Non Regulatory - Blink - Lloyds Lab

RNS Number : 4984Y

CPPGroup Plc

09 September 2020

 

9 September 2020

CPPGroup Plc

Blink - Lloyds Lab

Blink Parametric collaborates with Lloyd's Lab to develop commercial sector offering

CPPGroup Plc ("CPP" or "the Group") is announcing that its insurtech business, Blink Parametric, will be working with Lloyd's of London to design its first parametric proposition for commercial lines.

Blink recently confirmed its selection onto the fifth cohort of the prestigious Lloyd's Lab innovation accelerator programme. The 10-week programme started on 7 September 2020 with Blink having a specific focus on the theme of new insurance products and markets.

As one of only ten companies that were selected for the programme, Blink earned their place through a competitive pitch process that included 140 pioneering insurtechs from across the globe. The Lloyd's Lab recognises start-ups that can demonstrate successful, innovative insurance propositions for a tech and data-driven future.

Since its inception in 2016 Blink launched their product line with a market-leading travel disruption solution. A number of partnerships with large insurers followed including Blue Cross, Manulife and TuGo. Earlier this year Blink launched their expanded parametric platform to include solutions to those operating within climate, energy and Internet of Things sectors as well as travel.

Engaging with Lloyd's Lab mentors Blink will explore the disruption to business services across the globe due to Covid-19 and respond by looking for opportunities to extend their parametric solutions into the commercial sector.

Paul Prendergast, CEO of Blink said:

"Triggered by the volatility of the Covid-19 period, commercial businesses are already demanding more clarity and security from their insurance products, all of which can be provided by a real-time parametric solution.

"Using our platform for a travel disruption solution confirmed how it can simplify and innovate traditional insurance models and we are now supporting more than 650,000 customers.

"We've refined our platform's potential and are in a great position to launch a commercial product. Working with the team at Lloyd's Lab will enable us establish further data points and understand where the market opportunities lie."

Jason Walsh, CEO at CPP Group, said:

"It's fantastic that Lloyd's have recognised Blink for its strong proven parametric platform. We're excited to have our internationally recognised insurtech company take this technology further with a proposition for the commercial insurance space. This is a first for Blink and CPP and will provide significant value potential for the business.

"Investing in technology and innovation is a key to the Group strategy as this enables us to transform our partners' products and customer experiences. Blink have proved their sound platform integration within the travel sector and we look forward to seeing what the outcome of the Lloyd's Lab programme will bring."

Enquiries:

CPPGroup Plc

John Brenan, Head of Communications

Email: [e-mail]

Tel: [phone]

About CPP:

CPP Group is a partner focused, global product and services company, specialising in the financial services and insurance markets. We use our local knowledge from 12 country markets within Asia, Europe and Central America to provide our business partners with technology-led product, marketing and distribution expertise that deliver commercial benefits and bring meaningful solutions to over 10 million end customers worldwide.

CPP's diverse range of insurance and assistance products can be designed to suit the bespoke needs of our business partners through providing their customers with peace of mind by reducing the stresses of everyday life, ranging from protection of mobile phones, payment cards and household belongings to keeping travel plans moving and the monitoring of compromised personal data.

For more information on CPP visit https://international.cppgroup.com

For more information on Blink visit  https://blinkparametric.com

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