Insurtech Blink, part of CPP Group, has launched Blink Parametric, a parametric insurance solution.

It allows insurers to harness real-time data to provide remediation to their customers at a quicker pace.

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Big data is utilised to expand solutions and it is available within the travel, climate, energy and IoT sector. The goal is to bring three million users to the platform in the coming year.

It is divided into three offerings:

  • Blink Travel gives customers real-time service for travel insurance, including an online travel agent and enterprise travel specialists;
  • Blink Climate provides risk cover via a metric-based insurance solution adaptable to factors such as climate change, extreme weather and natural disasters, and
  • Blink Energy and IoT, on the other hand, adapts to risk factors associated with domestic appliance and industrial-led IT.

Paul Prendergast, CEO of Blink said: “We have been working on this platform expansion for two 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.”

He continued: “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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Jason Walsh, CEO at CPP Group, added: “At CPP we are proud to be at the forefront of pioneering technology across the insurtech industry and this latest launch from Blink drives us even further forward in our pursuit of innovation. Blink has shown impressive scalability in the past year having signed several partnerships of international note and this new product range will no doubt bring in many more similar deals for the Group in 2020.”