The broad-based insurance solutions platform has been developed so that insurers can make use of it to provide parametric coverage solutions to their customers. It covers the travel, climate, energy and ‘internet of things’ sectors.
“We have been working on this platform expansion for two years now,” said Paul Prendergast, Blink’s CEO, “so it’s exciting to finally be able to launch it. Parametrics is an insurtech gamechanger globally, and Blink is leading parametric insurance product innovation, by transforming our clients’ complex offerings into simple, intuitive, online products. By using parametrics, we are simplifying that which people might ordinarily deem convoluted – by simply offering a pre-agreed amount of cover, based on the probability of a pre-defined triggering event.” Among the benefits of parametrics, he explained, are the fact that clients can self-serve, the data-led assessment process, and immediate claims pay-outs.
Breaking down the various service offerings, Blink Travel offers fast and convenient real-time insurance services, while Blink Climate offers rapid, tailored, metric-based risk cover adaptable to various climate, extreme weather and natural disaster-related risk, and Blink Energy & IOT is an insurance technology solution that adapts to various domestic appliance and industrial-led IOT-based risk factors.
Speaking about Blink Climate, Prendergast elaborated: “A farmer for example can secure cover for specific harmful climate conditions (drought or flooding and so on) occurring within a fixed period of the year. The parameters of the cover are clear, and the determination of a claims pay-out is automated and conclusive as it is supported by measured weather data across that specific period.” He also explained a little about the Blink Energy Parametric Insurance Solution: “[This] can be designed to monitor the increase or decrease in energy usage during a pre-defined time period. Based on data-led assessment, it can deliver insurance cover, as oil, gas, electric and renewable energy shift in terms of demand and cost.”
Could 2020 be the year that parametrics fully break through into the mainstream? Watch this space ...