The Irish InsurTech 100 company Blink has unveiled Blink Parametric, a broad-based parametric insurance solutions platform to empower insurers around the world to bring the benefits of parametrics to their customers.
The new platform has been in development for the past two years and is hailed by CEO and co-founder Paul Prendergast (pictured left) as “an InsurTech gamechanger.” He started Blink in 2016 together with CTO Peter Bermingham (pictured right).
“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,” he said. “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.”
The platform offers solutions for the the travel, climate, energy and internet of things sectors. For instance, Blink Travel claims to be offering 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.
“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,” explained Prendergast. “We offer customisable software that can be adapted to innovate our partners insurance solution.”
Environmentally, farmers can for instance seek cover for floods or draughts. “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,” said Prendergast. “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.”
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