The platform has teamed up with insurance and protection-as-a-service company Setoo to offer claims-free travel insurance for flight delays and flight cancellation. Setoo enables Omio to easily create, distribute and test personalised, transparent insurance offerings according to the preferences of individual customers, with the aim of generating additional ancillary revenue from the sale of more appealing and millennial-friendly products.
Chris Hall, Commercial Director at Omio, said, “We are delighted to partner with Setoo as we look for new and innovative ways to help our customers travel. I’m excited by Setoo’s innovative approach and I look forward to what the future holds for our customers.”
Leveraging parametric insurance, Setoo’s platform enables automated dispensation of compensation in response to a pre-agreed trigger, such as flight delay, stormy weather or late train. This renders the claims process unnecessary and removes the associated hassle for customers. It also implements advanced technological capabilities such as AI, machine learning, parametric capabilities and APIs.
“Omio is revolutionising the travel experience and has recognised the strength of our offering to support its unique approach,” commented Noam Shapira, Co-Founder and Co-CEO at Setoo.
It’s great to see these two companies modernising the approach to insurance, and in doing so, making it more appealing and accessible to a whole generation of customers. It also a very timely development considering how the nature of claims is evolving; with extreme weather and flight delays causing travel disruption, this latest offering is well-timed. It will be interesting to document the success of this approach and see whether it is adopted more widely across the industry.