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Irish insurtech Blink has launched a hurricane non-damage parametric insurance solution which provides liquidity to small and medium-sized businesses in the immediate aftermath of a natural disaster.
Called “Blink Interruption,” the product aims to cut average business interruption claims processing time by up to 95%. It uses automated financial validation and immediate pay-out solutions to allow businesses to get back on their feet just days after the event occurs.
A representative for the Cork, Ireland-based company said the product is now being offered in the United States but plans are afoot to roll it out globally.
The product was developed in Lloyd’s Lab, the 10-week innovation accelerator programe operated by the Lloyd’s market.
“Following a disaster, 90% of smaller companies fail within a year unless they can resume operations within five days,” said Paul Prendergast, Blink co-founder & CEO, in a statement.
“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 …
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