Insurtech Blink to help SMEs with insurance claims

Monday 23 November 2020 14:23 CET | News

Ireland-based insurtech Blink has announced the latest offering in its suite of parametric insurance solutions meant to cut average business interruption claims processing time.

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.

More: Link

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Keywords: Blink, Ireland, SMEs, trade finance, supply chain finance, insurtech, insurance claims, product launch, Hurricane Non-Damage Parametric Insurance, Open Banking Validation
Categories: Banking & Fintech
Countries: Ireland
This article is part of category

Banking & Fintech