Irish insurtech Blink unveils parametric solutions platform

Irish insurtech firm Blink has launched a new parametric insurance platform designed to offer a range of solutions, including the travel, climate, energy and internet of things (IoT) sectors.

Blink Travel offers a real-time insurance service covering on-line travel agent, airline, transport provider or enterprise travel specialists. Blink Climate offers a metric-based insurance solution adaptable to risk factors including climate change, extreme weather and natural disasters. Blink Energy & IoT is a parametric insurance technology solution adaptable to domestic appliance and industrial-led IoT risk factors.

Formed in 2016, Blink has formed partnerships with some of the major global 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.

Paul Prendergast, CEO of Blink, said: “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.”

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Irish insurtech Blink unveils parametric solutions platform

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