue Cross Partnership in Canada

Blink Parametric has agreed to a further three-year deal with Blue Cross, Canada’s most trusted insurance provider. Blue Cross was first to launch the Blink Parametric flight disruption real-time assistance solution in the Canadian market in October 2018. The solution is now offered by Blue Cross in eight Canadian provinces, including Ontario, Québec, Alberta, Saskatchewan, Nova Scotia, New Brunswick, Newfoundland & Labrador, and Prince Edward Island.

This extended, three-year agreement holds particular significance for the Ireland-based InsurTech. Blink Parametric CEO, Sid Mouncey, commenting on the deal said, “Blue Cross backed us right out of the gate in 2018, and was the first brand in Canada to use our innovative platform to assist insured travellers experiencing flight delays or cancellations. Their decision was prescient back then, ahead of the unprecedented global travel turmoil that was to follow. This agreement speaks volumes for the strength of our long-term collaboration and growth over the past five years. I’m proud of the great teamwork and look forward to the next chapter of serving the Canadian market.”

The Blink Parametric flight disruption solution simply requires a customer to register their flight details prior to travel. Blink Parametric then monitors the flight(s) in real-time. If a delay or cancellation occurs on the flight schedule, in line with policy terms, the traveller is automatically notified and offered instant choices. These can include cash pay-outs, lounge access or more to help alleviate the stress and consequences of the delay.

“Our teams ensure that our policy holders enjoy travelling with confidence and peace of mind, whether they are exploring Canada or the world,” said Tim Bishop, Managing Director, Blue Cross of Canada. “Millions of Canadians trust that the travel coverage we offer delivers the assistance they need and we are excited to continue our successful partnership.”

This collaboration is between Blue Cross and Blink Parametric with support from Red Consulting, one of Canada’s leading travel consulting companies.

Blink Parametric Launches With Getcover.com

Blink Parametric and Getcover.com, a trading name of Newpoint Insurance Brokers Limited, a London-based Lloyd’s broker, have partnered to launch a suite of bespoke online travel insurance products utilising a real-time parametric flight delay solution for their eligible travel insurance policyholders. Getcover.com is uniquely the first partner to access Blink Parametric-enabled technology via Firemelon’s Magenta Insurance System platform since the travel insurance sales and policy administration system provider forged a strategic alliance with Blink Parametric in January, enabling easy access to Blink Parametric technology. The product is underwritten by specialist insurer Financial and Legal Insurance Company Ltd (F&L).

Announcing the deal, Carl Carter, Chief Commercial Officer of Blink Parametric said: “Getcover.com is a genuine pioneer of online direct to consumer travel insurance, leading the way with innovative, accessible insurance cover and benefit solutions. We are honoured to work with the team as they differentiate their travel insurance proposition within the hyper-competitive UK travel insurance market by providing a real-time flight delay service delivering a cash payment or an airport lounge pass in a traveller’s time of need. We look forward to enhancing their travel insurance product offering and customer service delivery with immediate effect.”

Blink Parametric provides parametric as a service – (PaaS) solutions, and is a multi-award-winning global InsurTech. It transforms its clients’ traditional travel insurance offerings into superior service experiences with simple, intuitive and real-time parametric products. It specialises in high frequency, low value claims across the travel sector with market leading real-time propositions for flight delay, flight cancellation, checked luggage delay and loss.

The data-driven flight disruption solution requires an eligible traveller to simply register their flight details prior to travel. Blink Parametric then monitors the flight(s) in real-time. A flight delay that occurs to the registered flight automatically results in a traveller being notified. Getcover.com customers registered for Single or Multi-Trips are offered choices that help alleviate the stress and consequences of the delay, including airport lounge access if a flight is delayed by 2 hours or more, or a £30 cash payout per traveller, which is directly deposited into their bank account. No need for receipts, forms or phone calls.

The real-time flight delay service will be embedded at no extra cost to the policyholder within all Gold tier policies purchased direct from the Getcover.com website.

Julian Triggs, Head of Travel Partner Development, Newpoint Insurance Brokers said: “This partnership with Blink Parametric represents another significant step for Getcover.com as we steadily expand our outstanding portfolio to now include intuitive, real-time travel assistance products. We pride ourselves on offering simple to understand, value for money travel insurance so that our customers can travel worldwide with peace of mind. Blink Parametric ticked every box for us, being easy to work with and delivering a powerful, real-time customer experience that is uniquely personalised and immediately beneficial, right when our customers need assistance.”

Karen Beales, Managing Director at Financial and Legal Insurance Company Limited, which is underwriting the product, commented, “It’s great news that we are extending our underwriting support to Getcover.com. Parametric travel insurance propositions have a strong consumer focus and, as mass travel returns to pre-pandemic levels, we’re keen to support innovative parametric-powered solutions that give travellers valuable protection if their plans are disrupted.”

@BlinkParametric announced among @LloydsofLondon Cohort 5 selection #insurtech #BlinkParametric #Tech

Blink earned its place as 1 of just 10 InsurTechs selected following a competitive ‘virtual pitch’ process that had 140 of the world’s insurance industry  trailblazers vying for a place on the prestigious Lloyd’s Lab innovation accelerator programme.

Lloyd’s, the world’s leading specialist insurance and reinsurance market announced Blink’s selection to join its fifth cohort which will be focussed on 3 themes including data & models, new insurance products & markets and response to COVID-19.  The 10-week programme will commence on 7th September. The 10 successful companies can be viewed here.

Speaking of today’s announcement, Blink’s co-founder and CEO Paul Prendergast said: “This has already been a tremendous experience for us and we’re just getting started. The pitch process allowed us to really refine our platform’s potential with an exciting range of commercial solutions and Lloyd’s Lab is going to work with us to accelerate the development and realisation phases by providing us not only with Lloyd’s market access, but with rich historical data, analysis, modelling and testing forums. Our parametric platform’s effectiveness in supporting increasingly Covid-19 prone, high frequency, low severity claims environments was a major success factor in this process so we’re ready to showcase its full potential with this golden opportunity. We also get to collaborate with some of the world’s best minds in insurance innovation, so we are hugely honoured and thrilled to have been selected.”


PICTURE Darragh Kane

 

Blink, founded in 2016 and bought by AIM listed CPP Group just 6 months after it was set up is now a world leader in parametric insurance product innovation, transforming its clients’ complex offerings into superior service experiences with simple, intuitive, online products. It was recognised in 2019 as one of the world’s fastest growing Travel Insurance InsurTechs making it onto The INSURTECH100 –  an annual list of the world’s most innovative company in the InsurTech ecosystem solving significant industry problems, generating cost saving or efficiency improvements within insurance. The company partners globally with insurance and financial services companies, driving innovation in Asia, Europe and North America.

Trevor Maynard, Head of Innovation at Lloyd’s, said: “This cohort of InsurTechs will play an important role in our response to the COVID-19 pandemic and to help us develop the new models and insurance products of the future. We will undoubtedly need new products and services for insurers to deliver confidence and security against future waves of this pandemic and other systemic risks of the scale we have seen in 2020. I’m thrilled to have the best InsurTech’s across the globe join the Lloyd’s Lab and look forward to seeing the progress they make. Lloyd’s has thrived on its purpose of sharing risk and its as important now as it has ever been to combine minds and build a braver world.”