Blink Parametric has struck a deal that will see one of its parametric products embedded in all Salaam Takaful’s travel insurance policies.
Salaam Takaful provides retail, travel and commercial insurance products and has built partnerships with overseas Retakaful operators and assistance companies. Its coverage is specially tailored for Islamic banking operators, as well as large corporate groups under Sharia guidelines.
Sid Mouncey, Chief Executive of Blink Parametric, said: “This is an exciting first launch into Pakistan for Blink Parametric, and the start of what I know will be a long-term productive relationship for all involved. The Salaam Takaful team are exceptionally innovative partners, already experienced in the transformative benefits of parametric technology.
“Our real-time flight disruption solution is a perfect launch product to embed across their travel insurance products. We appreciate the sincere welcome we have received to the Pakistan market and acknowledge the great cooperation in ensuring our products are certified and approved as Sharia-compliant in full accordance with Takaful principles.”
Blink Parametric monitors a traveller’s flight in real time as soon as it is registered. Any disruptions that happen to this registered flight, like delays, automatically results in the traveller being instantly notified. They are then offered assistance within their policy terms that can alleviate the stress and consequences of the disruption.
Rizwan Hussain, Managing Director & CEO of Salaam Takaful Limited, said: “We love to do things differently and create value for our partners and participants. We work to provide exceptional service, to add value and fulfil our role as a trusted takaful insurance partner that can be relied upon to provide ‘peace of mind’ to our participants when needed.
“Blink Parametric allows us to do this with a truly innovative insurtech solution. This real-time flight delay cover will become standard across all of our travel policies and will be accessible on our travel insurance portal to travel agents and banking partners across Pakistan. I’m encouraged by the opportunities that lie ahead as we continue to lead insurance innovation in the Pakistan market.”