The partnership sees the early roll-out of the insurtech’s flagship parametric solution as well as the expansion of its product pipeline
CPP Group owned insurtech Blink Parametric has made a strategic partnership with specialist Lloyd’s insurance and reinsurance broker MNK Re to expand its parametric proposition across the insurtech’s platform.
The tie up will see the early rollout of Blink’s flagship parametric flight disruption solution with further pipeline parametric insurance opportunities for its diverse weather, climate, energy and bancassurance offerings being explored as part of the MNK Re innovation partnership service.
A parametric insurance policy insures a policyholder against a specific event with the payout pre-set based on the magnitude of the event.
Sid Mouncey, Blink Parametric’s chief executive, said: “In MNK Re, we have a partner that shares our vision for pure insurtech innovation. Together we will be designing and delivering simple, intuitive, online products across the Blink platform to a global client base.
“We are excited that our flight disruption solution will lead the way, followed by increasingly relevant climate and energy solutions, allowing us to showcase the outstanding partner and customer experience that MNK Re has established as its standard.”
Just the beginning
Harry Titherley, head of innovation at MNK Re, added: “This is just the beginning.”
Titherley explained that the wider opportunities that parametric reinsurance solutions present “could have a game-changing effect in addressing a wide range of risks from climate change, natural catastrophes and extreme weather through to variations in energy consumption”.
Founded in 2016, Blink is a Parametric as a Service (PaaS) insurtech focusing on a flight disruption travel insurance solution.
It enables companies to communicate with customers in real-time – offering alerts, status updates, service benefit options and compensation has been a cornerstone of its ongoing success. Blink launched Blink Parametric in 2020, offering a full suite of parametric insurance solutions.
Manoj Kumar, MNK Re’s group chief executive and managing director, said that using the Blink platform and its engine demonstrates MNK Re’s “unwavering commitment” to superior service delivery and its customer-centric approach.
“As the travel market reopens, the unique real-time service delivers the speed and convenience that our clients both demand and deserve. It is clear that the future of insurance lies in the accessibility of simple, relevant and effective insurance coverages that better protect policyholders,” Kumar added.