{"id":20252,"date":"2020-11-19T14:28:38","date_gmt":"2020-11-19T19:28:38","guid":{"rendered":"https:\/\/www.insurance-canada.ca\/?p=68921"},"modified":"2020-11-19T14:28:38","modified_gmt":"2020-11-19T19:28:38","slug":"blink-launches-business-interruption-solution-developed-in-lloyds-lab-accelerator","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2020\/11\/19\/blink-launches-business-interruption-solution-developed-in-lloyds-lab-accelerator\/","title":{"rendered":"Blink launches Business Interruption solution developed in Lloyd\u2019s Lab Accelerator"},"content":{"rendered":"<h3>Irish InsurTech Blink launches new business interruption solution developed within the prestigious Lloyd\u2019s Lab innovation accelerator programme<\/h3>\n<h4><strong><em>Open-banking validation, real-time impact assessment and automated pay-outs hurricane non-damage parametric insurance can cut average claim process time by up to 95%<\/em><\/strong><\/h4>\n<p>Cork, Ireland (Nov. 19, 2020) \u2013 Irish InsurTech Blink, will today present the latest offering in its suite of parametric insurance solutions to an audience including Lloyd\u2019s market, insurance and reinsurance experts and mentors of the Lloyd\u2019s Lab innovation accelerator programme. \u201cBlink Interruption\u201d is the culmination of 10 weeks intensive work on the prestigious course, on which Blink led the charge of participants by developing a market-ready offering which can cut average business interruption claims processing time by up to 95%.<sup class=\"supscript\">[<a href=\"https:\/\/www.insurance-canada.ca\/2020\/11\/19\/blink-launch-business-interruption-solution-lloyds-lab\/#notes\">1<\/a>]<\/sup><\/p>\n<p>The Hurricane Non-Damage Parametric Insurance solution provides liquidity to small and medium-sized businesses in the immediate aftermath of an insured event (i.e. a hurricane), thereby reducing overall claims totals as a direct result of early intervention. 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.<\/p>\n<p>Blink Co-Founder &amp; CEO Paul Prendergast echoed the outlook of John Neal, Lloyd\u2019s CEO, who in a recent report on \u201cBuilding simpler insurance products to better protect customers\u201d<sup class=\"supscript\">[<a href=\"https:\/\/www.insurance-canada.ca\/2020\/11\/19\/blink-launch-business-interruption-solution-lloyds-lab\/#notes\">2<\/a>]<\/sup> spoke of the global industry imperative to \u201caccelerate our efforts to build simpler insurance products that are more easily understood by our customers\u201d.<\/p>\n<p>Prendergast spoke in advance of the virtual presentation of the product, \u201cFollowing a disaster, 90% of smaller companies fail within a year unless they can resume operations within 5 days. 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.<\/p>\n<p>This Lloyd\u2019s Lab experience has been invaluable to us. We have collaborated with some of the world\u2019s best minds in insurance innovation, and have delivered a market-ready product at the end of just 10 weeks. This is a huge achievement and a testament to the programme itself\u201d.<\/p>\n<h4>Blink Interruption \u2013 Key Features<\/h4>\n<ul>\n<li>Open Banking Validation: real-time monitoring and large-scale integration with 11,500 banks and credit unions enables automatic claim validation and is sufficient to prove the hurricane\u2019s impact on the business.<\/li>\n<li>Early liquidity provided post-event will allow businesses to recover and reopen. Prendergast advised, \u201cTraditional business interruption claims on average take between 6 months and 2 years by which time, it is too late. Blink Interruption offers early intervention when it matters most to business owners.\u201d<\/li>\n<\/ul>\n<p>George Beattie, Lloyd\u2019s Lab mentor and Head of Incubation Underwriting at Beazley, and global insurer with offices in Europe, Asia, and across North America added, \u201cBlink 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. The product\u2019s 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. 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 Lab experience, we are looking forward to exploring parametric opportunities together and seeing how we can deliver ground-breaking new products to market\u201d.<\/p>\n<p>Jason Walsh, CPP Group Chief Executive, said: \u201cThe team at Blink, supported by the mentors participating in the Lloyd\u2019s Lab, have done an incredible job in turning their concept into a reality in a matter of weeks. The pace of delivery demonstrates the cutting edge innovation skills at the heart of Blink. Creating a business interruption solution opens up a significant new market for Blink and will make it quicker and easier for insurers to support firms with financial assistance.\u201d<\/p>\n<h4>How It Works<\/h4>\n<ul>\n<li>Blink continually monitors national weather systems, tracks hurricane formation and projected landfall path.