Collinson, a global leader in customer benefits and loyalty, and Starr Insurance, a global insurance and investment organisation with a presence across six continents, have joined forces to distribute SmartDelay+, Collinson’s real-time parametric travel disruption insurance product.
With the latest flight delay statistics indicating that almost 1 in 4 flights globally are delayed by at least 15 minutes* and with 133 million travellers across the globe impacted by flight delays of over 1 hour, there is an increasing need to address airline travellers’ growing stress and anxiety when they embark on their journeys.
SmartDelay+, a proprietary end-to-end solution by Collinson, is a real-time, parametric insurance product which provides customers with a range of benefits in the event of a flight disruption such as an airport lounge, airport experiences including discounts at dining establishments, access to spas and automated cash compensation.
Collinson created SmartDelay in 2017 and since then it has evolved into a parametric insurance product with the addition of alternative benefits to airport lounge access, including instant cash payouts. SmartDelay is used in 35 countries by more than six million customers. Starr will provide insurance capacity for SmartDelay+ in the US and will also distribute the product to its own US customers.
“Starr is a key player in the US insurance market and we are excited to work with them to distribute our SmartDelay+ proposition across the US to provide an immediate benefit when the customer needs it most. With travel returning to pre-pandemic volumes and growing, flight disruption is inevitable, so there is no better time than now to broaden the distribution of this truly parametric insurance product beyond UK and Europe where it already has an impressive client base and track record.”
Michael Grossman, Vice President A&H, at Starr Insurance said: “We know travel conveniences are growing in importance for our customers. Starr has teamed up with Collinson to help mitigate the stressful experience of delayed flights. Our customers can now travel knowing that with just a few clicks, they can wait for their delayed flight in the comfort of a lounge or receive an immediate cash settlement they can use while they wait, or anytime they wish. We’re both working to make air travel a more enjoyable experience. Starr Insurance is delighted to offer SmartDelay+ to our customers, bringing them some additional comfort, and less stress during their travels.”
* Cirium, 1st July 2022 – 30th June 2023.