The parametric flight delay solution, provided as a service in real-time, allows customers to receive either a cash payment or an airport lounge pass in the event of flight delays, cancellations, or lost luggage, focusing on high-frequency, low-value claims.
Getcover.com, a London-based Lloyd’s broker trading under Newpoint Insurance Brokers Ltd, becomes the first company to access Blink’s technology through Firemelon’s Magenta Insurance System platform.
Blink Parametric’s technology requires passengers to register their flight details before travel
Earlier this year, Blink agreed to a strategic alliance to integrate its technology with Magenta’s travel insurance sales and policy administration system. The product is underwritten by specialist insurer Financial and Legal Insurance Company Ltd (F&L).
“Getcover.com is a true pioneer in online direct-to-consumer travel insurance, leading the way with innovative and accessible insurance cover and benefit solutions,” said Carl Carter, Chief Commercial Officer at Blink Parametric.
“We are delighted to collaborate with the team as they differentiate their travel insurance offering in the highly competitive UK travel insurance market by providing a real-time flight delay service, offering cash payments or airport lounge access to travelers in their time of need. We look forward to enhancing their travel insurance product portfolio and customer service delivery immediately.”
Blink Parametric’s technology requires passengers to register their flight details before travel, and it monitors the flight in real-time. Travelers are notified of delays, and Getcover.com customers will be offered airport lounge access if a flight is delayed by two hours or more, or a £30 cash payout per traveler, which will be directly deposited into their bank accounts.
“This partnership with Blink Parametric represents another significant milestone for Getcover.com as we continue to expand our outstanding portfolio, now incorporating intuitive, real-time travel assistance products,” said Julian Triggs, Head of Travel Partner Development at Newpoint Insurance Brokers.
“We pride ourselves on offering simple and value-for-money travel insurance, enabling our customers to travel worldwide with peace of mind. Blink Parametric checked all the boxes for us, being easy to work with and delivering a powerful, personalised, and immediately beneficial real-time customer experience when our customers need assistance.”
Parametric travel insurance propositions have a strong consumer focus, says Beales
Karen Beales, Managing Director at F&L, the underwriter of the product, commented, “We are thrilled to extend our underwriting support to Getcover.com. Parametric travel insurance propositions have a strong consumer focus, and as mass travel returns to pre-pandemic levels, we are keen to support innovative parametric-powered solutions that offer valuable protection to travelers in case their plans are disrupted.”
Founded in 2016, Blink Parametric was acquired by Leeds-based CPP Group the following year. The company has consistently ranked in TheINSURTECH100, a list of the world’s most innovative insurance tech businesses, and was selected to join Cohort 5 of Lloyd’s Lab innovation accelerator program in 2020. Blink Parametric developed a market-ready business interruption offering during the accelerator and has expanded its services platform since, earning several awards and partnering with financial services firms across four continents.
Source: Fintech Global
