Insurtech Blink unveils new business interruption solution with Lloyd’s Lab
Irish insurtech Blink has unveiled a new business interruption solution, developed within the Lloyd’s Lab innovation accelerator programme, that it says can cut average BI claims processing time by up to 95 percent.
The Hurricane non-damage parametric insurance solution, called Blink Interruption, provides liquidity to small and medium-sized businesses in the immediate aftermath of an insured event, thereby reducing overall claims totals as a direct result of early intervention.
It uses automated financial validation, real-time impact assessment and immediate pay-out solutions to allow businesses to recover and reopen after the event occurs.
Blink co-founder and CEO Paul Prendergast said: “Following a disaster, 90 percent of smaller companies fail within a year unless they can resume operations within 5 days. Blink Interruption offers real-time claim activation and pay-out solutions in the immediate aftermath, making it possible for businesses to recover and reopen. Its appeal is in its simplicity.
"Critically, it allows our insurance partners to offer cover through a streamlined claims validation platform that immediately begins measuring the impact of a disaster on a business, automates pay-outs and demonstrates to customers that insurers are there for them, when they need it most."
George Beattie, Lloyd's Lab mentor and head of incubation underwriting at Beazley, added: "Blink have built an innovative concept in 10 weeks that offers a novel solution to a real challenge facing our industry- providing fast business interruption validation and claims processing. The product's simplicity, transparency and real-time service enables insurers to support customers in their time of need. The solution offers insurers significant potential in enhancing the quality of claims servicing- an essential element of customer success.
"Beazley has ambitious plans with regards to product innovation and parametric products form an exciting part of the landscape. As a result of mentoring Blink during their Lab experience, we are looking forward to exploring parametric opportunities together and seeing how we can deliver ground-breaking new products to market."
Jason Walsh, chief executive of CPP Group, which owns Blink, commented: “Creating a business interruption solution opens up a significant new market for Blink and will make it quicker and easier for insurers to support firms with financial assistance.”
