July 4, 2023

Assurant Japan Launches Japan’s First Overseas Travel Solution Using Parametric Technology


Real-time detection of flight disruption when travelling abroad, assists travellers seamlessly. We provide an unprecedented customer experience.

 

Tokyo, June 29, 2023 – Assurant Japan Co., Ltd. (headquartered in Chiyoda-ku, Tokyo), a business service company that provides innovative solutions that support, protect, and connect important products and services purchased by customers, entered into a business alliance with Blink Parametric, an insurtech startup, and introduced the company’s parametric travel insurance technology to Japan for the first time. We announced that we have started providing parametric overseas travel solutions. We aim for it to be used by companies in a wide range of industries, such as travel, finance and insurance.

 

Parametric insurance, which has been introduced overseas in recent years, is a new type of insurance that provides guarantees and claims based on the probability of occurrence of a predefined trigger event. With conventional insurance, it takes time for the insured to receive the guarantee, including calculation of the amount of loss and application procedures after the occurrence of the loss. Because parametrics are based on trigger events, they can provide instant assurance.

The parametric overseas travel solution is a solution for disruption during overseas travel using air flights that applies this parametric insurance solution. With this solution, preset trigger events such as “delay”, “cancellation”, and “lost” are generated, targeting “flight delay/cancellation” and “baggage delay/loss”, which are typical troubles in overseas travel. It will be possible to provide various support “on the spot and immediately” to travellers who have subscribed to the service.

 

The features of this solution are as follows:

 

[A simple and intuitive customer experience, just like an app]

– From subscribing to services, detecting problems, and providing support, customers can complete the process simply by tapping a smartphone or tablet.

– Cases of “flight delay/cancellation”. A system that monitors flights around the world in real-time quickly detects flight delays and cancellations and immediately notifies the customer’s smartphone or mobile device. Customers who receive the notification can immediately use support services according to the contract at the time of subscription, such as using the lounge and receiving consolation money, simply by tapping the screen on the spot.

 

[Embedded to add value to existing services]

– This solution is provided as an embedded type. It can be seamlessly incorporated into the company’s platform or portal and added to existing services to provide new value to customers.

 

[Customization that enables differentiation]

– Since this solution is provided as a white label, it is possible for the implementing company to carry out its own branding. In addition, the content of the guarantee can be flexibly set according to the needs of the company’s business and customers, which contributes to differentiation from other companies’ services.

 

Junichi Fujimoto, President of Assurant Japan K.K. “I am very pleased to be able to introduce a groundbreaking parametric solution in the field of travel insurance. We will use the latest technology to provide optimal solutions required by society without borders, and support our customers. Our philosophy is to expand our business and create a better future.We hope that this solution will add new value to the services of various partner companies and contribute to the provision of a better customer experience.”

Blink Parametric develops and operates a platform for parametric travel disruption solutions in partnership with Assurant Japan, focused on flight disruptions in 2016 . It was founded in Ireland as an InsurTech start-up providing PAAS (Parametric as a Service). Since then, for three consecutive years since 2019, it has won numerous awards, including being selected as one of the world’s 100 most innovative InsurTech companies (The InsurTech100). It currently partners with leading insurance and insurtech companies in Europe, North America and Asia Pacific.

 

For inquiries about this solution, please check the web page. Parametric Overseas Travel Solution (assurant.co.jp)

 

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