The Power of Parametric - Part 4

Change can be daunting, and perhaps felt to a greater extent in the insurance industry than most other sectors – especially when the change is being driven by both commercial needs but also market pressures to keep up with consumer expectation or risk falling behind. With some legacy-based insurers we typically find that the perceived need for extra IT resources or capital investment can influence and delay decision-making, which in turn slows down their pace of change. As a result, we place particular emphasis when meeting with potential travel insurance partners and brands on setting out the practical requirements and critical success factors for a successful implementation of a real-time parametric travel-insurance solution. Once they make that momentous decision to embrace new technology and onboard one or more of our parametric travel insurance solutions such as Flight Disruption or Lost Luggage – the Blink Parametric team does most of the heavy lifting across the implementation period, thereby delivering the integration of parametric solutions faster and reliably for our brand partners.

Tried and trusted process steps

1. To design a parametric travel insurance proposition for the insurer and their customer, we get an understanding of:

• Business objectives in line with budget, including their expectations for sales, renewals, operational cost efficiencies; and process flow efficiencies through claims management automation
• Their customer profile, the challenges they face and opportunities to address them.

2. We then work with the insurer and brands’ underwriting, product and marketing teams to build the proposition and offerings that meet the criteria. Our pricing team is able to work collaboratively to deliver indicative risk rates based on resolution values and types (whether it is a simple lounge pass or cash solution; a more complex tiered solution; or one that includes hotel or flight rebooking for delayed travellers), and proposed delay trigger periods to meet budgets and expectations. We use our wealth of global experience with travel insurance carriers and brands to tap into shared learning of what works, to maximise return on investment (ROI) for the insurer and brand as well as delivering a real-time positive customer experience that offers assistance to travellers in their time of need.

3. Working remotely or on-premises, the Blink Parametric team follows an API-based, fully digital implementation project plan covering all fully white-label branded user interface communications, payout mechanics, reporting and back office service dashboard requirements.

How long does it take to embed a parametric travel insurance solution?

It is surprisingly quick! Embedding and activating a real-time parametric travel insurance solution can be completed in weeks and is typically subject to insurer priorities and rollout plans, which we are happy to align with. Ultimately our goal is to deliver a market-ready real-time assistance solution that delivers growth, increased customer retention and cost savings promptly in a cost-effective manner. This is deployable in any language and virtually any currency worldwide. Travel and travel insurance is, after all, a global business.

Partner success is central to the partnership process

The Blink Parametric team ensure partners get more than just a parametric travel insurance product as they:

• Work from the very start to clearly define the success criteria and how to achieve those objectives – whether it has a sales, retention or operational expense focus
• Support partners and their product, technology, service and underwriting teams through both technical deployment and operational implementation
• Engage directly with partner teams to ensure they simplify complex products and deliver a rewarding customer experience
• Keep partners up-to-date with new parametric features, functionality and resolutions that can bring additional value to partners and their customers
• Provide a dedicated customer care portal allowing partners, their claims handlers and customer service staff to quickly and efficiently answer customer queries
• Provide marketing input and support to maximise the ROI as well as training materials to support staff on the proposition and how to service queries.

The Blink Parametric team includes world-class software developers, tech architecture design specialists and experts in insurance and business processes. In a time when insurers are increasingly realising that they need to focus on core business and don't need to re-create solutions themselves, many are now turning to proven, agile, expert insurtech specialists such as Blink Parametric for their parametric insurance products to give them a leading edge. We are proud to deliver proven transformative real-time insurance experiences for our partners and their customers around the world.