Insurtech Blink Parametric to launch Sharia-compliant insurance in new market
Irish insurtech Blink Parametric has struck a deal, brokered by its strategic partner and specialist Lloyd's re/insurance broker MNK Re, to launch its parametric offering in the Pakistan market.
The deal will see one of its flagship parametric products, certified and approved as Sharia-compliant in full accordance with Takaful principles, embedded across all Salaam Takaful travel insurance policies.
Salaam is a Takaful operators in Pakistan, which provides retail, travel and commercial insurance products and has built partnerships with overseas Re-Takaful operators and assistance companies to offer coverage for large infrastructure projects and specialised risks. Its coverage is specially tailored for Islamic banking operators as well as for large corporate groups under Shariah guidelines.
“This is an exciting first launch into Pakistan for Blink Parametric,” said Sid Mouncey (Pictured), chief executive of Blink Parametric. “The Salaam Takaful team are exceptionally innovative partners, already experienced in the transformative benefits of parametric technology. Our real-time flight disruption solution is a perfect launch product to embed across their travel insurance products.”
Rizwan Hussain, managing director & CEO of Salaam Takaful, said: “This real-time flight delay cover will become standard across all of our travel policies and will be accessible on our travel insurance portal to travel agents and banking partners across Pakistan. I’m encouraged by the opportunities that lie ahead as we continue to lead insurance innovation in the Pakistan market.”
Manoj Kumar, group chief executive and managing director, commented: “This move holds great potential for all involved, not least the travelling public in Pakistan. We know how important superior service delivery is for Salaam Takaful and we are fully committed to simple, real-time insurance solutions that assist people when they need it most, so, this is the dream team in our eyes and we are immensely proud to have played our part in making this happen.”
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