The Power of Parametric - Part 3
Carl Carter, Chief Commercial Officer of Blink Parametric, shares about their Global Lost Luggage solution and protecting data on the move
This is part 3 of Carl's lesson on the value of parametric for our industry. Click here to read part 1 and part 2
All of our insured parametric solutions help provide innovative differentiation, increased revenue, improved customer acquisition and customer retention. They can also be used to provide valuable ancillary revenue. One example from our Lost Luggage launch partner Just Travel Cover, reported that as of November 2022, they had experienced a 12.5 per cent increase in gold top-tier policy sales, in which Smart Luggage is embedded, demonstrating its upselling value, and noted its ranking as their most popular ancillary product with a whopping 23 per cent of all call centre customers choosing to pay extra to add it to a policy and six per cent of all online customers clicking to add it to their policy.
We frequently receive positive feedback from consumers on our solutions, as they turn common travel disruptions into ‘surprise and delight’. The best feedback is one that clearly demonstrates how a negative experience can be transformed into a positive one. One policyholder client of our Lost Luggage launch partner Just Travel Cover reported: “I used Smart Luggage and received an initial £50 to help purchase essential items for the night. There was absolutely no possibility of communicating with the airline about our missing baggage – their solution was to ʻfile a claim online.’
“Forty-eight hours later there was still no sign of my luggage, and Smart Luggage, having tracked the process, declared it lost and paid another £500 straight into my bank account. The automatic payment left me feeling relieved – a little moment of calm when everything else was going wrong! This was my first trip using Smart Luggage and cannot recommend it enough,” said Nicola, a Just Travel Cover Annual Gold policyholder.
Challenges and barriers against adoption
Any initial reservations tend to centre on how an insurer’s legacy systems might adapt to API integration or to an organisation’s hesitancy towards outsourcing. However, we are adept at making the integration easy for an insurer partner, even one with a legacy system, plus insurers realise they need to speed up when it comes to innovation and therefore it is becoming more mainstream across the industry for insurers to appreciate that they do not need to re-invent the wheel and create the solutions themselves but can leverage off the capabilities of agile, expert insurtech specialists such as Blink Parametric to give them a leading edge. That way they also benefit from our global experience and shared learning. Our recent collaboration with Firemelon's leading Magenta travel insurance platform now means many more UK travel insurance brands can easily and seamlessly integrate Blink Parametric solutions into their products.
We are working on a range of new and exciting travel insurance parametric solutions. With your personal data being at risk when you travel, we already offer a cyber solution for travellers. When travelling, people are often very much unaware of how easily their personal data can be put at risk and exposed to criminals by using public Wi-Fi networks, plugging into compromised USB ports in hotels or public areas let alone by handing out their personal data to travel vendors and excursion companies. Blink Parametric have solutions to protect travellers and their data by monitoring their data online, alerting the customer in the event compromised data is uncovered and then giving the customer a step-by-step action plan to mitigate the financial and personal data risk. Watch this space for more products coming soon!