Irish InsurTech Blink has released its new service, which will provide liquidity to small and medium-sized businesses in the immediate aftermath of an insured event, such as a hurricane.
Blink Interruption was created after completing the ten week innovation programme within the Lloyd’s Lab accelerator.
The Hurricane Non-Damage Parametric Insurance solution helps businesses get quick access to funds in the aftermath of a natural disaster. By acting quickly, Blink claims it can reduce overall claims totals and allow businesses to get back on their feet quickly.
Its new tool has real-time monitoring and integration with 11,500 banks and credit unions to enable automatic claim validation.
Blink continuously monitors national weather systems to track hurricanes and proactively confirms its projected path. The platform measures the financial impact and validates any damage on the claim.
Blink co-founder and CEO Paul Prendergast said, “Following a disaster, 90% of smaller companies fail within a year unless they can resume operations within 5 days.
“Blink Interruption offers real-time claim activation and pay-out solutions in the immediate aftermath, making it possible for businesses to recover and reopen.
“Its appeal is in its simplicity. Critically, it allows our insurance partners to offer cover through a streamlined claims validation platform that immediately begins measuring the impact of a disaster on a business, automates pay-outs and demonstrates to customers that insurers are there for them, when they need it most.”
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