Blink Parametric has announced that it has entered into an agreement which will see one of its flagship parametric products embedded across all Salaam Takaful Limited travel insurance policies.
Recognised as one of the leading Takaful operators in Pakistan, Salaam Takaful Limited provides retail, travel and commercial insurance products, and has built extensive partnerships with overseas Re-Takaful operators and assistance companies, enabling it to offer comprehensive coverage for large infrastructure projects and specialised risks.
The company’s coverage is specifically tailored for Islamic banking operators as well as for large corporate groups under Shariah guidelines.
Commenting on the agreement, Sid Mouncey, Chief Executive of Blink Parametric said: “This is an exciting first launch into Pakistan for Blink Parametric, and the start of what I know will be a long-term productive relationship for all involved. The Salaam Takaful team are exceptionally innovative partners, already experienced in the transformative benefits of parametric technology.
“Our real-time flight disruption solution is a perfect launch product to embed across their travel insurance products. We appreciate the sincere welcome we have received to the Pakistan market and acknowledge the great co-operation in ensuring our products are certified and approved as Sharia-compliant in full accordance with Takaful principles.”
Furthermore, once a traveller registers their flight details, Blink Parametric monitors that flight in real-time, and any disruption that occurs to the registered flight, automatically results in a traveller being notified instantly and offered assistance within their policy terms.
Rizwan Hussain, Managing Director & CEO of Salaam Takaful Limited, added: “We love to do things differently and create value for our partners and our participants. We work to provide exceptional service, to add value and to fulfil our role as a trusted takaful insurance partner that can be relied upon to provide ‘peace of mind’ to our participants when needed. Blink Parametric allows us to do this with a truly innovative insurtech solution.
“This real-time flight delay cover will become standard across all of our travel policies and will be accessible on our travel insurance portal to travel agents and banking partners across Pakistan. I’m encouraged by the opportunities that lie ahead as we continue to lead insurance innovation in the Pakistan market.”
MNK Re, having formed a strategic partnership with Blink Parametric earlier this year, was central to brokering the deal from the outset. Manoj Kumar, Group Chief Executive and Managing Director in welcoming the deal, said: “This move holds great potential for all involved, not least the travelling public in Pakistan. We know how important superior service delivery is for Salaam Takaful and we are fully committed to simple, real-time insurance solutions that assist people when they need it most, so, this is the dream team in our eyes and we are immensely proud to have played our part in making this happen.”
