PriyaPatel
TLDR
Collinson and Starr Insurance have partnered to offer real-time parametric travel disruption insurance to airline travellers to address increasing stress and anxiety due to flight delays. The product, called SmartDelay+, provides customers with benefits such as access to airport lounges, cash compensation, and discounts at dining establishments and spas during flight disruptions. The collaboration aims to expand the distribution of SmartDelay+ to the US market as air travel returns to pre-pandemic volumes.
Key Points
- Collinson and Starr Insurance have collaborated to distribute a real-time parametric travel disruption insurance product called SmartDelay+
- The product aims to address the stress and anxiety experienced by airline travellers due to flight delays
- SmartDelay+ offers customers various benefits during flight disruptions, including access to airport lounges, cash compensation, and discounts at dining establishments and spas
- The collaboration aims to expand the distribution of SmartDelay+ beyond the UK and Europe to the US market
- Starr Insurance will provide insurance capacity for SmartDelay+ in the US and distribute the product to its own customers
Collinson, a global leader in customer benefits and loyalty, has partnered with Starr Insurance to distribute a real-time parametric travel disruption insurance product called SmartDelay+. The product aims to address the stress and anxiety experienced by airline travellers due to flight delays. SmartDelay+ offers customers various benefits during flight disruptions, including access to airport lounges, cash compensation, and discounts at dining establishments and spas.
The collaboration between Collinson and Starr Insurance aims to expand the distribution of SmartDelay+ beyond the UK and Europe to the US market. Starr Insurance will provide insurance capacity for SmartDelay+ in the US and distribute the product to its own customers. This expansion comes as air travel returns to pre-pandemic volumes and addresses the needs of travellers in the US.
SmartDelay+ was developed by Collinson and has evolved into a parametric insurance offering since its inception in 2017. The product has coverage in 35 countries and serves over 6 million customers. By partnering with Starr Insurance, Collinson aims to broaden the distribution of SmartDelay+ and provide an immediate benefit to customers when they need it most.
Lawrence Watts, Chief Executive Officer, Insurance, at Collinson, commented on the collaboration: “Starr is a key player in the US insurance market and we are excited to work with them to distribute our SmartDelay+ proposition across the US to provide an immediate benefit when the customer needs it most. With travel returning to pre-pandemic volumes and growing, flight disruption is inevitable, so there is no better time than now to broaden the distribution of this truly parametric insurance product beyond UK and Europe where it already has an impressive client base and track record.”
Michael Grossman, Vice President A&H, at Starr Insurance, added: “We know travel conveniences are growing in importance for our customers. Starr has teamed up with Collinson to help mitigate the stressful experience of delayed flights. Our customers can now travel knowing that with just a few clicks, they can wait for their delayed flight in the comfort of a lounge or receive an immediate cash settlement they can use while they wait, or anytime they wish. We’re both working to make air travel a more enjoyable experience. Starr Insurance is delighted to offer SmartDelay+ to our customers, bringing them some additional comfort and less stress during their travels.”
