Berlin Direkt Versicherung has launched a new product that is set to change the way we think about travel insurance. The company has partnered with Blink Parametric to offer Flight Disruption and Lost Luggage insurtech solutions that provide real-time assistance to customers.

When a registered flight is delayed by two hours or more, insured travellers will be offered an immediate choice of free VIP lounge access to one of 1,300 plus executive airport lounges worldwide, or a real-time cash payout alternative of €25 per insured person for up to two delayed flights. Blink Parametric tracks all registered flights and automatically alerts the traveller when delays occur.

When luggage is delayed on the outbound flight and reported by the traveller at the destination airport, they receive a Property Irregularity Report (PIR) number, which they simply enter on the Berlin Direkt parametric platform’s online benefits portal to receive an immediate payment of €50. Compensation payments to travellers are transacted in real time by either bank transfer or via PayPal, to provide immediate assistance and help alleviate the inconvenience of the delay.

This innovative product is a game-changer for the travel insurance industry. It offers real-time assistance to travellers, making it easier for them to deal with the inconvenience of flight delays and lost luggage. The fact that compensation payments are transacted in real time means that travellers can receive immediate assistance, which is a huge relief when you’re stranded in an airport.

But this is just the beginning. Parametric insurance has the potential to revolutionize the insurance industry as a whole. By using real-time data and dynamic risk modelling, insurers can build and operate parametric insurance at scale. This means that insurance products can be tailored to the specific needs of customers, providing them with the coverage they need when they need it.

If you’re an insurance executive, it’s time to start thinking about how parametric insurance can benefit your customers. With Riskwolf, you can turn real-time data into insurance. Using unique real-time data and dynamic risk modelling, Riskwolf enables insurers to build and operate parametric insurance at scale. Simple. Reliable. Fast.

In conclusion, Berlin Direkt Versicherung’s new product is a game-changer for the travel insurance industry. It offers real-time assistance to travellers, making it easier for them to deal with the inconvenience of flight delays and lost luggage. But this is just the beginning. Parametric insurance has the potential to revolutionize the insurance industry as a whole. If you’re an insurance executive, it’s time to start thinking about how parametric insurance can benefit your customers. Contact Riskwolf today to learn more about how you can develop parametric insurance for your customers.

Source: ITIJ