October 31, 2023
Blink Parametric enters into global agreement with MAWDY, part of the MAPFRE Group, as it announces first partnership with MAWDY Ireland
Agreement set to explore the expansion of parametric travel insurance solutions across the global MAWDY assistance product portfolio
First mover MAWDY Ireland to offer world-wide flight disruption cover to Irish travel insurance customers
[Pic includes L to R: Declan Murphy, Head of Commercial – MAWDY Ireland, Sid Mouncey, CEO – Blink Parametric & Craig Senior, General Manager – MAWDY Ireland]
Cork, Ireland 31st October 2023 – Blink Parametric announces that it has entered into an agreement with MAWDY, a global insurance, reinsurance and services company and part of the MAPFRE Group. The agreement is set to guide terms for the effective integration and delivery of real-time parametric travel insurance solutions across the global MAWDY network. News of the agreement is coupled with the announcement of a Blink Parametric partnership with MAWDY Ireland, a branch of MAWDY. The move reflects an increasing demand for effective real-time travel insurance solutions to support travellers in their time of need when facing flight delays and cancellations. The Ireland partnership will commence by covering segments of the direct book of travel insurance business and will then be rolled out to enhance a range of other MAWDY-insured travel insurance products and brands.
Under this new offering, when an eligible MAWDY Ireland policyholder’s flight is disrupted by more than 3 hours, they get real-time access to one of 1,300+ executive airport lounges worldwide or a cash payout alternative. The benefit will be applicable for single trip and annual multi-trip travel insurance customers.
Once a traveller registers their flight details, Blink Parametric monitors that flight in real-time. Any delay that occurs to the registered flight automatically results in a traveller being notified instantly across its parametric platform and offered the choice of lounge access or cash payout options in line with their policy terms, to help alleviate the stress and consequences of the disruption, all in real-time.
Sid Mouncey, Chief Executive Officer of Blink Parametric, recognised the agreement for its global potential, together with the immediate partnership deal as two significant milestones for the company, within Ireland and beyond, “MAWDY is an industry giant and we are excited by the potential that lies ahead as we collaborate on new product innovation and value-add opportunities across their global network. Partnering with MAWDY Ireland is an important first step and marks a landmark expansion for Blink Parametric. MAWDY solutions power some of the biggest travel insurance brands across multiple continents and we are delighted that our flight disruption solution will now be offered as standard on Gold and Platinum products for an ever-increasing number of MAWDY Ireland’s travel insurance customer base. MAWDY has an outstanding track record for driving insurtech investment and innovation to meet the needs of an ever-changing travel environment and we look forward to delivering world-class real-time digital assistance and customer experience to their travel insurance clients.
Blink Parametric travel solutions are designed to deliver operational efficiency on processing high frequency, low value travel insurance claims when the traveller needs immediate real-time claim resolution.
Speaking of the partnership, Declan Murphy – Head of Commercial, MAWDY Ireland, “One of the core elements of the MAWDY customer strategy is to offer best in class products with genuine added value. Incorporating Blink Parametric real-time flight delay services initially into our direct-to-consumer service offering is just the latest step in our overall innovation and digitalisation strategy, which places superior service delivery as a priority. We will continue to work with Blink Parametric to embed additional real-time assistance services into our products and partner brands over the next 12 months. As one of the industry leaders, this real-time flight disruption solution is a proven and very timely fit that aligns fully with our views on supporting customer care through smart innovation.”
Note to the Editor
About Blink Parametric
Blink Parametric is a multi-award-winning global InsurTech that transforms its clients’ traditional insurance offerings into superior service experiences with simple, intuitive and transparent parametric products. Its platform serves as the conduit for high frequency, low value claims across Travel, with flight disruption and lost luggage solutions as well as developing solutions within the travel weather sector, business interruption and online personal data monitoring and cyber solutions. It partners globally with insurance and financial services companies in Asia, Europe, North America and Central and Latin America.
Blink Parametric was founded in 2016, became the first Insurtech in the FCA (UK) Sandbox programme and made TheINSURTECH100 (2019, 2020, 2022), an annual list of the worlds’ most innovative InsurTech companies. Selected for Cohort 5 of the prestigious Lloyd’s Lab innovation accelerator programme in 2020, it has subsequently won multiple UK and European-wide industry awards for Service, Technology, Customer Experience, Best App, Claims Innovation and Cyber Risk, including Outstanding Industry Contribution of the Year at the 2022 ITIJ: International Travel & Health Insurance Journal Awards. For further information visit: https://blinkparametric.com
About MAWDY Ireland
The Ireland unit of MAWDY is a branch agency of MAWDY, a global insurance, reinsurance and services company. The Irish office, which opened in 1991, encompasses MAWDY: one of the largest providers of home and motor breakdown assistance and travel insurance in Ireland. Our services are geared towards providing assistance to the customers of general insurers, insurance brokers, vehicle manufacturers, financial service providers, motor dealers, travel agents, utility companies and other industries.
MAPFRE ASISTENCIA Compania Internacional De Seguros Y Reaseguros, S.A., trading as MAWDY, is authorised by Direccion General de Seguros y Fondos de Pensiones del Ministerio de Economia y Hacienda in Spain and is regulated by the Central Bank of Ireland for conduct of business rules.
For more information about MAWDY Ireland, visit: https://www.mawdy.ie/
About MAWDY Worldwide Digital Assistance
MAWDY is the MAPFRE Group’s assistance unit. Known as MAPFRE Asistencia until 2023, MAWDY is a global company operating in 23 countries, with a presence mainly in Latin America and Europe, and employing more than 2,000 people. MAWDY specialises in digital distribution models with partners and companies from various sectors, to which it provides services and solutions that go beyond insurance and supplement the offerings of its business partners. In 2021, the company had revenue of 560 million euros. For more information, visit: https://www.mawdy.com/
We have a worldwide presence. We are the largest Spanish-owned insurer in the world, the largest multinational insurance company in Latin America and among the 15 largest European groups by premium volume. More than 31,200 employees of 80 nationalities serve the 26 million people around the world who rely on us every day. We are diverse. We are unique. For more information about MAPFRE, visit: https://www.mapfre.com/en/