Blink Parametric and Getcover.com, a trading name of Newpoint Insurance Brokers Limited, a London-based Lloyd’s broker, have partnered up to launch a suite of bespoke online travel insurance products. The new cover lines will utilise real-time parametric flight delay solutions for their eligible travel insurance policyholders. The data will enable rapid payouts when flights are seriously delayed or cancelled.
Getcover.com is uniquely the first partner to access Blink Parametric-enabled technology via Firemelon’s Magenta Insurance System platform since the travel insurance sales and policy administration system provider forged a strategic alliance with Blink Parametric in January, enabling easy access to Blink Parametric technology. The product is underwritten by specialist insurer Financial and Legal Insurance Company Ltd (F&L).
Announcing the deal, Carl Carter, Chief Commercial Officer of Blink Parametric said:
“Getcover.com is a genuine pioneer of online direct to consumer travel insurance, leading the way with innovative, accessible insurance cover and benefit solutions. We are honoured to work with the team as they differentiate their travel insurance proposition within the hyper-competitive UK travel insurance market by providing a real-time flight delay service delivering a cash payment or an airport lounge pass in a traveller’s time of need. We look forward to enhancing their travel insurance product offering and customer service delivery with immediate effect.”
Blink Parametric provides parametric as a service – (PaaS) solutions, and is a multi-award-winning global 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 value claims across the travel sector with market leading real-time propositions for flight delay, flight cancellation, checked luggage delay and loss.
HOW IT WORKS
The data-driven flight disruption solution requires an eligible traveller to simply register their flight details prior to travel. Blink Parametric then monitors the flight(s) in real-time. A flight delay that occurs to the registered flight automatically results in a traveller being notified. Getcover.com customers registered for Single or Multi-Trips are offered choices that help alleviate the stress and consequences of the delay, including airport lounge access if a flight is delayed by 2 hours or more, or a £30 cash payout per traveller, which is directly deposited into their bank account. No need for receipts, forms or phone calls.The real-time flight delay service will be embedded at no extra cost to the policyholder within all Gold tier policies purchased direct from the Getcover.com website.
Julian Triggs, Head of Travel Partner Development, Newpoint Insurance Brokers said: “This partnership with Blink Parametric represents another significant step for Getcover.com as we steadily expand our outstanding portfolio to now include intuitive, real-time travel assistance products. We pride ourselves on offering simple to understand, value for money travel insurance so that our customers can travel worldwide with peace of mind. Blink Parametric ticked every box for us, being easy to work with and delivering a powerful, real-time customer experience that is uniquely personalised and immediately beneficial, right when our customers need assistance.”Karen Beales, Managing Director at Financial and Legal Insurance Company Limited, which is underwriting the product, commented, “It’s great news that we are extending our underwriting support to Getcover.com. Parametric travel insurance propositions have a strong consumer focus and, as mass travel returns to pre-pandemic levels, we’re keen to support innovative parametric-powered solutions that give travellers valuable protection if their plans are disrupted.”