Blink Parametric is working with Lloyd’s of London to design its first proposition for commercial insurance lines.

The CPP Group-owned InsurTech firm recently revealed its selection on to the fifth cohort of the Lloyd’s Lab innovation accelerator programme. The 10-week programme, which started on 7 September, will let Blink focus specifically on new insurance products and markets.

Engaging with Lloyd’s Lab mentors, Blink will explore the disruption to business services across the globe due to COVID-19 and respond by looking for opportunities to extend its parametric solutions into the commercial sector.

Launched in 2016, Blink began its product line with a travel disruption solution. Since then it has secured several partnerships, including Blue Cross, Manulife and TuGo.

Earlier this year, the startup launched an expanded parametric platform to include solutions to those operating within climate, energy and Internet of Things sectors, as well as travel.

Paul Prendergast, chief executive of Blink, said: “Triggered by the volatility of the COVID period, commercial businesses are already demanding more clarity and security from their insurance products, all of which can be provided by a real-time parametric solution.

“We’ve refined our platform’s potential and are in a great position to launch a commercial product - working with the team at Lloyd’s Lab will enable us establish further data points and understand where the market opportunities lie.”

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