Insurtech Blink Launches Parametric Damage-Free Business Interruption Solution

0
3
THE BHARAT EXPRESS NEWS INSURANCE NEWS
THE BHARAT EXPRESS NEWS INSURANCE NEWS

Irish insurtech Blink has launched a parametric damage-free hurricane insurance solution that provides liquidity to small and medium-sized businesses in the aftermath of a natural disaster.

Called “Blink Interruption,” the product aims to reduce the average processing time for business interruption claims by up to 95%. It uses automated financial validation and immediate payment solutions to help businesses get back on their feet just days after the event.

A representative for the Cork, Ireland-based company said the product is now on offer in the United States but plans are underway to roll it out globally.

The product was developed in Lloyd’s Lab, the 10-week innovation acceleration program operated by the Lloyd’s Marketplace.

“Following a disaster, 90% of small businesses go bankrupt within a year unless they can resume operations within five days,” said Paul Prendergast, co-founder and CEO of Blink, in a statement.

ALSO READ  Lawyers seek 'vaccine court' recourse against U.S. coronavirus injury compensation fund

“Blink Interruption provides real-time claims activation and payment solutions immediately afterward, enabling businesses to recover and reopen. Its appeal lies in its simplicity. It enables our insurance partners to offer coverage through a streamlined claims validation platform that immediately begins to measure the impact of a disaster on a business, automates payments, and demonstrates to customers that insurers are there for them, when they need it most, ”Prendergast says.

How it works
  • Blink continuously monitors national weather systems, tracks hurricane formation and planned landing path.
  • Blink proactively confirms that the insured was on the path of a hurricane.
  • Blink measures financial impact, verifies business impact, and confirms policy coverage levels. Blink issues the payment to the policyholder.
  • Blink validates business impact by tracking business activity through open banking and accounting software integrations.
  • The validation process is repeated daily and the ongoing business impact is confirmed.
  • Claim payments begin after one week, for a fully configurable amount and duration based on partner requirements.
ALSO READ  Social inflation, low interest rates, rising catastrophes: recipe for a difficult market

“Blink has built an innovative concept in 10 weeks that offers an innovative solution to a real challenge facing our industry: rapid validation of business disruptions and complaints handling,” commented George Beattie, Lloyd’s Lab mentor and responsible for incubation at Beazley and in the insurance world with offices in Europe, Asia and North America.

“The product’s simplicity, transparency and real-time service allow insurers to support customers when needed. The solution offers insurers significant potential to improve the quality of claims service – a critical component of customer success, ”added Beattie.

ALSO READ  United States needs an ECS for its healthcare system: advice

“Beazley has ambitious plans for product innovation and parametric products are an exciting part of the landscape. As a result of Blink’s mentorship during their [Lloyd’s Lab] experience, we are eager to explore parametric opportunities together and see how we can deliver revolutionary new products to market, ”he said.

Blink co-founders Paul Prendergast (left), Peter Bermingham (right)

Founded in 2016 by Prendergast and CTO Peter Bermingham, Blink originally offered flight interruption travel insurance using parametric triggers.

The company was acquired by the AIM-listed CPP group just six months after its launch. The company partners globally with insurance and financial services companies, driving innovation in parametric insurance products in Asia, Europe and North America.

Source: Blink

The most important insurance news, delivered to your inbox every working day

Receive the trusted insurance industry newsletter

LEAVE A REPLY

Please enter your comment!
Please enter your name here