<\/li>\n<li>Blink proactively confirms insured party was in hurricane path.<\/li>\n<li>Blink measures the financial impact, verifies the business impact and confirms the policy cover levels. Blink issues payment to the policy holder.<\/li>\n<li>Blink validates business impact by tracking business activity via open banking and accounting software integrations.<\/li>\n<li>Validation process is repeated daily and ongoing business impact confirmed.<\/li>\n<li>Claim pay-outs commence after 1 week, to an amount and duration that is completely configurable subject to partner requirements.<\/li>\n<\/ul>\n<p>Blink earned its place as one of just 10 InsurTechs selected for Lloyd\u2019s Lab following a competitive \u2018virtual pitch\u2019 process which saw 140 of the world\u2019s insurance industry trailblazers vying for a place.<\/p>\n<p>Founded in 2016, Blink was acquired by AIM listed CPP Group just 6 months after it was set up. It is now a world leader in parametric insurance product innovation, transforming its clients\u2019 complex offerings into superior service experiences with simple, intuitive, parametric products. The company partners globally with insurance and financial services companies, driving innovation in Asia, Europe and North America.<\/p>\n<h4 class=\"smallhead\">Notes<\/h4>\n<p>1. RIMS Business Interruption Survey 2017. 40% of respondents experienced Business Interruption loss within 5 years. 74% of those claims took between 6 months and 2 years to settle.<\/p>\n<p>2. Lloyd\u2019s: <a href=\"https:\/\/www.lloyds.com\/news-and-risk-insight\/coronavirus-updates-hub\/lloyds-covid19-response-package\/building-simpler-insurance-products-to-better-protect-customers?utm_source=Press_release_global_trades&amp;utm_medium=Press&amp;utm_campaign=product_simplification_report_cv19\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Building Simpler Insurance Products To Better Protect Customers<\/a>.<\/p>\n<h4 class=\"smallhead\"><b>About Blink Parametric<\/b><\/h4>\n<p>Paul Prendergast (CEO) and Peter Bermingham (CTO) founded Blink in 2016, an InsurTech start-up focussed on a flight disruption travel insurance solution to prove its parametric platform. It became the first InsurTech in the FCA (UK) Sandbox programme and was acquired by CPP Group (AIM CPP) in March 2017. Since then Blink made TheINSURTECH100 for 2019 and again in 2020, an annual list of the worlds\u2019 most innovative InsurTech companies having expanded its services platform to become a world leader in parametric insurance product innovation. It transforms its clients\u2019 complex offerings into superior service experiences with simple, intuitive, parametric products. Its proven platform serves as the execution conduit for increasingly Covid-19 prone, high frequency, low severity claims across Commercial and Travel as well as Climate, Energy and IoT sectors. It successfully partners globally with insurance and financial services companies in Asia, Australia, Europe and North America. For more information, visit <a href=\"https:\/\/blinkparametric.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">blinkparametric.com<\/a>.<\/p>\n<p>The <strong>Blink Innovation<\/strong> team includes world-class software developers, tech architecture design specialists and experts in business processes, with a blend of more than 30 years\u2019 experience. Together they demonstrate tremendous creativity, passion and commitment through the pursuit of agile, innovative parametric InsurTech solutions. Blink Innovation excel in effective project management, best-practice collaboration and integration to ensure the successful launch of transformative, compliant parametric insurance solutions. The team not only delivers on partner goals but takes care to articulate and deliver on a superior service experience for clients. For more information, visit <a href=\"https:\/\/blinkblink.io\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">blinkblink.io<\/a>.<\/p>\n<h4 class=\"smallhead\"><b>About CPP Group<\/b><\/h4>\n<p>CPP Group makes millions of lives easier and better protected. We partner with large scale companies across the globe to understand their customers\u2019 needs and meet them through a range of popular ancillary products and services which add value to their core business. Specialising in the financial services and insurance sectors, we achieve long-term, sustainable growth through innovation, specialist digital capability and a culture that brings out the best in our people. We are listed on AIM, operated by the London Stock Exchange.<\/p>\n<p>For more information, visit <a href=\"https:\/\/international.cppgroup.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">international.cppgroup.com<\/a>.