Paul Prendergast: CEO and Co-founder, Blink Parametric: Parametric, payments & protection (113)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 29 November 2020

⏱️ 34 minutes

🔗️ Recording | iTunes | RSS

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Summary

Blink Parametric’s new Hurricane Non-Damage Business Interruption solution, developed in the Lloyd’s Lab, cuts waiting times for payouts from months to days. It’s the latest product from a company that has emerged as a leader in parametric solutions through identifying the right data and an innovative technology platform. CEO and Co-founder Paul Prendergast joins Matthew to discuss his experience of the Lloyd’s Lab, the benefits of parametric solutions and some great advice on growing a successful company. Talking points include: Making parametric solutions work for underwriters Distribution and the route to market Establishing partnerships with insurers Building trust between customers and insurers Opportunities in new asset classes Keep track of everything we are up to at InsTech London and sign up to our newsletter for a fresh view on the world every Wednesday morning. If you like what you're hearing, please leave us a review on whichever platform you use, or contact Matthew Grant on LinkedIn. Continuing Professional Development - Learning Objectives InsTech London is accredited by The Chartered Insurance Institute (CII). By listening to an InsTech London podcast, or reading the accompanying transcript, you can claim up to 0.5 CPD hours towards the CII member CPD scheme. Complete the InsTech London Podcast Feedback Survey to claim your CPD time.

Transcript

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0:00.0	It's really looking at what are the market opportunities and using the technology to bring products to market.
0:06.9	So launching this product yesterday really was showing the market how quickly we can innovate and actually build something. Good morning, good evening, wherever you are and whatever you are doing.
0:32.4	Matthew Grant here, your host for the Insect London podcast.
0:36.5	Now, as the days get shorter here in the northern hemisphere,
0:39.3	it's great to speak to so many of you that tell me you are still exercising whilst you're
0:43.7	listening. And for those of you not regular listeners, be assured that I generally do keep the
0:48.1	interview to less than 40 minutes, so no need to wear yourself out. For episode 130, we're bringing you this interview with Paul Prendergast
0:56.7	recorded a week ago when Blink Parametric released its latest product offering at the Lloyd's Lab.
1:03.0	Now, Paul is something of a serial entrepreneur and has enthusiasts for parametric insurance.
1:07.8	As usual, we cover a lot here.
1:09.2	You'll find out first why Paul moved from mobile phone
1:12.2	security to insurance and why he chose travel disruption in particular. Like most people who
1:17.8	already have one or more successful startups under their belt, Paul and his team have moved
1:22.4	very fast. They've identified partners to provide data, insurance capacity and distribution, and we found out how he did that and who has been helping him.
1:31.3	COVID, of course, was not kind to the travel industry, so we find out how Paul's team pivoted and what they did in the Lloyd's lab and how companies like Beasley are supporting them with their non-damage business interruption cover, using open banking data as a parametric trigger.
1:46.6	Paul also shares more really valuable advice on how to build a successful company.
1:51.0	And finally, he has a reward and offer for those of you that listen to the end.
1:54.2	So, let's go.
2:00.4	Paul, great to be talking to today. We are less than 24 hours since your fantastic performance
2:05.7	on the Lloyd's Lab review and judging by a number of comments on LinkedIn and both my own
2:11.7	kind of enthusiasm for that. It was a really fantastic outcome, so well done. Thanks. Thanks, Matthew.
2:16.6	Really enjoyed it and looking forward to
	...

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