Insurtech firm Blink Innovation is joining several other companies that have been approved to begin testing products in the first cohort of the Financial Conduct Authority’s (FCA) regulatory sandbox.
Blink’s product is an insurance solution that has an automated claims process, which allows travellers to instantly book a new ticket on their mobile device in the event of a flight cancellation.
The insurance product is among 24 applications that have met the eligibility criteria for the FCA regulatory sandbox, which aims to create a “safe space” in which businesses can experiment.
The sandbox allows companies to test innovative products, services, business models and delivery mechanisms in a live environment while ensuring that consumers are appropriately protected.
“The FCA’s regulatory sandbox was a first for regulators worldwide and underlines our deep commitment to innovation and our willingness to think outside the usual regulatory parameters,” said Christopher Woolard, executive director of strategy and competition at the FCA.
The regulatory sandbox is part of Project Innovate, an initiative kicked off in 2014 to provide innovators with support to navigate the regulatory system and promote competition in the interest of consumers.
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