Blink Parametric developed a powerful and flexible ‘parametric engine’ that offers insurers and brand partners a wide range of parametric solutions that can deliver real-time digital assistance using bespoke combinations of parametric triggers and resolutions. It is extensively used for travel insurance propositions and an increasing range of non-travel solutions such as personal data monitoring and online risk mitigation as well as fast-track assistance for business interruption. In this article we will focus on the parametric travel insurance propositions and how the technology works.
Carl Carter: How is real-time digital assistance achieved?
Wayne Morgan: Our parametric platform is designed to work on a wide range of real-time big data feeds that connect into it via API. This means we can ingest data from multiple sources. It is big data such as flight delay reporting that allows us to track flights and monitor them worldwide for travelling insureds and to continuously check if any reported delays meet the trigger threshold for any specific proposition for any travel insurer or brand partner. We have an extensive range of customisable sets of algorithms, business rules and logic working together to serve up and deliver the correct resolution at the appropriate timepoint in the event of an eligible delay.
Carl Carter: What are the typical business rules that govern a white-label travel solution?
Dave Buckley: The business rules are applied along with set parameters and metrics (hence the term ‘parametric’) to establish a relationship between design intent and design response. These business rules mainly consist of data logic, underwriting and risk data, reporting and SLAs, communications, payment and resolution management, real-time data analysis and third-party integrations. We work with insurers and brand partners to design and deliver a wide range of white-label parametric propositions that meet their objectives, without them spending millions on development or taking months to create.
Carl Carter: What are the core resolution options available?
Wayne Morgan: The core resolutions available are constantly being added to. For flight delay these are real-time cash payments via bank transfer or through alternate payment providers, a personalised airport lounge pass for the insured from a choice of airport lounges where available at the departing airport, and we even integrate with a global service that can provide hotel accommodation reservations for extended delays or flight rebooking for customers. The insurer and brand partners can select some or all of the assistance elements for their applicable proposition.
Carl Carter: What about data security?
Dave Buckley: The system architecture and data sources provide us and our partners with a wide range of additional security and anti-fraud measures independent of the insured person. Its robust infrastructure provides data confidence for all parties.
Carl Carter: What resource commitment is required from insurers and brand partners for implementation?
Wayne Morgan: Our parametric technology has been developed with ease of integration for our business partners at its heart. The ‘plug and play’ integration model enables our business partners to get on board and deploy parametric travel insurance solutions with the minimum amount of work and turnaround time. This allows them and their customers to get to the consumer and commercial benefits faster. The tech also provides various integration options as required by the insurers and brand partners in recognition of their varying technical infrastructure, capabilities, timelines, and budgets.
Such options range from systems, UX and communications that are fully managed by Blink Parametric through to API-only integrations from Blink Parametric where the partner designs and delivers their own UX that links into the Blink Parametric engine via API. These are:
1. A proven end-to-end white labelling solution wherein Blink Parametric provides the domain, hosting, security, branding, maintenance, service portal, communication, reporting, dashboards and more.
2. A Single Sign-On (SSO) solution wherein we plug into the partner’s customer portal or embed into their app using widget technology and provide the backend support. The customer doesn’t have to login again for registering their flight or raising a ticket for lost luggage.
3. API Integration with the insurer or brand partner’s core system which gives full integration into the partner’s front end and UX (app, portal etc). A minimal amount of data is required by the Blink Parametric Flight Disruption service to ensure travelling insured can easily register for and use the service.
All these options come with a partner live-data and customer service dashboard which helps the partner with both operational support and financial reconciliation, as well as a wealth of real-time granular underwriting and risk data. The dashboards allow real-time access to all data and functions related to customer service and such data visibility helps in advanced analytics. These reports are just a click away and downloadable within agreed data and report formats.