The Hurricane Non-Damage Parametric Insurance solution provides liquidity to small and medium-sized businesses in the immediate aftermath of an insured event (a hurricane), thereby reducing overall claims totals as a direct result of early intervention. It uses automated financial validation and immediate pay-out solutions to allow businesses to get access funds days after the event occurs.
One of the features of the solution is Open Banking Validation, which offers real-time monitoring and integration with 11.500 banks and credit unions. It also enables automatic claim validation.
Focusing on the nature disasters that may occur, Blink continually monitors national weather systems, tracks hurricane formation and projected landfall path. In case of the event, it proactively confirms insured party was in the unfortunate event’s path.
It then measures the financial impact and confirms the policy cover levels. Blink then issues payment to the policy holder. The validation process is repeated daily, and ongoing business impact is confirmed. Claim payouts commence after 1 week, to an amount and duration that is completely configurable subject to partner requirements.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.