Blink Parametric, an innovator in the InsurTech sector, and CPP Group, an assistance firm powered by technology, have each made a significant impact in their respective domains. Blink Parametric, a Cork-based company, is a pioneer in creating simple, intuitive and transparent parametric insurance products.
The CPP Group, listed on the London Stock Exchange’s AIM, is known for its assistance products and resolution services which minimise disruption to everyday life for millions globally.
The reason behind their partnership centres around the promising growth in the parametric insurance industry and the shared commitment to innovation. In an exciting development, Blink Parametric has announced an expansion in its Cork office, effectively doubling its workforce by the end of 2025.
Blink Parametric specialises in B2B2C parametric travel solutions, providing the global travel insurance sector with real-time assistance for flight disruption and lost or delayed luggage claims. The CPP Group is revered for its partnerships with leading insurance, banking and finance companies, offering both embedded solutions and relevant add-ons that enhance their core products while providing additional revenue streams.
Blink Parametric’s new expansion in Cork is expected to create 30 additional jobs, focusing on various technical roles including presales, full stack developers, QA and data analytics. Furthermore, Blink Parametric has also announced the opening of a new European headquarters at City Quarter, Cork.
In additional information, the global parametric insurance industry, which was valued at $11.7bn in 2021, is projected to reach $29.3bn by 2031. Blink Parametric is carving a niche in this lucrative industry with a specialist focus on real-time consumer parametric propositions, a segment valued at around $1.7bn.
Blink Parametric CEO Sid Mouncey said, “From this Cork hub, we leverage large scale data sets to create solutions that appear simple and intuitive to insurers and their customers. We deliver real-time insurance assistance solutions to automate insurance claims and payments, used worldwide every hour of every day. We are consumer-centric and are leading transformative industry change as Insurers modify their business models and work to improve their distribution channels. Our strategic objectives are ambitious and include becoming the ‘go-to’ partner for the world’s large-scale insurers and brands, driving mass adoption of parametric technology.”
CEO of IDA Ireland Michael Lohan stated: “Blink Parametric’s decision to locate in Cork is very welcome news. Its presence is a valuable reference point as we continue to attract InsurTech investment into the South West. IDA Ireland remains committed to winning projects for regional locations. I’d like to wish Blink Parametric every success.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
