’This investment in people, infrastructure and research and development (R&D) will serve Ireland’s economy,’ says minister
Insurtech startup and Lloyd’s Lab alumni Blink Parametric is set to go on a hiring spree to increase its staff headcount in Cork.
The recruitment drive will see 30 new roles created across technical departments – such as presales, full stack developer, quality assurance (QA) and data analytics – by the end of 2025.
The majoirty of these new roles will be based at the firm’s new European Union headquarters in Cork City Quarter, which was launched earlier this week (11 July 2023).
Ireland’s minister for finance Michael McGrath said the move ”further demonstrates the strength of Cork’s tech sector power base and its increasingly global reach”.
”It is to the credit of the Blink Parametric team commitment to delivering world-class insurtech innovation that it has secured its position at the heart of the CPP Group growth strategy. I applaud that achievement,” he added.
“This investment in people, infrastructure and research and development (R&D) will serve Ireland’s economy, provide skills and opportunity for our graduates and add to our outstanding reputation for excellence in technology.”
Blink Parametric was founded in Cork in 2016 and was the first insurtech in the FCA’s UK sandbox.
It offers B2B2C insurance for lost luggage and delayed flights via a Parametric as a Service (PaaS) model.
This allows policyholders to get paid immediately as the trigger and indemnity are pre-agreed prior to the claim.
Blink Parametric chief executive Sid Mouncey said: “From this Cork hub, we leverage large scale data sets to create solutions that appear simple and intuitive to insurers and their customers.
”We deliver real-time insurance assistance solutions to automate insurance claims and payments, used worldwide every hour of every day.
“We are consumer-centric and are leading transformative industry change as insurers modify their business models and work to improve their distribution channels.”
The global parametric insurance industry was valued at $11.7bn (£9.11bn) in 2021 and is projected to reach $29.3bn (£22.82bn) by 2031.
Meanwhile, the consumer parametric proposition segment of that market was valued at around $1.7bn (£1.32bn).
This sector is experiencing market growth and is predicted to be nearly eight times larger in 2030 than it was in 2021, reaching $108.8bn (£84.10bn).
Michael Lohan, chief executive of business management consultant IDA Ireland, said: “Blink Parametric’s decision to locate in Cork is very welcome news. Its presence is a valuable reference point as we continue to attract insurtech investment into the south west.
“IDA Ireland remains committed to winning projects for regional locations. I’d like to wish Blink Parametric every success.”