Irish insurtech Blink has launched a new business interruption solution to expand its parametric insurance solutions portfolio.
Dubbed Blink Interruption, this new Hurricane Non-Damage Parametric Insurance solution is designed to minimise overall claims totals as a direct result of early intervention.
It utilises automated financial validation and instant pay-out solutions to offers liquidity to small and medium-sized businesses soon after a hurricane occurs.
Blink Interruption has been developed by the Irish insurer as part of the Lloyd’s Lab Innovation Accelerator Programme. It is claimed to bring down average business interruption claims processing time by nearly 95%.
Blink co-founder and CEO Paul Prendergast said: “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.”
The key features of the Blink Interruption include open banking validation, which allows for the automatic claim validation through real-time monitoring and large-scale integration with 11,500 banks and credit unions.
In addition, the early liquidity offered post-event will enable businesses to recover and reopen quickly.
Established in 2016, Blink was acquired by CPP Group, six months after its launch. The firm specialises in parametric insurance product innovation.
In March this year, Blink launched Blink Parametric, a parametric insurance solution that allows insurers to harness real-time data to provide remediation to their customers at a quicker pace.
Last year, the insurtech partnered with TuGo to bolster its presence in Canada.