CEO Paul Prendergast speaks with Alex Bond in The Leadership in Insurance Podcast
Check out our CEO Paul Prendergast in conversation with Alex Bond of Finpro on the below podcast. Highlights include: How parametric solutions reduce the unit cost of insurance, How starting with the end customer can be the wrong approach – Blink start with the underwriter and how attitudes of successful Instech startups in 2021 are different to 5 years ago – less adversarial impact of social media on insurance.
Listen to the full podcast here:
Irish InsurTech Blink Launches New Business Interruption Solution Developed Within The Prestigious Lloyd’s Lab Innovation Accelerator Programme
Blink Interruption – Key Features
Open Banking Validation: real-time monitoring and large-scale integration with 11,500 banks and credit unions enables automatic claim validation and is sufficient to prove the hurricane’s impact on the business.
Early liquidity provided post-event will allow businesses to recover and reopen. Prendergast advised, “Traditional business interruption claims on average take between 6 months and 2 years by which time, it is too late. Blink Interruption offers early intervention when it matters most to business owners.”
George Beattie, Lloyd’s Lab mentor and Head of Incubation Underwriting at Beazley, and global insurer with offices in Europe, Asia, and across North America 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”.