Blink Parametric, the Cork, Ireland-based InsurTech plans to expand its flight disruption insurance platform into Central & Latin America starting later this month.
The partnership between Blink and Terrawind Global Protection, a global provider of travel assistance products and services, involves creation of tailor-made travel cover to clients traveling for business or leisure.
Blink said it will provide flight disruption support to Terrawind Global Protection policyholders wherever they are traveling worldwide.
Blink’s data driven travel platform helps monitor flights in real-time when clients register their flight details. A delay or cancellation that occurs to the registered flight automatically results in a traveler being notified. Real-time event notification allows for real-time problem resolution, according to the InsurTech. Terrawind Global Protection’s registered customers are offered choices that remove the stress and consequences of the delay, including airport lounge access if a flight is delayed by three hours or more, or a cash payout per traveler, which is immediately deposited into their Paypal account.
Terrawind serves clients traveling the world for business or leisure across 15 Central and South American countries, the U.S. and the Caribbean.
This partnership was a culmination of collaboration between Terrawind Global Protection, Blink and Rokk3r’s INSURT3CH division, a digital insurance distribution specialist.
Blink Parametic – not to be confused with Chubb’s new Blink Digital Platform – debuted in 2016. Founder/CEO Paul Prendergast and co-founder/CTO Peter Bermingham designed the company as a Series (PAAS) InsurTech startup, focused on a flight disruption travel insurance product to prove its parametric platform. It was acquired by CPP Group (AIM CPP) in March 2017. In 2020, it was selected to join the fifth cohort of the Lloyd’s innovation accelerator program — Lloyd’s Lab — where it developed a market-ready business interruption offering. It partners globally with insurance and financial services companies in Asia, Australia, Europe, North America and Central and Latin America.
Source: Blink Parametric
*A version of this story ran previously in our sister publication Insurance Journal.