InsurTech Blink Parametric’s travel delay cover has protected over 60,000 travellers over the holidays throughout the recent travel chaos in the US.
Travel chaos in the US caused by severe weather conditions has resulted in more than 11,000 flight cancellations across one week, as well as over 30,000 delays, leading to thousands of traveller claims, and huge claims processing costs for travel insurers.
In a climate of increasing costs of claim processing, many travel insurers across North America will be hit hard on the back of recent storms within this peak travel period.
In addition to the delay and luggage claims. traditional travel insurance companies are also currently facing a huge overhead and operational burden in processing claims, even ones that may not be accepted must still be assessed and processed.
This is a major turning point for the travel insurance industry, and highlights proof that a major shift in how travel and luggage delay claims are paid is now critically important for the long-term future of the sector.
Blink Parametric works with travel insurers across the globe to improve customer experience and manage costs and claims in real-time, where there is a clear pay-out requirement, such as flight cancellation or delay.
Any customer that is insured with one of Blink Parametric’s travel insurance partners simply registers their flight, and from there the flight and itinerary is automatically monitored in real-time to provide digital assistance should an eligible delay or cancellation occur to their scheduled flight.
In addition, the insurance pay-out or airport lounge pass is made automatically and a range of additional options can be provided, such as hotel accommodation or flight re-booking based on the journey status of the traveller.
“We are seeing continued and increased demand from travel insurers worldwide that are looking to modernise and improve their customer claims experience on high volume, low value claims while mitigating claims handling costs,” said Carl Carter, Chief Commercial Officer.
“These recent winter storms in the US and Canada have really shown the benefit of parametric claims handling to both traveller and travel insurer, as we have been able to deliver lounge passes and claims payments in real-time, exactly when the traveller needed it. Our partner travel insurers have also benefited by the ability of our parametric systems to automatically handle claims at scale, especially at peak times of surge like this.”
