(Image credit: L.Filipe C.Sousa.)
MNK Re (London), a specialist Lloyd’s of London insurance and reinsurance broker serving large institutions in over 70 countries, has partnered with Blink Parametric (Cork, Ireland), a CPP Group (Leeds, U.K.) InsurTech. The collaboration involves 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 to its clients.
“In MNK Re, we have a partner that shares our vision for pure InsurTech innovation,” comments Sid Mouncey, CEO, Blink Parametric. “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.”
Blink was founded in 2016 as a Parametric as a Service (PaaS) InsurTech, focused on a flight disruption travel insurance solution to prove its parametric platform. The company pitched itself as enabling companies to communicate with customers in real-time, offering alerts, status updates, service benefit options and importantly, compensation. It launched Blink Parametric in 2020, offering a broader suite of parametric insurance solutions.
Delivering Speed and Convenience
“Using the Blink platform and its ‘engine’ demonstrates MNK Re’s unwavering commitment to superior service delivery and our customer-centric approach,” comments Manoj Kumar, Group Chief Executive and Managing Director, MNK Re. “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.”
“The wider opportunities that parametric re/insurance solutions bring, 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,” adds Harry Titherley, Head of Innovation, MNK. “This is just the beginning.”