Blink Parametric, an InsurTech focused on parametric insurance solutions, has partnered with Baloise, in a bid to revolutionise travel insurance solutions.
The move will see Blink Parametric aim to integrate its advanced travel insurance solutions into the leading Swiss insurance service provider’s single-trip travel insurance policies.
The offering, known as Blink Parametric’s Flight Disruption and Delayed Luggage options, will be linked into Baloise’s solution to provide real-time assistance services for travellers, addressing critical situations promptly.
The partnership introduces three optional parametric cover services to Baloise’s expanded holiday insurance offer. This includes cover against adverse weather conditions, complementing existing coverage for cancellation costs, luggage, and hire car insurance.
Blink Parametric’s Flight Disruption solution functions by registering flight details on the Baloise portal. Real-time monitoring allows automatic notifications and choices of airport lounge access or immediate payouts for eligible flight delays.
The Delayed Airline Luggage solution triggers payouts if luggage isn’t located upon arrival. Further payments issue if the luggage remains un-located after 48 hours, ensuring immediate assistance to travellers facing disruptions.
Sid Mouncey, CEO of Blink Parametric, said, “This is an exciting project and partnership for us – a real collaboration that has brought together, not only multiple parametric products, but multiple InsurTechs too. Working together has been an excellent experience, enhanced by the shared knowledge, expertise and appreciation for InsurTech innovation. The result is a suite of world-class multi-language digital travel assistance solutions that will prioritise the real-time needs of Baloise customers. Like Baloise, our focus is firmly on the future and at Blink Parametric we look forward to ongoing co-operation and delivering on the great opportunity afforded us by our new and valued partner in the Swiss market.”
Philipp Marty, Head of New Business & Partnerships – Baloise, commented, “At Baloise we seek out innovative, intelligent solutions that enable us to make a difference in the lives of our customers. Blink Parametric is an excellent value-add partner for us, allowing us to design tailor-made, real-time digital travel assistance products that keep us close to our travelling customers wherever they are in the world. Customer focus is at the heart of these new products as is our commitment to make life easier for all those who travel, at their time of need. These new parametric travel insurance services are not only about covering and insuring risks, but also about meeting the needs of our customers in a modern and changing travel environment.”
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