Blink launches Blink Interruption and announces partnership with Beazley
Irish insurtech Blink Parametric has launched “Blink Interruption“, an offering that can cut average business interruption claims’ processing time by “up to 95%.”
The Hurricane Non-Damage Parametric Insurance solution 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 and immediate pay-out solutions to allow businesses to get back on their feet just days after the event occurs.
“Following a disaster, 90% of smaller companies fail within a year unless they can resume operations within 5 days. Blink Interruption offers real-time claim activation and pay-out solutions in the immediate aftermath, making it possible for businesses to recover and reopen. Its appeal is in its simplicity. Critically, it allows our insurance partners to offer cover through a streamlined claims validation platform that immediately begins measuring the impact of a disaster on a business, automates pay-outs and demonstrates to customers that insurers are there for them, when they need it most.” – Blink Co-Founder & CEO Paul Prendergast.
“Blink have built an innovative concept in 10 weeks that offers a novel solution to a real challenge facing our industry – providing fast business interruption validation and claims processing. The product’s simplicity, transparency and real-time service enables insurers to support customers in their time of need. The solution offers insurers significant potential in enhancing the quality of claims servicing- an essential element of customer success. Beazley has ambitious plans with regards to product innovation and parametric products form an exciting part of the landscape. As a result of mentoring Blink during their Lab experience, we are looking forward to exploring parametric opportunities together and seeing how we can deliver ground-breaking new products to market”. – George Beattie, Lloyd’s Lab mentor and Head of Incubation Underwriting at Beazley Group , and global insurer with offices in Europe, Asia, and across North America.
“The team at Blink, supported by the mentors participating in the Lloyd’s Lab, have done an incredible job in turning their concept into a reality in a matter of weeks. The pace of delivery demonstrates the cutting edge innovation skills at the heart of Blink. Creating a business interruption solution opens up a significant new market for Blink and will make it quicker and easier for insurers to support firms with financial assistance.” – Jason Walsh, CPP Group Chief Executive.
