January 9, 2024
Blink Parametric Teams with Baloise in Cross-Industry Initiative
Swiss financial services provider launch Blink Parametric suite of travel insurance solutions to serve its domestic market
Initiative successfully brings together three leading InsurTechs in agreement to deliver on major “parasurance” initiative
Cork, Ireland 9th January 2024 – Blink Parametric has partnered with Baloise, one of the largest Swiss all-industry insurance service providers for individuals and businesses. From its Basel headquarters, Baloise is rolling out Blink Parametric travel insurance solutions, namely, Flight Disruption and Delayed Luggage. Both will serve as add-on options to Baloise single trip travel insurance policies, offering real-time assistance services to travellers when they need it most.
As part of the overall initiative, Baloise brings three optional parametric cover services to the market as part of its expanded holiday insurance offering. Together with the award-winning duo of Blink Parametric solutions, insurance cover against bad weather will also boost the existing Baloise holiday insurance offer, which already covers cancellation costs, luggage and hire car insurance.
Today’s successful launch is the culmination of close co-operation between Baloise and specialist InsurTechs, Blink Parametric, Wetterheld and KASKO.
Sid Mouncey, CEO of Blink Parametric, “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 that, “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.”
How It Works
The Blink Parametric Flight Disruption solution simply requires a Baloise policy holder to register their flight details on the Baloise portal. Blink Parametric then monitors the flight in real-time. If an eligible delay occurs on the flight schedule, the traveller is automatically notified and offered in real-time a choice of airport lounge access or an immediate payout. If the delay period worsens, the traveller receives an immediate further payout.
The Delayed Airline Luggage solution activates if the traveller’s luggage cannot be located upon arrival at destination airport, issuing a real-time payout. If the luggage is still not located after 48 hours a further payment issues in real-time to the traveller.
The positive impact of simple, effective, practical service choices can be significant for travellers facing anything from moderate disruption to total travel chaos.
Baloise is more than just a traditional insurance company. Through our smart finance and insurance solutions, complemented by a whole host of innovative offerings for the home and personal transport, we offer a complete service package. Dependable support, reliable cooperation and trust-based relationships are key aspects of our stakeholder interaction. We take care of financial matters so that our customers can concentrate on the important things in their lives and can find inspiration in the everyday. Baloise, a European company founded in 1863, currently employs 8,000 people at its headquarters in Basel (Switzerland) and across its subsidiaries in Belgium, Germany and Luxembourg.
For further information, visit: https://www.baloise.com/en/home.html