New travel insurer Faye launches coverage in the US
Faye has entered the travel insurance ecosystem intent on setting a new standard in swift claims resolution
Faye’s 100-per-cent digital, data-driven offering boasts no paperwork – from getting covered to filing a claim, to receiving reimbursements via Faye Wallet, and its secure digital payments card that works like Apple Pay and Google Pay. Travellers can also quickly be reimbursed via Faye Wallet for travel inconveniences (such as lost bags and delayed flights) and instantly use funds to purchase what they need most rather than paying out of pocket.
Headed by travel Co-Founders Elad Schaffer and Daniel Green, the Faye team is comprised of seasoned travel and insurance executives including Jeff Rolander, Director of Claims, who comes to Faye following three decades in insurance, most recently at Allianz overseeing a team of 250; Moran Treiser, VP of Growth, who built the growth marketing operation at Lemonade; and Lauren Gumport, Director of Communications, who built and executed travel tech Guesty’s global communications strategy.
Consumers can choose individual add ons to trip protection
Co-Founder and CEO Elad Schaffer said: “The days of treating travel insurance solely as a reimbursement service are over. Consumers’ expectations have risen and their booking habits have evolved; their high intent to travel safely and smartly is coupled with the desire to receive advice and assistance when they need it most.”
Co-Founder and CTO Daniel Green added: “From the get-go, our entire approach has been to do things differently – a tough task in an industry that has undergone little innovation. Our technology enables smarter, faster, smoother assistance on anything and everything related to travellers’ well-being – all within the Faye app.”
Faye’s whole-trip protection, underwritten by United States Fire Insurance Company, is available on iOS or Android and can cover travellers’ trip, health, and belongings. It also enables consumers to supplement their plan with add-ons that include Cancel For Any Reason (48 hours pre-trip), Pet Care and Rental Car Care. And for those concerned with contracting Covid-19, Faye can cover non-refundable trip costs if they contract the virus pre-trip and need to cancel, and in-trip if they fall ill with the virus and require prescriptions, hospitalisation and accommodation to quarantine in.
Faye is rolling out its offering throughout the US and is currently available to residents in around 40 states with plans to be available in all 50 soon. In the coming months, Faye will focus on hiring, customer acquisition and optimising their proprietary technology with even more customisation options in order to ensure travellers are protected and stress-free when travelling.