Blink Parametric teams up with Firemelon to provide real-time travel claims, assistance services
Insuretech Blink Parametric has formed a strategic partnership with Firemelon to ease access to its real-time parametric solutions and assistance to all travel insurance providers served by Firemelon’s Magenta Insurance System platform.
The parametric-as-a-service (PaaS) solutions provider 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.
Parametric insurance offers a pre-agreed amount of cover based on the probability of a pre-defined event. With parametric insurance, the specifics of the insured event parameters are identified, and the reimbursement values are determined before the cover starts. Compensation is provided when an event occurs, rather than just after a loss.
Based in Belfast, Firemelon provides travel insurance sales and administration systems to major travel insurance brands. Its Magenta platform is used for policy administration by insurers, brands, brokers, claims handling and assistance companies across the UK, Europe, South Africa, USA, and Canada.
Carl Carter, chief commercial officer of Blink Parametric, said: “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.”
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