Pakistan: Takaful company embeds parametric product in travel insurance policies
Source: Middle East Insurance Review | Dec 2022
InsurTech firm Blink Parametric has reached agreement with Salaam Takaful which will lead to a parametric product to be embedded in the takaful company’s travel insurance policies in Pakistan.
Blink Parametric chief executive Sid Mouncey said, “This is an exciting first launch into Pakistan for Blink Parametric.
“We appreciate the sincere welcome we have received to the Pakistan market and acknowledge the great cooperation in ensuring our products are certified and approved as shariah-compliant in full accordance with takaful principles.”
Under the system, once a traveller registers his flight details, Blink Parametric monitors that flight in real time. Any flight disruption that occurs to the registered flight, such as a delay, automatically results in a traveller being notified instantly and offered assistance within their policy terms that can immediately alleviate the stress and consequences of the disruption.
Salaam Takaful provides retail, travel and commercial insurance products and has built extensive partnerships with overseas retakaful operators and assistance companies, enabling it to offer comprehensive coverage for large infrastructure projects and specialised risks. Its coverage is specially tailored for Islamic banking operators as well as for large corporate groups under shariah guidelines.
Salaam Takaful managing director and CEO Rizwan Hussain said, “This real-time flight delay cover will become standard across all of our travel policies and will be accessible on our travel insurance portal to travel agents and banking partners across Pakistan.” M