RCS - CPPGroup Plc - Blink progress in 2023

CPPGroupAnnouncement

11/01/2024 07:00

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RNS Number : 3035Z  CPPGroup Plc  11 January 2024

CPPGroup Plc (the "Group" or the "Company")

Blink progress in 2023

 

CPP Group (AIM: CPP), a provider of real-time, digitally delivered assistance
products which reduce disruptions to everyday life for millions of people, is
pleased to provide an update on the progress made in 2023 in developing its
Parametric InsurTech business, Blink Parametric ("Blink").

For the travel disruption market (flight delay and lost luggage) Blink
supplies insurers with embedded technology solutions which deliver real-time
automated claims assessment and payments. This provides a superior claims
experience for the insurer's customers and reduced claims administration costs
for the insurer.

In October 2022, the Group announced its new strategy and accompanying Change
Management Programme, which focused on the withdrawal from its Legacy
operations and building its technology capabilities through the development of
Blink. At the time of the strategic announcement, Blink was sub-scale and
required major financial and operational investment in order to realise its
potential.

Pleasingly, Blink has made good progress through 2023, the key highlights of
which are:

·      Seven new partnerships signed with blue-chip insurance clients to
embed Blink's technology into their Travel Insurance products, including MAWDY
(a MAPFRE company), Zurich in Asia Pacific (APAC), Europ Assistance (Italy),
BCAA (Canada) and Baloise (Switzerland).

·      100% renewal of existing contracts with insurers including Tugo
and Blue Cross in Canada.

·      Expanded its market reach into ten markets, including the USA,
UK, Ireland, Italy, and Switzerland.

·      Three scalable products live in market delivering real-time
solutions for delayed or cancelled flights, delayed baggage, and personal
cyber risk, which is Blink's first consumer product outside of travel.

·      Blink's technology is embedded in over 1.3 million policies
globally which has led to annual recurring revenues increasing by 63% to £1.0
million.

·      A new market-leading, white-labelled online user experience,
developed together with our clients and their customers was launched for
Blink's Travel Insurance partners.

·      Blink has undertaken a substantial programme of work, delivering
a step change in infrastructure and operational scaling capability.

·      Industrywide recognition through multiple award wins.

 

Client and market expansion

Blink's distribution strategy, which is to embed real-time technology
solutions into the core insurance policies of large multi-national insurers,
has started to bring positive results with seven new agreements signed with
blue-chip insurers (five of which were signed in H2 2023). These include
Blink's first global agreement with MAWDY (Mapfre Digital Assistance), and in
December, Blink signed a strategic framework agreement with Zurich in Asia
Pacific, offering parametric flight delay services to enhance the travel
insurance experiences for Zurich customers in the region. Blink generates
revenue by including its technology in both new and renewal insurance policies
sold by the insurer.

 

Insurer client contract wins in 2023 have seen Blink enter new markets
including the USA, Italy, Ireland, and Switzerland, with Blink now partnered
with insurers in ten markets and further geographic expansion anticipated in
2024.

 

As we enter 2024, Blink's pipeline has grown both in quality and quantity with
further agreements with global insurers expected to be signed in the first
half of 2024.

 

Blink also achieved a 100% renewal rate on contracts with existing clients
which further demonstrates the value its solutions bring to both the insurer
and their customers.

 

Stronger market position

Blink was recognised for demonstrating value to its insurance clients through
multiple award wins in the year, including awards for Outstanding Industry
Contribution of the Year at the International Travel & Health Insurance
Journal (ITIJ) Awards and the Cyber Risk Award at the Broker Innovation Awards
for Blink Cyber. Awards were also received for the Customer Care Solution and
Claims Product Solution of the Year (Technology Supplier) at the Insurance
Times Claims Excellence Awards.

 

These awards help to position Blink as the market-leading solution for
insurers who are seeking to improve their claims experience and deliver
real-time support to customers when they need it.

 

Operational scaling

Across 2023 Blink has completed a programme of work to further enhance its
security environment and operational controls to provide the business with the
capability and capacity to grow in line with the market opportunity that
exists. The business has alongside this built highly capable management and
technical teams which provide both the capacity and expertise to support the
next stage of growth.

 

 

Commenting on Blink's progress in the year, Sid Mouncey, Chief Executive
Officer of Blink Parametric, said:

 

"2023 has been a year of progress for Blink building the foundations for scale
and growth in 2024 and beyond. We have invested in people, processes, and
operational scalability, and have seen notable improvements in each of these
areas. The trust shown in our solutions by existing clients as evidenced
through the 100% renewal of contracts is positive, as is the growth in new
clients, especially in the second half of 2023, and in the new business
pipeline.

 

We enter 2024 in a strong position to capitalise on the market opportunity
that exists with the continued growth of real-time claims solutions in the
global travel sector and in addition, we are seeing strong potential for
Blink's Cyber solutions."

 

Enquiries:

CPPGroup Plc
 
Tel: +44 (0)7917 795601

Simon Pyper, Chief Executive Officer

David Bowling, Chief Financial Officer

Sid Mouncey, CEO Blink Parametric

 

 

About Blink Parametric:

Blink Parametric transforms its clients' traditional insurance offerings into
superior service experiences with simple, intuitive, and transparent
parametric products. Its proven platform serves as the conduit for high
frequency, low severity claims across travel, with flight disruption and lost
luggage solutions as well as developing solutions within the travel sector and
online personal data monitoring and cyber solutions. It partners globally with
companies in Asia, Europe, and North America.

 

For further information on Blink visit https://blinkparametric.com
(https://blinkparametric.com) or follow Blink's progress through its Linkedin
page - www.linkedin.com/company/blink-parametric-insurance/
(https://gbr01.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fblink-parametric-insurance%2F&data=05%7C02%7CDavid.Bowling%40cpp.co.uk%7Cb5abf0a0bcae460cb60a08dc111f183b%7C06e07a9adf58456baf4cb72626d55674%7C1%7C0%7C638404072465748902%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=NlVwWIdqekoV%2Fa%2BzG19f5l3K7FxshxToVNjCISbG76k%3D&reserved=0)

 

 

About CPP Group:

CPP Group is a technology-driven assistance company that creates embedded and
ancillary real-time assistance products and resolution services that reduce
disruption to everyday life for millions of people across the world, at the
time and place they are needed. CPP Group is listed on AIM, operated by the
London Stock Exchange.

 

For more information on CPP Group visit https://corporate.cppgroup.com
(https://corporate.cppgroup.com)

 

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