Blink Parametric accepted onto Lloyds Lab innovation accelerator programme

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Blink Parametric, a CPP Group’s InsurTech business, today announced that it would be collaborating with Lloyd’s of London with an aim to design its first parametric proposition for commercial insurance lines. Blink recently got selected onto the fifth cohort of the prestigious Lloyd’s Lab innovation accelerator program. The 10-week program started on Monday (7th September), with Blink having a specific focus on new insurance products and markets.

Paul Prendergast, CEO of Blink, said, “Triggered by the volatility of the Covid-19 period, commercial businesses are already demanding more clarity and security from their insurance products, all of which can be provided by a real-time parametric solution. Using our platform for a travel disruption solution confirmed how it can simplify and innovate traditional insurance models, and we’re now supporting more than 650,000 customers.”

“We’ve refined our platform’s potential and are in a great position to launch a commercial product. Working with the team at Lloyd’s Lab will enable us establish further data points and understand where the market opportunities lie.”

Established in 2016, Blink has secured a number of large-scale partnerships across the globe, including Blue Cross, Manulife, and TuGo. It has also launched its expanded parametric platform to include solutions to those operating within climate, energy, and Internet of Things sectors as well as travel.

Jason Walsh, CEO at CPP Group, said, “It’s fantastic that Lloyd’s have recognised Blink for its strong proven parametric platform. We’re excited to have our internationally recognised insurtech company take this technology further with a proposition for the commercial insurance space. This is a first for Blink and CPP and will provide significant value potential for the business.”

“Investing in technology and innovation is a key to the Group strategy as this enables us to transform our partners’ products and customer experiences. Blink have proved its sound platform integration within the travel sector and we look forward to seeing what the outcome of the Lloyd’s Lab program will bring.”