Virtual Event – Insurance Innovators Festival: Blink Parametric
Virtual Event – Perry McShane represents Blink Parametric – A CPP Group Company, at the Insurance Innovators Festival
Join us for the Innovators Insurance Festival virtual episodes, on Wednesday 10th November 10:00-11:50am, as Perry McShane explains what parametric insurance is and the exciting technology behind the CPP Group company Blink Parametric, that brought you the UK’s first lost luggage product this year.
This year, CPP Group UK launched ‘Smart Luggage’ – the UK’s very first parametric lost luggage product with partner Just Travel Cover.
The cutting-edge product uses parametric technology to offer real-time support to airline passengers whose checked luggage cannot be located following an airport arrival.
The technology is delivered by Blink Parametric part of CPP Group plc.
Perry McShane Head of Financial Institutions and Brand Partnerships, will be speaking at the upcoming Insurance Innovators Festival this month as part of their virtual episodes series to tell you more about Blink Parametric and the benefits of offering parametric insurance.
Who are Blink Parametric and what is parametric insurance?
Blink Parametric was founded in 2016, a Parametric as a Service (PAAS) InsurTech start-up focussed on a flight disruption travel insurance solution to prove its parametric platform. It became the first InsurTech in the FCA (UK) Sandbox programme and was acquired by CPP Group in March 2017.
Since then, the company has continued to expand its offering. The current Blink Parametric platform-based solutions have an impressive span, covering the Travel, Climate, business interruption and Energy sectors. Blink aim to continuously lead, transform and disrupt the global insurance marketplace through innovative and creative parametric insurtech.
Parametric insurance in simple terms, is a non-traditional insurance product that offers pre-specified solutions or pay outs based upon a trigger event.
How does Blink Parametrics technology work?
Blink essentially is the engine of our parametric platform. Using a validated data source such as bank account trends via open banking or monitoring weather patterns, that can trigger an instant pay-out or pre-agreed resolution based on a specified trigger event.
For example, if a business was forced to stop operating due to a storm impacting that area, and have a policy covering them for this type of business disruption – Blink can automatically detect:
- That the businesses location is in an area that has issued a weather alert
- That the businesses accounts have been stationary, for however many days they’ve been unable to open for business.
Based on this validated data, Blink can then automatically provide that business with their instant pay out or resolution specified in their insurance policy. This provides the customer with a resolution right at the point of needing it, rather than having to manually submit a claim and wait for an outcome, which can take months to approve under a traditional claims process.
Why should you provide parametric insurance to your customers?
The importance of parametric insurance in today’s market cannot be understated.
The main key benefits to your customers are:
- Faster pay outs
- Flexibility
- Tailored coverage for losses not covered by traditional insurance
Offering parametric insurance also benefits insurers.
The key benefits for you are:
- No claims forms or receipts are required
- No ‘people’ interaction is required, saving a significant overhead and operational cost
- Solutions can be made market-ready, enhancing your customer satisfaction ratings
Sign up for the Insurance Innovators Festival now. And find out more about Blink Parametric, how it’s exciting technology works and how it can enhance insurers’ core propositions. In both personal and commercial lines.
Perry will be speaking on Episode 5: Next-generation insurtech innovation
Click the link below to register.
An introduction to our team…
In other recent news at CPP Group UK, former Moneysupermarket travel insurance specialist Anna Sant has recently joined the team, as Commercial Development Manager for Parametrics.
Both Anna and Perry will be at Insurance Innovators “The Big Meet Up” on Monday 18th November.
You can reach out to them using the details below or come and say hello on the day!
Perry McShane
Head of Financial Institutions and Brand Partnerships
07736 908 763
Join blink Parametric for this free virtual event to find out more. Book your place using the link above, or contact sayhello@cpp.co.uk to speak to our friendly team, if you have any questions in the mean time.