As the public tries to navigate a post-COVID world – or at least one where the disease can be managed – the skies are clearing and travel has started to return to normal.
As the pandemic has swept the world over the past two years, it has added a number of uncertainties, including flight cancellations, numerous delays and restrictions that have made even vacation planning difficult and cumbersome. Now that they are getting used to the new normal, travelers are looking for more responsible travel policies and insurance that can help them overcome the toughest challenges – beyond management. with a positive diagnosis of COVID-19 in a foreign country.
Faye, a Tel Aviv-based startup focused on redefining insurance for travelers, has an all-digital, consumer-centric platform for Americans that handles more than financial reimbursements and insurance claims. travel.
Founded in 2019 by current CEO Elad Schaffer and current CTO Daniel Green, Faye came out on the sly this year, with $8 million in seed funding raised last month from companies like F2 Capital and investors like former NBA player Omri Casspi, while Faye has the tech to boot, including a digital wallet and immediate 24/7 customer support, as well as AI capabilities — its innovative approach also lies in the way the company supports its clients in their best interest, beyond the usual insurance platform.
Even the company name is designed to bring out the best in every trip. The word “faye” literally means fairy, adding to the “fairytale magic we hope to experience on our travels through faster, smarter, better insurance,” the company wrote in a blog post published in april.
“I think beyond the technology, there is a very fundamental shift in how we view the role of travel insurance. And I think for many years it was seen as a damage reimbursement service. Damage has been done, you fill out forms. If – and it’s a big if – we determine it’s legit, we’ll pay you money. Schaffertells NoCamels, “We take a very different approach. We believe that the role of the travel insurer is to take care of you when you are on the road. They can take care of you with incredible assurance – digital proactive automation pays in seconds. But taking care of yourself on the road involves much more than that.
He cites a few travel scenarios that require more than just financial returns. “What happens if you miss your connection? What you need isn’t necessarily insurance, it’s help getting on the next available flight. If you lose your passport, you don’t just need insurance to give you $50 to cover a new one. What you really need to know is where do I go. What should I bring to get a new passport? What do you do if you need to take a PCR test? Where are you going? These are all broader cases than pure insurance will cover. And we make them available in real time.
Faye’s insurtech platform covers travel, health, luggage and even pets, via a smartphone app that sends real-time alerts, offers unlimited access to customer experience specialists, enables users to file complaints digitally and processes those complaints quickly. Approved claims are sent via electronic transfer to Faye Wallet. Through the Faye Wallet, travelers can receive prompt reimbursements for travel inconveniences (like lost luggage) and use those reimbursements to buy what they need. It can be connected to Apple Pay or Google Pay and once the request is approved, the traveler can be refunded from the wallet in seconds.
“You are breaking your leg, you need help at the moment. Your car has been damaged and assistance at the moment your flight has been delayed, you don’t know what to do, you have just missed your connection. C “It’s a very different type of insurance that has a real-time element. And the ability to manage claims, settle them and pay them in real time makes a big difference,” says Schaffer.
Another “layer” that is an important part of Faye’s platform is its travel intelligence. “Travel intelligence is how we make sure we can track your trip and alert you to what you need to know,” says Schaffer, “So when you sign up, we ask you to tell us your generic details which includes flight information, hotel information, whatever you’re happy to share – we then track those journeys so we can track your flight and alert you to things like flight delays, flight cancellations, where you could pick up your luggage, how long it will take you to get into the city,” the company even highlights the evolution of COVID-19 restrictions by airline and country.
The thing is, “we don’t just send you these alerts. The idea is that we then connect it to your cover with us. So if I notify you of a flight delay, you may be entitled to a $200 inconvenience fee. We relate those things that just happened to you to your actual needs at that time.
For example, if these COVID restrictions have changed your destination, Faye may contact you and offer assistance in rebooking the trip.
“I think the other word to describe it is being proactive. We don’t wait for things to go wrong. trying to solve them proactively,” says Schaffer. “That means we’re looking for solutions, not necessarily money. Because when your flight is late and all of a sudden you know you’re not going San Francisco that in two days, what you really need now is to know where you’re going to sleep tonight. Not just, ‘Hey, how can I get x money back?’
At a time when travel insurance in America is distributed by airlines and travel distributors, such as online travel agencies or platforms like Expedia and Orbitz, which take hefty commissions and create a barrier between the insured and the insurance company, Faye rushes to raise the ante on customer retention.
“It’s about the philosophy behind what travel insurance should be, not what it is,” says Schaffer.
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