“While customers have been able to purchase on-demand home, travel, and car insurance, aircraft owners have been unable to benefit from this trend until now.”
This is where international insurance underwriting and services business Tokio Marine Kiln (TMK) is aiming to get ahead – introducing what is described as a ‘market-first’ proposition for the light aircraft market in the UK. Called “FlyCovered,” the new product is available via the online platform built by Covered Insurance, with policies offered through coverholder 3XD and capacity supplied by TMK.
Users of the FlyCovered website will be afforded the ability to purchase or cancel flight days instantly, as well as manage their coverage at any time of day. Available policies are annual ground cover with the option to purchase on-demand flight days; annual ground cover with seven days of flight cover included, plus the option to buy additional days; and traditional comprehensive annual aviation insurance.
Features include rolling over unused flight days upon policy renewal, as well as a price cap wherein aircraft owners with either of the first two types of policies will never pay more than those with the traditional comprehensive policy.
“Thousands of pilots purchase annual flight coverage, but many are flying less than 20 hours a year, or frequently need to cancel trips due to other commitments or factors such as turbulent weather,” said TMK head of general aviation and product development Jay Wigmore, who noted the on-demand trend in the likes of home and motor.
Wigmore added: “Innovative products which employ the benefits of insurtech are essential to the future of our market, and TMK is committed to working with our partners to build on this.”
