Insurtech Blink Parametric has announced its partnership with AwayCare, a premier Managing General Agent (MGA) provider of travel insurance products in Canada.
The coverage will be underwritten by leading Canadian insurance group Northbridge Financial Corporation, a Fairfax company, supporting the delivery of flight disruption insurance solutions.
Blink was founded in 2016 and became the first Insurtech in the FCA (UK) Sandbox programme and was acquired by CPP Group in March 2017. It was selected to join Cohort 5 of the prestigious Lloyd’s Lab innovation accelerator programme in 2020, developing a market-ready Business Interruption offering.
Blink Parametric, wholly owned by CPP Group, offers customers a proactive, real-time service that meets the speed and convenience that today’s consumers demand.
Travel is still on a recovery path after a very challenging two years and now, more than ever, the travel experience needs to be reinforced with support that builds traveller confidence.
AwayCare specialises in the delivery of unique, customised services and products for clients across its portfolio, so our Blink flight disruption solution is a perfect fit.Richard Lucker, Head of Product at Blink
This parametric service helps ease the pain points of a flight delay in real-time for leisure and business travellers alike, especially during current times when flight crews who catch Covid are forcing airlines to cancel or delay flights.
So, once a traveller registers their flight details, Blink monitors that flight in real-time. Any flight delay that occurs to the registered flight, automatically results in a traveller being notified instantly and offered service choices within their policy terms – effectively automating the claims process.
AwayCare policy holder benefits include complimentary airport lounge access when the insured’s flight is delayed more than two hours or an instant payment, all issued seamlessly to the travellers’ smartphone.
Changing the future of travel insurance is fundamental to what we do and adding real value through smart, simple insurtech aligns perfectly with our one-stop-shop travel insurance service.
As the travel sector emerges from uncertain times and we all start moving again in greater numbers across 2022, we want people to feel secure in the knowledge that when the unexpected happens, AwayCare will be right there with them offering assistance to alleviate the stress of their flight disruption.Ryan Beaulieu, VP Operations, AwayCare
Blink partners with insurers and travel organisations throughout Europe, Asia, North America and Central and Latin America.
This partnership resulted from collaboration between AwayCare, Blink and Red Consulting, a travel insurance and medical assistance consulting company leading the expansion of Blink Parametric products throughout Canada and the United States.
Parametric insurance and digital solutions in travel are increasingly becoming the new normal, providing a genuine real-time service for travellers, and delivering solutions precisely when needed.Gary Andrews, President of Red Consulting
Blink Parametric is an insurtech company that transforms its clients’ traditional offerings into superior service experiences with simple, intuitive and transparent parametric products.
Its proven platform serves as the conduit for high frequency, low severity claims across Commercial and Travel as well as Climate and Energy sectors. It partners globally with insurance and financial services companies in Asia, Europe, North America and Central and Latin America.
by Peter Sonner