Frequently Asked Questions

Parametric Insurance simply offers a pre-agreed amount of cover based on the probability of a pre-defined event. That sounds a bit like typical insurance jargon but in simpler terms, the specifics of the insured event parameters are identified and the reimbursement values are determined before the cover starts. Compensation is provided when an event occurs rather than just after a loss. Parametric insurance provides cover for areas that aren’t covered or are often excluded by indemnity style policies.

The insured doesn’t have to provide proof or observe a lengthy claims process and the Insurer doesn’t need to spend resource and money on assessing claims – the data does all the hard work for everyone.

Parametric Insurance is one of the major global trends in insurance innovation. The movement towards utilising big data and mobile technology to provide new, innovative solutions is revolutionising the once traditional sector.

Customers are demanding more from their products and services. Lack of certainty for customers/policy holders seeking advice and status updates on their claim entitlements and payouts are real challenges facing the insurance sector, which were particularly acute during the Covid-19 period.

Insurers need to keep up with the demand for fast and intuitive solutions to customer problems and as parametric combines big data, mobile tech and AI, it’s becoming increasingly accessible for Insurers to provide innovative and progressive customer experiences.

As well as benefiting the customer, this also provides Insurers with integrated digital platforms that enable faster, cheaper and more scalable solutions and communication methods.

There are many …… of course, we would say that wouldn’t we! But parametric performance is measurable by design and offers real-time insight on claims activity with a full dashboard reporting suite.

It also offers an unrivalled opportunity to build trust with policy holders with a superior real-time customer service experience.  Insurers benefit by:

• Offering an enhanced customer experience
• Providing a unique market offering
• Significant cost savings in claims administration
• An effective API integration with their brand’s digital properties
• A fully configurable solution that is 100% white label

The transactional benefits are notable:

• No claims forms;
• No receipts required;
• Rapid claims processing by reduction of operational complexities. No ‘people’ interaction required, saving significant overhead and operational costs;
• Additional financial and time/implementation savings can be realised, saving in-house development time and financial investment. Blink is quick, easy and cost-effective to deploy and can be fully operational within 12 weeks.

The brand benefits are equally valuable:

• Innovative and automated customer-centric technological approach to rapidly-evolving situations;
• Personalised communication with individual customers specific to their journey – your brand moves away from generic statements and into meaningful engagement;
• Successful customer experiences that build loyalty through real-time customer care;
• Positive PR profile to be gained from a genuinely proactive customer care initiative;
• Access to a diverse platform that can be extended beyond Travel to Climate, Weather, Energy & Business Interruption.

The Top 3 benefits are Service, Service, Service! Real-time, automated processing and pay-outs are fundamental to an effective parametric insurance offering. Combine that with a simple, at times self-serve, rewarding user experience and parametric makes sense.

This is a new delivery for insurance: real-time assistance options, no forms, immediate customer satisfaction and stress-free!

We offer B2B and B2B2C solutions serving Commerical, Travel, Climate, Energy insurance needs across our Blink Parametric platform.

To learn more about what we do, contact us.