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Erste Group’s subsidiary Erste Bank Hungary, in partnership with European insurtech company Companjon, has rolled out Erste Flight Delay Insurance, a novel insurance service for its customers.
The new service is integrated with the George app, a digital banking service for Erste Bank account holders.
It offers protection against flight delays, providing an automated compensation experience.
Available from 17 May, this insurance offering is designed to enhance the travel experience for Erste Bank's retail forint account holders.
The Erste Flight Delay Insurance solution utilises real-time flight monitoring to automate the claims process.
If a flight is delayed by one hour from its scheduled departure time, Companjon will automatically approve a claim, granting the customer a compensation of Ft16,000 ($44.99).
This amount is instantly credited to the customer's account without any restrictions on its use.
For a fee of Ft1,999 per ticket, Erste customers can purchase this insurance from as early as 180 days to as late as seven days before their flight's departure.
Furthermore, the offering also allows customers to extend the coverage to up to three additional travellers on the same flight, ensuring each passenger receives the same level of protection and compensation.
Erste Bank Hungary’s deputy CEO, László Harmati, said: “Erste is making its services increasingly personalised and tailored. We believe that by implementing the latest digital solutions, such as Flight Delay Insurance, we can contribute to our customers’ efforts to retain their financial health.”
“In addition to making daily finances easier, our offering is expanded by auxiliary services that create real value for customers.”
Companjon is a business to business to consumer (B2B2C) insurtech company established in 2020. It has introduced a range of modern and parametric insurance products in collaboration with different brands across various sectors.
Companjon CEO Matthias Naumann said: “The launch of Erste Flight Delay Insurance comes at a most exciting time with summer travel season approaching. It has been a privilege to partner with Erste Bank Hungary on this service, supporting them in their endeavour to expand and improve their offering of personalised, tailored digital services to their customers.”
"Erste Bank Hungary, Companjon launch new flight delay insurance " was originally created and published by Life Insurance International, a GlobalData owned brand.
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