Irish insurtech Blink has launched a hurricane non-damage parametric insurance solution which provides liquidity to small and medium-sized businesses in the immediate aftermath of a natural disaster.
Called “Blink Interruption,” the product aims to cut average business interruption claims processing time by up to 95%. It uses automated financial validation and immediate pay-out solutions to allow businesses to get back on their feet just days after the event occurs.
A representative for the Cork, Ireland-based company said the product is now being offered in the United States but plans are afoot to roll it out globally.
The product was developed in Lloyd’s Lab, the 10-week innovation accelerator programe operated by the Lloyd’s market.
“Following a disaster, 90% of smaller companies fail within a year unless they can resume operations within five days,” said Paul Prendergast, Blink co-founder & CEO, in a statement.
“Blink Interruption offers real-time claim activation and pay-out solutions in the immediate aftermath, making it possible for businesses to recover and reopen. Its appeal is in its simplicity. Critically, it allows our insurance partners to offer cover through a streamlined claims validation platform that immediately begins measuring the impact of a disaster on a business, automates pay-outs and demonstrates to customers that insurers are there for them, when they need it most,” said Prendergast.
How It Works
- Blink continually monitors national weather systems, tracks hurricane formation and projected landfall path.
- Blink proactively confirms insured party was in hurricane path.
- Blink measures the financial impact, verifies the business impact and confirms the policy cover levels. Blink issues payment to the policyholder.
- Blink validates business impact by tracking business activity via open banking and accounting software integrations.
- Validation process is repeated daily and ongoing business impact confirmed.
- Claim pay-outs commence after one week, to an amount and duration that is completely configurable subject to partner requirements.
“Blink have built an innovative concept in 10 weeks that offers a novel solution to a real challenge facing our industry- providing fast business interruption validation and claims processing,” commented George Beattie, Lloyd’s Lab mentor and head of Incubation Underwriting at Beazley, and global insurer with offices in Europe, Asia, and across North America.
“The product’s simplicity, transparency and real-time service enables insurers to support customers in their time of need. The solution offers insurers significant potential in enhancing the quality of claims servicing – an essential element of customer success,” Beattie added.
“Beazley has ambitious plans with regards to product innovation and parametric products form an exciting part of the landscape. As a result of mentoring Blink during their [Lloyd’s Lab] experience, we are looking forward to exploring parametric opportunities together and seeing how we can deliver ground-breaking new products to market,” he said.
Founded in 2016 by Prendergast and Chief Technology Officer Peter Bermingham, Blink originally offered flight disruption travel insurance using parametric triggers.
The company was acquired by AIM-listed CPP Group just six months after it was launched. The company partners globally with insurance and financial services companies, driving parametric insurance product innovation in Asia, Europe and North America.
Source: Blink
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