Collinson and Starr Insurance have partnered to offer SmartDelay+, a real-time parametric travel disruption insurance, addressing the needs of travelers facing flight delays.
The firm noted that with flight delay statistics revealing that nearly 25% of global flights are delayed by at least 15 minutes, affecting 133 million travelers with delays over an hour, the demand for innovative solutions to mitigate travel stress is evident.
SmartDelay+, developed by Collinson, is a real-time insurance solution offering immediate benefits to travelers experiencing flight disruptions. Its benefits reportedly range from airport lounge access to discounts at airport dining establishments, spa access, and automatic cash compensation. Originally launched in 2017 as SmartDelay, the product has since grown to include instant cash payouts alongside other benefits, serving over six million customers in 35 countries.
As part of this collaboration, Starr Insurance will back SmartDelay+ in the United States, extending the product to its American customer base. Lawrence Watts, CEO of insurance at Collinson, expressed enthusiasm about the partnership with Starr.
“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,” Watts said.
What are your thoughts on this story? Please feel free to share your comments below.
