Insurance tech firm signs new international deals

Leeds-based CPP Group has announced new wins for Blink Parametric, its insurance tech business.

Blink’s long-term growth strategy is to embed its innovative parametric technology solutions into the core products of large insurance companies. Blink  has recently signed a global agreement with a multinational insurance company, along with new agreements with clients in Canada, Switzerland and Latin America.

Blink has signed a global agreement with MAWDY, a multinational insurance, reinsurance and services company operating in 23 countries, which is part of the Mapfre Group. The initial launch with MAWDY will see Blink’s Flight Delay solution being included in a range of travel insurance products in the Irish market. This agreement provides the structure for MAWDY to deploy Blink’s parametric solutions across all of the markets in which it operates. Blink is actively engaged to further deploy its Flight Delay solution in one of MAWDY’s largest countries in 2024.

It  has bolstered its market presence in Canada by launching with BCAA, one of the largest regional club members of the Canadian Automobile Association (CAA). The BCAA partnership in Canada offers a bundled parametric Flight Delay and Luggage solution as part of BCAA’s travel insurance product suite, which is offered to its one million strong membership base.

Blink has also signed an agreement in Switzerland with Baloise, a European insurer that employs 8,000 people across Europe. Baloise will launch a standalone parametric product for consumers, which will include Blink’s Flight Delay and Luggage solutions, in November 2023.

And the firm has extended its existing relationship with InsurTech business BAOBA, to which it already provides parametric solutions, through a new client launch in the LATAM region.

Sid Mouncey, chief executive of Blink Parametric, said, “These new agreements provide further proof points for Blink Parametric’s potential in the global insurance marketplace. Our focus is securing partnerships with large insurers and driving growth in our target geographic markets.

“The travel sector continues to experience frequent and increasingly large-scale disruptive events which is contributing to a heightened industry need to provide an urgent consumer response. Blink has a major role to play in the restoration of trust in the travel sector, supporting insurers and consumers through the adoption of proactive and innovative flight disruption and luggage insurance solutions.”