November 10, 2022
Blink Parametric enters Pakistan with Salaam Takaful Limited
Agreement strengthens strategic partnership with Lloyd’s of London specialist insurance/reinsurance broker MNK Re
Cork, Ireland 10th November, 2022 – Blink Parametric has struck a deal which will see one of its flagship parametric products embedded across all Salaam Takaful Limited travel insurance policies. Recognised as one of the leading Takaful operators in Pakistan, Salaam Takaful Limited provides retail, travel and commercial insurance products and has built extensive partnerships with overseas Re-Takaful operators and assistance companies, enabling it to offer comprehensive coverage for large infrastructure projects and specialised risks. Its coverage is specially tailored for Islamic banking operators as well as for large corporate groups under Shariah guidelines.
Announcing the formal agreement today, Sid Mouncey, Chief Executive of Blink Parametric said: “This is an exciting first launch into Pakistan for Blink Parametric, and the start of what I know will be a long-term productive relationship for all involved. The Salaam Takaful team are exceptionally innovative partners, already experienced in the transformative benefits of parametric technology. Our real-time flight disruption solution is a perfect launch product to embed across their travel insurance products. We appreciate the sincere welcome we have received to the Pakistan market and acknowledge the great co-operation in ensuring our products are certified and approved as Sharia-compliant in full accordance with Takaful principles.”
Once a traveller registers their flight details, Blink Parametric monitors that flight in real-time. Any flight disruption that occurs to the registered flight such as delay, automatically results in a traveller being notified instantly and offered assistance within their policy terms that can immediately alleviate the stress and consequences of the disruption.
Rizwan Hussain, Managing Director & CEO of Salaam Takaful Limited, said: “We love to do things differently and create value for our partners and our participants. We work to provide exceptional service, to add value and to fulfil our role as a trusted takaful insurance partner that can be relied upon to provide ‘peace of mind’ to our participants when needed. Blink Parametric allows us to do this with a truly innovative insurtech solution. This real-time flight delay cover will become standard across all of our travel policies and will be accessible on our travel insurance portal to travel agents and banking partners across Pakistan. I’m encouraged by the opportunities that lie ahead as we continue to lead insurance innovation in the Pakistan market.”
MNK Re, having formed a strategic partnership with Blink Parametric earlier this year, was central to brokering the deal from the outset. Manoj Kumar, Group Chief Executive and Managing Director in welcoming the deal said “This move holds great potential for all involved, not least the travelling public in Pakistan. We know how important superior service delivery is for Salaam Takaful and we are fully committed to simple, real-time insurance solutions that assist people when they need it most, so, this is the dream team in our eyes and we are immensely proud to have played our part in making this happen.”
About Blink Parametric
Blink Parametric is an award-winning insurtech that transforms its clients’ traditional insurance offerings into superior service experiences with simple, intuitive and transparent parametric products. Its proven platform serves as the conduit for high frequency, low severity claims across Travel, with flight disruption and lost luggage solutions as well as developing solutions within the travel weather sector 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 was founded in 2016 and 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 to join Cohort 5 of the prestigious Lloyd’s Lab innovation accelerator programme in 2020, it developed a market-ready Business Interruption offering. It has progressively expanded its services platform to become a world leader in parametric insurance product innovation, winning various awards including Best Use of Technology for Customer Experience and Best Customer App in the 2022 Insurance Times Tech & Innovation Awards and Outstanding Industry Contribution of the Year at the 2022 ITIJ: International Travel & Health Insurance Journal Awards.
For further information visit https://blinkparametric.com
About Salaam Takaful
Salaam Takaful Limited is one of the leading takaful operators in Pakistan, having the expertise and partnerships with overseas Re-Takaful operators and assistance companies, enabling it to offer comprehensive coverage for large infrastructure projects, specialised risks, and blanket coverage specially tailored for Islamic banking operators as well as for large corporate groups. Salaam Takaful Limited prides itself on providing high-quality, comprehensive solutions for all. For more information about Salaam Takaful, visit https://salaamtakaful.com
About MNK Re
MNK Re Limited is an independent, specialist Lloyd’s of London insurance and reinsurance broker, focused on creating innovative solutions whilst upholding traditional market values. Headquartered in London, with an office in Johannesburg and a global network of business partners, it provides bespoke re/insurance solutions to clients in over 70 countries. MNK Re arranges both traditional re/insurance support across Property, Casualty and Specialty lines as well as fully customisable parametric solutions that enable clients and communities to build socio-economic resilience to natural catastrophes and extreme weather.
For more information about MNK Re visit https://www.mnkre.com/