Introducing Blink Parametric
Blink Parametric announced the launch of a parametric insurance solutions platform called Blink Parametric. The launch follows the company’s partnership with 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.
“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 recognize 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.” – Paul Prendergast, CEO of Blink.
The solution comprises of Blink Travel which offers customers a proactive real-time insurance service, Blink Climate which is a metric-based insurance solution adaptable to risk factors including climate change, extreme weather and natural disasters, and Blink Energy & IOT which is a parametric insurance technology solution adaptable to such risk factors associated with a domestic appliance and industrial-led IoT.
“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.” – Prendergast.
