Cohort: Cohort 5, 2020
Focus in insurance value chain/workflow: Point of underwriting I Policy admin system I Claims
Specific lines of business supported: Personal I SME
Founded: 2016
Status: Operating, still in insurance
Company type: Administration system
Head office: Ireland
Main global offices: Ireland, United Kingdom
Locations served: Global
Employee count: 11-100
Blink Parametric works with insurers, brands and affinity groups to provide parametric insurance solutions to consumers worldwide. It provide customisable white-label software solutions enabling companies to embed parametric insurance products into their brand’s propositions, delivering real-time digital assistance to consumers in their time of need. Blink Parametric’s core specialism is travel insurance, where it provides real-time insurance solutions for flight disruption and lost or delayed luggage.
Primary focus product area whilst in the Accelerator: Improving UW tools and processes I Improving claims process
In the Lloyd's Lab Accelerator, Blink Parametric developed its "Blink Interruption" solution for non-damage business interruption (NDBI). Blink Interruption is a white-label parametric insurance product that uses open banking to provide small and medium-sized businesses with fast liquidity after a hurricane. Blink Parametric estimates that the product can reduce average claim process time by 95%.
"We collaborated with some of the world’s best minds in insurance innovation. Lloyd’s market access was invaluable, offering expert mentors, rich data modelling and testing forums within a Programme that has a global reach. Fresh, challenging, value-focussed, Lloyd’s Lab is essential to the evolution of insurance.”Sid Mouncey, Chief Executive Officer
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