(Image credit: Max Harlynking/Unsplash.)
Blink Parametric (Cork, Ireland), a CPP Group Company (Leeds, U.K.), has undertaken a partnership with baoba (Miami Beach, Fla.), a global travel InsurTech with offices in the U.S., Canada and Hungary. baoba is a B2B marketplace for travel sector organizations seeking innovative solutions for its customer base including online travel agents (OTAs), travel insurance companies and airlines.
As a result of the partnership, the baoba will roll out the Blink Parametric flight delay solution, followed shortly thereafter by flight cancellation, hotel disruption, lost luggage and weather guarantees as the baoba team works to provide clients with an extensive portfolio of innovative consumer-centric insurance solutions.
“With baoba, from the outset we knew we were a natural fit,” comments Sid Mouncey, CEO, Blink Parametric. “As two dynamic InsurTechs determined to influence the future of insurance with novel solutions, this is a great match. We are excited by the benefits we can bring to the insurance value chain and to the entire customer experience for baoba’s client base. Our shared ethos regarding intuitive, simple, insurance product design and delivery signals a lively and productive partnership and we are excited to get underway.”
Blink was founded in 2016, a Parametric as a Service (PAAS) InsurTech, focused on a flight disruption travel insurance solution to prove its parametric platform. Benefits can include complimentary airport lounge access, hotel rebooking options and instant payment when the insured’s flight is delayed, all done seamlessly through the traveler’s smartphone. Blink says enabling companies to communicate with customers in real-time, offering alerts, status updates, service benefit options and importantly, compensation, has been a cornerstone of the company’s success. It launched Blink Parametric in 2020, offering a full suite of parametric insurance solutions.
“Today represents another important milestone for baoba,” comments Kata Ludvig, CEO and Co-Founder, baoba. “Blink is enabling us to further expand our client portfolios with travel insurances that are street-smart, automated, modular, on-demand, value-add and supported by claim processing and real-time pay-out solutions. This is our sweet spot – where world-class InsurTech and inspiring customer experiences converge. Right now, our partners can link to us with a single API to embed parametric products, sell standalone products or upsell during their customer journey. Following our successful integration of Blink’s platform, we are now well underway to transitioning multiple partners towards the launch of their own parametric products. This is game-changing for our business and we are truly excited by the potential that lies ahead.”
Real-Time Claim Resolution
“Blink’s travel solution and parametric suite of products are designed to deliver the sparkling performance and operational efficiency sought by baoba on processing high frequency, low severity claims when the policy-holder needs immediate real-time claim resolution,” says Carl Carter, CCO, Blink Parametric. “We are delighted to be partnering with such a high-energy business, and I have full confidence that our collaboration will deliver exceptional results.”