First parametric insurance product for delayed and lost luggage available as standalone solution

Smart Luggage is the world’s first parametric insurance product for delayed or lost luggage and is now available as a standalone solution.

The policy deposits £500 into travellers’ bank accounts if their luggage doesn’t arrive at the airport.

It was originally embedded into travel insurance policies and distributed exclusively through JustTravelCover.com and its network of insurance brokers.

But now the product is available as a standalone solution following the launch of the consumer-facing website SmartLuggage.io, where customers can be covered in under 60 seconds even if they have travel insurance in place.

Smart Luggage was developed in partnership with CPP Secure and Blink Parametric and uses technology to pay claims in real time. After 30 minutes, £50 is paid, then a further £500 after 48 hours. Therefore, clients get financial help at the point they need it.

Dale Robinson, Head of Marketing for Smart Luggage, said: “The development of smartluggage.io and the standalone back-office solution presents new opportunities for wider distribution of this innovative product.

“It can now be purchased by all UK travellers, regardless of where they booked their holiday or bought their travel insurance, paving the way for travel agents, tour operators, airlines and travel insurance providers to offer additional peace of mind to their clients”.

This is not the first time Blink Parametric has partnered with another company to offer a new product to assist travellers, earlier this year it launched flight disruption cover with AwayCare.