(Image credit: Code 83/Pixabay.)
CHERRISK by UNIQA (Budapest) has announced the launch of a flight disruption parametric insurance product launch with baoba, a global InsurTech with offices in Miami and Budapest. Baoba is a B2B marketplace connecting insurers, technology and data vendors and embedded distribution channels to leverage their capabilities to deliver data-driven micro-insurance solutions. CHERRISK is the innovation hub for global insurer UNIQA (Vienna) with the mission of driving high-impact, quick-to-market solutions with a strong customer focus.
The product launch of the real-time parametric flight disruption solution will serve CHERRISK’s customers across Germany and Hungary with an automated pain relief in case of flight delays exceeding 2 hours, offering them a convenient solution to access VIP lounges at over 1800 airports and wait in comfort until their departure, according to a CHERRISK statement.
The company calls solution timely, given that the air travel industry is experiencing unprecedented disruptions due to an overwhelmed post-pandemic industry resulting in chaos at airports, flight delays as well as luggage problems.
“In addition to traditional insurance solutions, CHERRISK pays great attention to customer experience and does not focus exclusively on products that offer excellent value for money,” comments Péter Szőke, Head of Insurance Technology and Products, CHERRISK. “We believe it is important to help our customers at different stages of their journey, so we are working to develop services that improve customer satisfaction and provide answers to any problem that may arise, or simply make our products more likeable. This collaboration is helping us in this ambition and we are very excited about the market uptake. We are working to bring the CHERRISK model to more UNIQA-covered countries and to make the benefits of our state-of-the-art solutions available to as many of our customers as possible.”
Right Protection, Place, Time
The collaboration with CHERRISK helps baoba fullfill its mission of offering the right kind of automated protection at the right place and at the right time, according to Kata Ludvig, CEO and Co-Founder, baoba. “Our marketplace supports insurance partners and our data and technology vendors to create value through automated, modular, on-demand, value-added products with real-time benefits,” she says. “Working with CHERRISK on the flight delay lounge access product has been a pleasure as our values align well in regards to innovation, technology and ‘customer satisfaction first’ approach. We look forward to testing the product in two significant European markets and see where the road takes us in the future for additional geographical and product rollouts.”