Many have talked about this for a while, in fact many have cited blockchain and smart contracts as the holy grail answer to this specific problem, more often than not solved by an InsurTech startup with a great idea.
Whats nice here, is that a strong incumbent insurer is working with a number of folks to provide this.
I'd love to see the data behind this over the next couple of months as this rolls out and seeks adoption as well as details on the size of the market
The insurer has teamed up with App in the Air to launch a fully automated and real-time flight delay insurance product, in partnership with both FlightStats and Swiss Re. The proposition will be offered to UK App in the Air users via their personal travel assistant app and covers the additional cost and inconvenience that travellers often have to deal with.
For example, as it stands under EU regulation, a passenger travelling from within the EU would need to be delayed for three hours before being eligible for compensation – and this only applies on EU-based carriers. However, with the flight delay insurance product that Chubb is introducing, the pay outs will be faster, it will apply to flights outside the EU and will cover a host of unexpected costs such as taxis, lounge fees, refreshments, meals and more.