Start-up insurtech company Blink Innovation Ltd has announced a new partnership with Munich Re to launch what it claims to be the first real-time resolution flight interruption insurance. Blink says that the new partnership creates a ‘powerful market advantage’.
Blink CEO Paul Prendergast stated: “Munich Re’s innovative approach to working with early stage insurtech innovators makes it the ideal collaboration to ensure we can provide innovative insurance solutions in the travel insurance space.”
The deal will see Blink creating the technology solution to deliver the products, including automated underwriting rules agreed upon by Munich Re.
Andrew Rear, chief executive of digital partners at Munich Re, stated: “Digital partners is a new Munich Re global venture designed to partner with disruptors who are changing the way insurance is experienced by customers. We are looking forward to helping Blink reimagine and redesign flight interruption insurance and launch innovative real-time resolution insurance products.”
Blink has also been named as the only insurance product to be included in the Financial Conduct Authority’s (FCA) regulatory sandbox as part of its Project Innovate. The initiative started in 2014, and provides companies with a ‘safe space’ to test innovative products in a live environment whilst ensuring consumers are appropriately protected.
Of the list of 18 companies that were successful in joining the regulatory sandbox, Blink is the only insurer and has been included because of its ‘insurance product with an automated process, which allows travellers to instantly book a new ticket on their mobile devices in the event of a flight cancellation’ says the FCA.