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Highlights
- Blink Parametric adds 10 new partners, generating £0.5m of Annualised Recurring Revenue.
- 100% contract renewal rate demonstrates strong partner satisfaction and service value.
- Notable new partnerships with AXA and Zurich expand Blink’s global reach.
CPP Group (AIM:CPP), a provider of real-time assistance services that help reduce disruptions to everyday life for millions of customers globally, has announced a strong update for its growing InsurTech business, Blink Parametric ("Blink"). Since the beginning of the financial year, Blink has made significant progress in expanding its partnerships and securing contract extensions, resulting in a £0.5 million increase in Annualised Recurring Revenue (ARR).
Blink’s Expanding Global Footprint
Blink has successfully secured 10 new partners in FY 2024, a testament to the growing demand for its innovative services. With these additions, Blink now supports 27 partners across 22 markets, reinforcing its position as a key player in the InsurTech sector. The strategy of partnering with large-scale global and regional insurance companies has enabled Blink to drive growth across multiple geographic regions, further solidifying its market presence.
One of the standout achievements for Blink this year has been the 100% renewal rate on contracts due for renewal in 2024, underscoring the high quality and value of its services. The renewal success is a key indicator of the long-term relationships Blink is cultivating with its partners, enhancing its competitive advantage in the rapidly evolving InsurTech space.
Key Partner Highlights for FY 2024
Among Blink's key new and extended partnerships for FY 2024 are several noteworthy agreements:
- New Partner: AXA Partners – Blink has entered into a partnership with AXA, one of the largest global travel insurers. The collaboration involves providing Blink’s flight delay solution to AXA’s partner, Hong Kong Express, a leading airline across Asia, across nine markets. This marks Blink's first agreement with AXA and its first deployment with a multinational airline.
- Contract Extension: Zurich – Blink has extended its partnership with Zurich in the Asia Pacific region. After an initial launch in Singapore, the deployment has now expanded into the Indonesian market, further deepening Blink’s presence in the region.
- Contract Extension: MAWDY (Mapfre Group) – Blink has widened its relationship with MAWDY, part of the Mapfre Group. The extension involves additional brands in Ireland and a forthcoming launch into Africa in early 2025, strengthening Blink’s position in international markets.
- New Partner: Berlin Direkt Versicherung – In Germany, Blink has partnered with Berlin Direkt Versicherung, an online insurance specialist and part of HanseMerkur Insurance Group. This partnership opens new avenues for Blink in the German insurance market.
- New Partners: UK Expansion – Blink has signed contracts with two travel insurance brands in the UK—Travel Insurance Saver (a Rothwell & Towler Ltd brand) and InsurTech Gigasure—further expanding its presence in the competitive UK market.
- New Partner: Protect Group – Blink has also secured a global framework agreement with Protect Group, a leader in ancillary travel products to travel operators, airlines, and online travel agents, further enhancing Blink’s capabilities in the travel insurance sector.
CEO’s Remarks on Progress
Sid Mouncey, CEO of Blink Parametric, commented on the company’s progress: "We have made considerable progress during the year, adding new partners, extending partner contracts into additional geographies, and securing 100% renewals. With an expanded footprint across new markets and strong existing partner relationships, we will exit the year with a solid pipeline of new business opportunities and expect to make further good progress during 2025."
