The co-founders of Irish insurtech Blink Parametric are stepping down after deciding “it is the right time to look at new opportunities”.
Founded in 2016, Blink was bought by CPP Group, a global product and services company based in Leeds, six months after it was set up.
Since then it has become a “world leader in parametric insurance product innovation, transforming its clients’ complex offerings into superior service experiences with simple, intuitive, online products”.
Following the resignation of the founders, CPP Group intends to bring the Blink operations under central management to further “leverage its expertise in distribution and drive growth in the parametric product set, including travel disruption and business interruption solutions”.
Founders Paul Prendergast and Peter Bermingham will continue with the business until 16 April, to “facilitate the transition to new management”.
Sid Mouncey, product and marketing director at CPP Group, said: “Paul and Peter have worked tirelessly alongside the rest of the Blink team to establish its brand, products and partner base and we thank them for all of their work.
“We’re looking forward to working with Blink’s existing partners and developing new relationships with other businesses that can benefit from the near-instant resolution, frictionless servicing and lower costs that parametric solutions provide.”
He added: “The Blink technology and products are very well established and they will form an important part of our core, Group-wide digital offering and benefit from an established global distribution network.”