Open, a global provider of embedded insurance solutions, has unveiled a new travel insurance product tailored to the unique needs of both individual travelers and travel providers.
This latest offering from Open integrates their cutting-edge Instant Claims technology and introduces Smart Flight Delay, a feature that automatically grants lounge passes to travelers and up to four companions in the event of flight disruptions lasting 60 minutes or longer, as reported by InsurTech Insights.
The primary aim of this innovation is to provide timely assistance to travelers without the inconvenience of having to file a claim.
Built on Open’s digital-first approach, the travel insurance product allows customers to easily manage their policies, customize their coverage, and access support as needed.
It is designed to offer personalized complimentary coverage for partners in banking, telecommunications, and payment cards, ensuring that travelers receive trip protection tailored to their specific requirements.
Additionally, the platform enables travel providers to seamlessly integrate travel insurance into their existing offerings or provide standalone travel insurance for digital brands. This flexibility enhances their product portfolios and enables them to create compelling offerings across various contexts.
Sam Hoppe, Chief Commercial and Insurance Officer UK at Open, expressed, “We are thrilled about the launch of our latest travel insurance product, which aims to bridge the gap between modern digital travel experiences and innovative insurance solutions.
“The seamless, technology-driven journey that travelers expect from airlines and online travel agencies (OTAs) should extend effortlessly to insurance, and that’s precisely where we aim to lead the way.”
He added, “Exciting developments lie ahead for 2024 as we plan to introduce more travel features, including instant claims, cash settlements, and a pay-with-points feature. These advancements promise to drive continued evolution in the travel insurance landscape.”
Source: fintech.global
