Blink progress in 2023

CPPGroup Plc

11 January 2024

 

CPPGroup Plc (the "Group" or the "Company")

Blink progress in 2023

CPP Group (AIM: CPP), a provider of real-time, digitally delivered assistance products which reduce disruptions to everyday life for millions of people, is pleased to provide an update on the progress made in 2023 in developing its Parametric InsurTech business, Blink Parametric ("Blink").

For the travel disruption market (flight delay and lost luggage) Blink supplies insurers with embedded technology solutions which deliver real-time automated claims assessment and payments. This provides a superior claims experience for the insurer's customers and reduced claims administration costs for the insurer.

In October 2022, the Group announced its new strategy and accompanying Change Management Programme, which focused on the withdrawal from its Legacy operations and building its technology capabilities through the development of Blink. At the time of the strategic announcement, Blink was sub-scale and required major financial and operational investment in order to realise its potential.

Pleasingly, Blink has made good progress through 2023, the key highlights of which are:

·      Seven new partnerships signed with blue-chip insurance clients to embed Blink's technology into their Travel Insurance products, including MAWDY (a MAPFRE company), Zurich in Asia Pacific (APAC), Europ Assistance (Italy), BCAA (Canada) and Baloise (Switzerland).

·      100% renewal of existing contracts with insurers including Tugo and Blue Cross in Canada.

·      Expanded its market reach into ten markets, including the USA, UK, Ireland, Italy, and Switzerland.

·      Three scalable products live in market delivering real-time solutions for delayed or cancelled flights, delayed baggage, and personal cyber risk, which is Blink's first consumer product outside of travel.

·      Blink's technology is embedded in over 1.3 million policies globally which has led to annual recurring revenues increasing by 63% to £1.0 million.

·      A new market-leading, white-labelled online user experience, developed together with our clients and their customers was launched for Blink's Travel Insurance partners.

·      Blink has undertaken a substantial programme of work, delivering a step change in infrastructure and operational scaling capability.

·      Industrywide recognition through multiple award wins.

Client and market expansion

Blink's distribution strategy, which is to embed real-time technology solutions into the core insurance policies of large multi-national insurers, has started to bring positive results with seven new agreements signed with blue-chip insurers (five of which were signed in H2 2023). These include Blink's first global agreement with MAWDY (Mapfre Digital Assistance), and in December, Blink signed a strategic framework agreement with Zurich in Asia Pacific, offering parametric flight delay services to enhance the travel insurance experiences for Zurich customers in the region. Blink generates revenue by including its technology in both new and renewal insurance policies sold by the insurer.

Insurer client contract wins in 2023 have seen Blink enter new markets including the USA, Italy, Ireland, and Switzerland, with Blink now partnered with insurers in ten markets and further geographic expansion anticipated in 2024.

As we enter 2024, Blink's pipeline has grown both in quality and quantity with further agreements with global insurers expected to be signed in the first half of 2024.

Blink also achieved a 100% renewal rate on contracts with existing clients which further demonstrates the value its solutions bring to both the insurer and their customers.

Stronger market position

Blink was recognised for demonstrating value to its insurance clients through multiple award wins in the year, including awards for Outstanding Industry Contribution of the Year at the International Travel & Health Insurance Journal (ITIJ) Awards and the Cyber Risk Award at the Broker Innovation Awards for Blink Cyber. Awards were also received for the Customer Care Solution and Claims Product Solution of the Year (Technology Supplier) at the Insurance Times Claims Excellence Awards.

These awards help to position Blink as the market-leading solution for insurers who are seeking to improve their claims experience and deliver real-time support to customers when they need it.

Operational scaling

Across 2023 Blink has completed a programme of work to further enhance its security environment and operational controls to provide the business with the capability and capacity to grow in line with the market opportunity that exists. The business has alongside this built highly capable management and technical teams which provide both the capacity and expertise to support the next stage of growth.

Commenting on Blink's progress in the year, Sid Mouncey, Chief Executive Officer of Blink Parametric, said:

"2023 has been a year of progress for Blink building the foundations for scale and growth in 2024 and beyond. We have invested in people, processes, and operational scalability, and have seen notable improvements in each of these areas. The trust shown in our solutions by existing clients as evidenced through the 100% renewal of contracts is positive, as is the growth in new clients, especially in the second half of 2023, and in the new business pipeline.

We enter 2024 in a strong position to capitalise on the market opportunity that exists with the continued growth of real-time claims solutions in the global travel sector and in addition, we are seeing strong potential for Blink's Cyber solutions."

Enquiries:

CPPGroup Plc                                                                        Tel: [phone]

Simon Pyper, Chief Executive Officer

David Bowling, Chief Financial Officer

Sid Mouncey, CEO Blink Parametric

About Blink Parametric:

Blink Parametric transforms its clients' traditional insurance offerings into superior service experiences with simple, intuitive, and transparent parametric products. Its proven platform serves as the conduit for high frequency, low severity claims across travel, with flight disruption and lost luggage solutions as well as developing solutions within the travel sector and online personal data monitoring and cyber solutions. It partners globally with companies in Asia, Europe, and North America.

For further information on Blink visit https://blinkparametric.com or follow Blink's progress through its Linkedin page - www.linkedin.com/company/blink-parametric-insurance/

About CPP Group:

CPP Group is a technology-driven assistance company that creates embedded and ancillary real-time assistance products and resolution services that reduce disruption to everyday life for millions of people across the world, at the time and place they are needed. CPP Group is listed on AIM, operated by the London Stock Exchange.

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

 

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