TIDMCPP
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 GBP1.0 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 or follow Blink's progress through its
Linkedin page -
www.linkedin.com/company/blink-parametric-insurance/
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
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END
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