Blink Parametric and Firemelon Team Up

InsurTech to provide real-time travel claims and assistance services across the Firemelon SaaS platform serving UK, European, North American and South African markets

Cork, Ireland (Jan. 16, 2023) – Blink Parametric and Firemelon Limited are pleased to announce a strategic partnership to offer ease of access to Blink Parametric real-time parametric solutions and assistance to all travel insurance providers served by Firemelon’s Magenta Insurance System platform.

Firemelon, based in Belfast, is the market leader in providing travel insurance sales and administration systems to major travel insurance brands and has been developing and supporting insurance industry sales and claims systems for over two decades. Firemelon’s Magenta platform is utilised for policy administration by over 30 insurers, brands, brokers, claims handling and assistance companies across the UK, Europe, South Africa, USA and Canada.

Speaking of the announcement, Carl Carter, Chief Commercial Officer of Blink Parametric said: “We’re delighted to be working with Firemelon on upcoming B2B and D2C initiatives to serve their extensive travel insurance partner client base. Firemelon’s Magenta system will be ‘Blink Parametric-enabled’ from February onwards, and this is where PaaS meets SaaS. The operational synergies emerging from our collaboration are set to deliver enhanced product and service performance by providing access to Blink Parametric’s range of real-time flight delay and luggage delay solutions. Significant commercial and service benefits will result for travel insurance brands across policy sales, claims management, real-time assistance and reporting functionality through utilising the Magenta Insurance System and accessing Blink Parametric technology. It will also deliver benefits to the insured travelling public through real-time assistance, service options and claims resolution when they need it most. It will be super quick and easy for a Firemelon Magenta partner to access Blink Parametric technology and benefits.”

Blink Parametric provides parametric as a service (PaaS) solutions and is a multi-award-winning InsurTech. It transforms its clients’ traditional travel insurance offerings into superior service experiences with simple, intuitive and real-time parametric products. It specialises in high frequency, low severity claims across the travel sector, providing flight disruption and lost luggage solutions as well as developing climate, weather, energy and business interruption products supported through its automated platform.

Zena Carter, Managing Director of Firemelon Limited, said: “Our business partners, especially within the travel insurance industry, are constantly striving for a competitive edge. Innovation is at the heart of product development at Firemelon and Magenta is continuously enhanced as we move our product forward to benefit our clients. With Blink Parametric, we have gained a strategic partner that shares our commitment to delivering simple, intuitive, powerful solutions and in the travel insurance sector, their real-time digital assistance resolution is a highly valued differentiator. This is an exciting opportunity for us. We look forward to working with the team at Blink Parametric in rolling out new Blink Parametric-enabled travel insurance solutions across our global travel insurance client base, online distribution and aggregator network, customer portals, call centres and assistance services.”

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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. Founded in 2016, it became the first Insurtech in the FCA (UK) Sandbox programme and was acquired by CPP Group (AIM CPP) in March 2017. Since then, Blink Parametric 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 Gold for Excellence in Technology – Service Provider in the Insurance Times Awards 2022, Best Use of Technology for Customer Experience and Best Customer App in the 2022 Insurance Times Tech & Innovation Awards, Claims Innovation of the Year at the European Risk Management Awards 2022 and Outstanding Industry Contribution of the Year at the 2022 ITIJ: International Travel & Health Insurance Journal Awards. For more information, visit blinkparametric.com.

About Firemelon

Firemelon Limited develops sales and claims systems for the insurance industry and has helped to drive a total transformation of the travel insurance market for over 20 years. Firemelon’s Magenta Insurance System has been used to process a significant proportion of policy administration and is used by over 30 different insurers, brokers, claims handling companies and assistance companies. Initially founded to support the UK market, Firemelon’s systems solution has been adopted throughout the world including Europe, South Africa, USA and Canada. For more information, visit www.firemelon.com.

About CPP Group

CPP Group is a technology-driven assistance company that creates embedded and ancillary assistance products and resolution services that reduce disruption to everyday life for millions of people around the world, at the time and place they are needed. These products are provided through partnerships with leading insurance, banking and finance companies as either embedded solutions or as relevant add-ons to enhance their core offering and deliver additional revenue streams. CPP is listed on AIM, operated by the London Stock Exchange. For more information, visit international.cppgroup.com.

SOURCE: Blink Innovation via Fuller Marketing

Tags: Blink Innovation, InsurTech, InsurTech Spotlight, parametric insurance, platform, Real-Time, Software as a Service (SaaS), travel