A YORK-BASED insurance company has acquired a travel insurance firm for €1million.

 

International assistance business CPPGroup Plc, of Holgate Park, York, has bought the Cork-based Blink Innovation Limited as it begins to launch the world’s first scheme to help delayed customers get their money back in real time when their flight is disrupted.

 

The company has also agreed to profit from Blink’s future developments by securing earnings on products they develop.

 

York Press:

 

They could secure a maximum of €4million over the next five years, based on negotiations which will see them take 20 per cent from €20million profits.

 

Blink was founded by Paul Prendergast and Peter Bermingham, both of whom have built a number of successful businesses in the past.

 

Jason Walsh Chief Executive Officer of CPPGroup plc said: “I am delighted to announce this acquisition of Blink and welcome Paul and Peter to CPP. The acquisition marks a significant step forward for CPP in building a global product innovation capability. Paul and Peter have a proven track record in developing innovative companies and I am thrilled that they are joining CPP to lead our drive in creating customer led products for our global markets.

 

“This will ensure that we are at the cutting edge of insurance and assistance product development in the digital space.”

 

Blink provides insurance in the background, a seamless experience for customers by solving their problem and enabling them to complete their journey at no additional cost with no claims process to negotiate.

 

It has recently partnered with Munich Re and is the only InsureTech start-up in the FCA’s Project Innovate sandbox scheme.

 

The primary aim of the product is to assist customers in an emergency situation due to flight cancellations.

 

The product has been through beta testing and is due to launch April 2017.

 

Paul Prendergast, Chief Executive Officer of Blink added: “CPP is the natural home for the Blink team. There is a great deal of technology crossover with CPP’s existing customers and products and we are looking forward to working with the team to develop new insurance and assistance solutions.”