<\/p>\n<h4 class=\"smallhead\"><b>About the Lloyd\u2019s Lab<\/b><\/h4>\n<p>The Lloyd\u2019s Lab is the home of InsurTech and is a leading hub for technology-led innovation, with more than 900 applications from international InsurTechs to join the Lab in its first two years. Successful companies join the Lab for a ten-week programme, where they work with insurers in the Lloyd\u2019s market to develop and test their ideas, using the expertise and experience of their mentors to add value to the Lloyd\u2019s market.<\/p>\n<p>Since the launch of the <a href=\"https:\/\/futureat.lloyds.com\/blueprint-one\/blueprint-one-update\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Future at Lloyd\u2019s<\/a> strategy, the Lab has expanded to promote greater collaboration between Lloyd\u2019s expert underwriters and brokers, customers and capital providers.<\/p>\n<h4 class=\"smallhead\"><b>About Lloyd\u2019s<\/b><\/h4>\n<p>Lloyd\u2019s is the world\u2019s leading insurance and reinsurance marketplace. Through the collective intelligence and risk-sharing expertise of the market\u2019s underwriters and brokers, Lloyd\u2019s helps to create a braver world. The Lloyd\u2019s market provides the leadership and insight to anticipate and understand risk, and the knowledge to develop relevant, new and innovative forms of insurance for customers globally. It offers the efficiencies of shared resources and services in a marketplace that covers and shares risks from more than 200 territories, in any industry, at any scale. And it promises a trusted, enduring partnership built on the confidence that Lloyd\u2019s protects what matters most: helping people, businesses and communities to recover in times of need.Lloyd\u2019s began with a few courageous entrepreneurs in a coffeeshop. Three centuries later, the Lloyd\u2019s market continues that proud tradition, sharing risk in order to protect, build resilience and inspire courage everywhere. For more information, visit <a href=\"https:\/\/www.lloyds.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.lloyds.com<\/a>.<\/p>\n<h4 class=\"smallhead\"><b>About Beazley<\/b><\/h4>\n<p>Beazley plc <em>(BEZ.L)<\/em> is a specialist insurer with three decades of experience in providing clients with the highest standards of underwriting and claims service worldwide. All Beazley insurance businesses are rated A (Excellent) by A.M. Best. Beazley is a proud participant in the Lloyd\u2019s market, the largest and oldest insurance market in the world. Through the Lloyd\u2019s broker network and the market\u2019s trading licenses, they are able to access a wide range of insurance and reinsurance businesses from around the world. Their client base is broadly diversified by type, by size and by geography. Clients are leaders in many of the markets in which they operate. Over three decades, Beazley has evolved from a specialist Lloyd\u2019s syndicate transacting business exclusively from the Beazley \u201cbox\u201d at Lloyd\u2019s in London to a global insurer with offices in Europe, Asia, and across North America. For more information, visit <a href=\"https:\/\/www.beazley.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.beazley.com<\/a>.<\/p>\n<p class=\"referencetext\"><em>SOURCE: Blink Innovation via Fuller Marketing<\/em><\/p>\n<p> Tags: <a href=\"https:\/\/www.insurance-canada.ca\/tag\/accelerator\/\" rel=\"tag\">accelerator<\/a>, <a href=\"https:\/\/www.insurance-canada.ca\/tag\/beazley\/\" rel=\"tag\">Beazley<\/a>, <a href=\"https:\/\/www.insurance-canada.ca\/tag\/blink-innovation\/\" rel=\"tag\">Blink Innovation<\/a>, <a href=\"https:\/\/www.insurance-canada.ca\/tag\/business-interruption\/\" rel=\"tag\">Business Interruption<\/a>, <a href=\"https:\/\/www.insurance-canada.ca\/tag\/cpp-group\/\" rel=\"tag\">CPP Group<\/a>, <a href=\"https:\/\/www.insurance-canada.ca\/tag\/launch\/\" rel=\"tag\">launch<\/a>, <a href=\"https:\/\/www.insurance-canada.ca\/tag\/lloyds\/\" rel=\"tag\">Lloyd&#8217;s<\/a><br \/>\n<a href=\"https:\/\/www.insurance-canada.ca\/2020\/11\/19\/blink-launch-business-interruption-solution-lloyds-lab\/\">Read the original article at Insurance-Canada.ca <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Irish InsurTech Blink launches new business interruption solution developed within the prestigious Lloyd\u2019s Lab innovation accelerator programme Open-banking validation, real-time impact assessment and automated pay-outs hurricane non-damage parametric insurance can cut average claim process&#46;&#46;&#46;<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/20252"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=20252"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/20252\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=20252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=20252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=20252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}