Blink revoluciona las normas del seguro de viaje y es elegida por Munich Re como partner. Andrew Rear, director ejecutivo de digital partners de Munich Re ha declarado: “Los socios digitales forman parte de la nueva empresa global de Munich Re creada para asociarse con los disruptores que están cambiando la forma en que los clientes experimentan el seguro. Esperamos ayudar a Blink a reimaginar y rediseñar el seguro de interrupción de vuelo y lanzar productos innovadores de seguros de resolución en tiempo real “.
Paul Prendergast, CEO de Blink, participará en Insurance World Challenges 17 y nos contará cómo creó, desarrolló y se ha convertido en parnership de Munich Re para la construcción de nuevos productos alrededor del seguro de viaje.
COI. What is Blink?
PP. Blink offers the world’s first real-time resolution, flight cancellation insurance.We provide insurance with no excess, no claims process and no material exclusions. This is done by building an insurance product around data and allows us to offer what we like to call invisible insurance.Blink tracks your flight – tells you when it is cancelled and rebooks you simply and in real time. We have been described as the Uber for Travel Interruption Insurance.
COI. Why did you decide to launch an Insuretech startup ?
PP. We looked at the major increase in activity in the insurance space and the launch of a number of interesting startups.
There was three major trends that we had identified; The VCs had started to invest heavily in the space, the regulator was proactively encouraging innovation and the major Insurance incumbents were actively engaging with early stage tech companies.
It was a very good time to build a data driven insurance company that provided better customer service by solving a real problem as well as offering a strong risk management solution to our insurance partners.
COI. Why Travel?
PP. Travel Insurance space is massive $15bn + per annum – larger than digital music and has had little or no innovation over the past 20 years. Travel online is a very mature industry and has large amount of partners we could work with to create a strong digital proposition.
COI. Blink works closely with Munich Re.Can you tell us about that?
PP. We are very fortunate to work closely with Munich Re Digital Partners and we are one of 8 startups globally they have partnered with. This has added to the capability and credibility of the organisation considerably. Munich Re have provided real support and insurance know how as well as underwriting to Blink.
COI. Blink was the only Insuretech in the Fca Sandbox programme.Was that a positive experience?
PP. The regulatory framework is critical to the success of any new insurance company. It was important that we built a real understanding of this framework and the FCA in UK was a very supportive partner in getting us to launch.
The sandbox experience was 100% positive and really showed that the UK regulator wanted to drive major innovation in the Insurance market.
We would encourage other regulators to look at offering this type of framework in their markets as it really works. We have assisted other international regulators who are actively looking at launching sandbox programmes.
COI. Blink launched in UK in March.
PP. Yes we softly launched in UK and are very happy with the market feedback to date. We are currently examining new markets and are speaking with a number of major international opportunities globally.
COI. The major cancellations with BA has increased the awareness of the demand for this type of insurance.
PP. Yes – the event with over 1,000 flights cancelled was very difficult for consumers, the airline and now the insurers. The Blink solution can add real value to all parties in an event like this. The cancellations were a major fault but now consumers are confused re compensation and where do they go first airline or insurer. Having a simple technology enabled solution that can scale quickly and resolve issues in real time would have provided much better customer service as well as reducing all the claims handling costs and consumer servicing handling costs.
COI. What is your business model?
PP. We primarily work with large Insurance companies who want to add Blink to their portfolio or add into their current Travel proposition.
We also work with Travel industry partners to drive ancilliary revenue opportunities.
COI. Future Plans for Blink
PP. We will be launching new products round missed connections soon. The self booking multi leg traveller is an interesting sector we are focused on. We want to give customers an insurance product that will reduce the risk of booking legs without the very high cost of booking through tickets.
We have have lots more plans to develop the Blink solution over the next 12 months .
COI. Finally Blink was acquired 6 months after being started. Can you elaborate?
PP. Yes – we were acquired by CPP Group in the UK. They have a very strong team who believe in what Blink are doing. We are working very closely with the team in Spain in launching Blink. CPP are also very strong in emerging markets – India, China , Turkey etc and we are looking at all these markets at present. Very exciting time for the team at Blink.