Chief executive believes ’the best is yet to come’ for the insurtech
The co-founders of Irish insurtech Blink Parametric are stepping down to explore other opportunities.
Blink’s co-founders Paul Prendergast, who is also chief executive, and Peter Bermingham, its chief technology officer, will continue with the business until today (16 April 2021) to facilitate the transition to new management.
Prendergast said: “The time is right to complete the handover. I leave Blink with a sense of immense pride in what we have collectively achieved over the years.
“Together with [global product and services company] CPP, we have developed an exceptional and passionate team dynamic, which has consistently delivered on creative innovation [and introduced] insurance Parametrics as a Service (PAAS) to a burgeoning mass market across the globe.
“Today marks a career milestone for Bermingham and myself, which we and the group planned to initiate 12 months ago, but successes and challenges over the past year meant it was better to wait.
“The additional period on board afforded us time and opportunity to develop and embed new partnerships, product and service lines that will continue to serve the business into the future.
”I have been truly honoured to play a part in this novel and exciting business and expect that the best is yet to come for Blink.”
Founded in 2016, Blink was bought by CPP Group just six months after it was set up. It was also part of Lloyd’s Lab fifth cohort last year.
Following the co-founders’ exit, CPP Group intends to bring Blink’s operations under central management, to further leverage its expertise in distribution and drive growth in the parametric product set, which includes travel disruption and business interruption solutions.
Sid Mouncey, CPP Group product and marketing director, said: “Prendergast and Bermingham have worked tirelessly alongside the rest of the Blink team to establish its brand, products and partner base and we thank them for all of their work.
“We’re looking forward to working with Blink’s existing partners and developing new relationships with other businesses that can benefit from the near-instant resolution, frictionless servicing and lower costs that parametric solutions provide.
“The Blink technology and products are very well-established and they will form an important part of our core, group-wide digital offering and benefit from an established global distribution network.”
Speaking about stepping down, Bermingham added: “We leave the company confident in the knowledge that the amazing Blink team will continue to build upon all that it has accomplished to date and that the Blink client base is in safe and capable hands.
“I’m very happy with the progress made and the contribution of the Blink team to date. We have delivered a new platform for the CPP Group, migrated the first CPP Group product onto that platform as well as delivering the parametric Blink products - travel and now business interruption.
“We are looking forward to pursuing new projects we have in the pipeline, but we will be cheering Blink from the sidelines as it continues to thrive.”
Blink specialises in parametric insurance product innovation and transforming its clients’ complex offerings into superior service experiences with simple, intuitive, online products.
The company partners globally with insurance and financial services companies, driving innovation in Asia, Europe and North America. Its client base includes insurers such as Allianz, Manulife, BlueCross and TuGo.