According to the analysis reports of Blink, the severe weather conditions in the US were crossing 11,000 flight cancellations in 1 week, and over 30,000 delays which made the travellers face thousands of traveller claims, and huge claims processing costs for travel insurers.
To this certain hurdle, Blink claimed that many travel insurers across North America night face these issues due to chances of storms to occur over there. This is very likely to have widespread implications for the travel insurance industry all over the world, and in turn for policy holders, or would-be policy holders, the Blink said.
This is “ultimate proof point” is a major shift in how travel and luggage delay claims are paid is now catching the attention towards it and demanding for a better solution. Blink Parametric works with travel insurers around the world and aims to improve customer experience by manage expenditures and claims in real-time basis.
In this activity planned, the insurers want to pay claims in a periodical way, but many are concerned about operational and staffing costs which is definitely quite tough and time taking if done manually.
On this the Chief Commercial Officer gave his views and statement in a recent interview-Carl Carter, chief commercial officer, said,“We are seeing continued and increased demand from travel insurers worldwide that are looking to modernize and improve their customer claims experience on high volume, low value claims while mitigating claims handling costs. 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.”