UK’s first parametric lost luggage product launched
Insurer CPP Group UK is partnering with travel insurance provider Just Travel Cover to launch ‘Smart Luggage’, a parametric lost luggage product
The product uses parametric technology to offer real-time support to airline passengers whose checked luggage cannot be located following an airport arrival. Customers upload an image of their delayed luggage receipt, and the platform will begin searching for the missing checked luggage. Customers will receive an automatic £50 pay-out, directly to their PayPal or bank account after 30 minutes of their luggage being unlocatable at the destination airport, and a further £500 if it is still not located after 48 hours.
The parametric technology automates the entire process from the moment the traveller registers their luggage as missing at the customer services desk at the destination airport. The repatriation service of Smart Luggage keeps the customer informed via text message and email to help locate and return the luggage.
The technology is delivered by Blink Parametric, part of CPP Group. It is available as an annual multi-trip and singular policy and distributed as a standalone product, add-on or embedded insurance product.
Pandemic gave travel insurance opportunity to reinvent itself
Carl Carter, CEO of CPP UK, said: “Proactive and innovative service and insurance solutions for the traveller are of paramount importance as international air travel begins to gain momentum again. The past year and a half gave the travel insurance industry the opportunity to reinvent itself, improve customer and traveller experience and start to rebuild customer trust. Even as restrictions elsewhere lift and familiarity creeps back, travel is one aspect of our lives that Covid-19 continues to play havoc with.”
Andrew Jackson, Managing Director at Just Travel Cover, added: “Passengers value a seamless experience now more than ever. By eliminating manual processes as far as possible, we’ve also eliminated many pain points from the customer journey and are able to offer both reassurance and practical, real-time cash assistance to customers who are likely contending with other Covid-19-related stresses.”