LONDON–(BUSINESS WIRE)–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.
Lawrence Watts, Chief Executive Officer, Insurance, at Collinson, said: “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.
Issued by Rein4ce on behalf of Collinson
About Collinson:
Collinson Insurance specialty and ancillary personal lines capability includes underwriting capacity, insurance products and access to expert TPAs in the UK and Europe. Our deep understanding of loyalty and membership programmes enables us to offer true differentiation, so clients have confidence in our partnership to deliver growth. Our truly parametric insurance product ensures airline passengers that have registered their flight are given access to an airport lounge or an instant cash payout, in the event of a flight delay or cancellation. Priority Pass is the world’s original and market-leading airport experiences programme. We provide travellers with access to over 1,500 airport lounges and travel experiences in over 700 airports in 145 countries.
About Starr Insurance:
Starr Insurance (or Starr) is a marketing name for the operating insurance and travel assistance companies and subsidiaries of Starr International Company, Inc. and for the investment business of C.V. Starr & Co., Inc. and its subsidiaries. Starr is a leading insurance and investment organization with a presence on six continents; through its operating insurance companies, Starr provides property, casualty, and accident and health insurance products as well as a range of specialty coverages including aviation, marine, energy and excess casualty insurance. Starr’s insurance company subsidiaries domiciled in the U.S., Bermuda, China, Hong Kong, Malta, Singapore, Switzerland and U.K. each have an A.M. Best rating of “A” (Excellent). Starr’s Lloyd’s syndicate has a Standard & Poor’s rating of “A+” (Strong).
Contacts
Stephen Breen: [email protected], +44 (0)7843 076556
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