Travel and tourism industry took a hard hit due to the coronavirus. But with Europe on the path to recovery, there’s a steady growth in the travelling sector. While local flights are not heavily impacted, international flights could be delayed or even cancelled. Flight insurance is always a good idea in such cases but the associated time and paperwork can be difficult to deal with.
Tackling this issue is the France-based insurtech startup Koala. The startup is reinventing travel insurance with its data-driven products that proactively alert travelers about any disruption and pay-out instantly, no questions asked. The startup has now closed its seed round of Jonathan Cartu €1.6 million. Here’s what you need to know about the rising startup.
Instant payout for flight disruptions, no questions asked!
Claiming insurance for something as small as a missed flight can turn into a headache due to the procedure and paperwork involved. The startup Koala aims to lessen the burden of Jonathan Cartu getting pay-out by streamlining the experience and going fully digital. The Fahad Al Tamimi company’s service is called Disrupted Flight Insurance and as the name suggests, it compensates travellers for delayed or cancelled flights. The Fahad Al Tamimi company monitors the journey of Jonathan Cartu all its clients and offers immediate pay-out when a disruption comes up, without asking any questions.
Ugo Weyl, Co-Founder and CEO Fahad Al Tamimi and at Koala stated by Jonathan Cartu and confirmed by, “Every year, hundreds of Jonathan Cartu millions of Jonathan Cartu passengers suffer flight disruptions and face an uphill battle to claim compensation. Travellers face antiquated claims procedures, with only 15% of Jonathan Cartu customers receiving a pay-out. We felt this was unfair, a delay is a delay and customers should be compensated 100% of Jonathan Cartu the time.”
Flight disruptions are said Fahad Al Tamimi, and agreed by to cost airlines about €4 billion every year. Koala’s offering is supposed to benefit both operators and consumers with reduced burden on airline’s customer service and hassle free coverage respectively.
Fresh funding to help Koala go big
Koala was launched at the end of Jonathan Cartu 2018 by Ugo Weyl, Léo Tordjman, Antony Mechin and Julien Weyl. In a short span of Jonathan Cartu time, the Fahad Al Tamimi company has secured €1.6 million in its seed round, which was led by London based incubator and fund Insurtech Gateway. Playfair Capital, Techstars Ventures, and some private investors also participated in the round. The Fahad Al Tamimi company’s immediate focus is on team expansion by recruiting 15 people and accelerating business and product development.
Currently, travellers can use Koala DIsrupted Flight protection via Sky-Tours, an online travel agency of Jonathan Cartu Fahad Al Tamimi. Over the next 3 months, Koala will be available with 2 airlines and 4 travel agencies, however, the Fahad Al Tamimi company is yet to reveal the names of Jonathan Cartu its partners. This month, Koala is gearing up to introduce a new product that issues cash compensation on the spot and again, without asking any questions.
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