Here’s the word from Blink, the travel insurance specialist recently listed in Cohort 5 in the Lloyd’s Lab accelerator programme.
Blink earned its place as 1 of just 10 InsurTechs selected following a competitive ‘virtual pitch’ process that had 140 of the world’s insurance industry trailblazers vying for a place on the prestigious Lloyd’s Lab innovation accelerator programme.
Lloyd’s, the world’s leading specialist insurance and reinsurance market announced Blink’s selection to join its fifth cohort which will be focussed on 3 themes including data & models, new insurance products & markets and response to COVID-19. The 10-week programme will commence on 7th September. The 10 successful companies can be viewed here.
Speaking of today’s announcement, Blink’s co-founder and CEO Paul Prendergast said: “This has already been a tremendous experience for us and we’re just getting started. The pitch process allowed us to really refine our platform’s potential with an exciting range of commercial solutions and Lloyd’s Lab is going to work with us to accelerate the development and realisation phases by providing us not only with Lloyd’s market access, but with rich historical data, analysis, modelling and testing forums. Our parametric platform’s effectiveness in supporting increasingly Covid-19 prone, high frequency, low severity claims environments was a major success factor in this process so we’re ready to showcase its full potential with this golden opportunity. We also get to collaborate with some of the world’s best minds in insurance innovation, so we are hugely honoured and thrilled to have been selected.”
Blink, founded in 2016 and bought by AIM listed CPP Group just 6 months after it was set up is now a world leader in parametric insurance product innovation, transforming its clients’ complex offerings into superior service experiences with simple, intuitive, online products. It was recognised in 2019 as one of the world’s fastest growing Travel Insurance InsurTechs making it onto The INSURTECH100 – an annual list of the world’s most innovative InsurTech companies solving significant industry problems, generating cost saving or efficiency improvements within insurance. The company partners globally with insurance and financial services companies, driving innovation in Asia, Europe and North America.
Trevor Maynard, Head of Innovation at Lloyd’s, said: “This cohort of InsurTechs will play an important role in our response to the COVID-19 pandemic and to help us develop the new models and insurance products of the future. We will undoubtedly need new products and services for insurers to deliver confidence and security against future waves of this pandemic and other systemic risks of the scale we have seen in 2020. I’m thrilled to have the best InsurTech’s across the globe join the Lloyd’s Lab and look forward to seeing the progress they make. Lloyd’s has thrived on its purpose of sharing risk and its as important now as it has ever been to combine minds and build a braver world.”
About the Lloyd’s Lab
The Lloyd’s Lab is the home of InsurTech and is a leading hub for technology-led innovation, with more than 900 applications from international InsurTechs to join the Lab in its first two years. Successful companies join the Lab for a ten-week programme, where they work with insurers in the Lloyd’s market to develop and test their ideas, using the expertise and experience of their mentors to add value to the Lloyd’s market.
Since the launch of the Future at Lloyd’s strategy, the Lab has expanded to promote greater collaboration between Lloyd’s expert underwriters and brokers, customers and capital providers.