Baloise is launching new parametric insurance for travel: protection against bad weather, flight delays and luggage delays.

Baloise is launching new parametric insurance for travel: protection against bad weather, flight delays and luggage delays.

According to a report by de.investing.com, Baloise Holding AG launched parametric insurance in January 2024, specifically designed for trips ranging from two to 92 days. These innovative insurance products cover, among other things, bad weather conditions as well as flight and luggage delays. Customers automatically receive compensation as soon as predefined parameters are exceeded, without having to actively report the damage. The introduction of this new type of insurance, supported by Parasurance technology, has great future potential as it simplifies the processing of claims and activates customer communication.

Baloise's parametric insurance offers numerous benefits, including automated claims settlement, a simplified claims process and more active customer communication. In addition, the use of artificial intelligence within the customer journey enables insurance to be taken out efficiently online. This is also an important step towards “embedded insurance”, which can be integrated into the closing processes of travel companies and hotels in the future.

Baloise's introduction of parametric insurance could also have a significant impact on the insurance market as a whole. By automating the claims process and simplifying customer interactions, these innovative products could become a standard way to underwrite insurance. This could also help close existing coverage gaps and improve the adaptability of the insurance industry as a whole.

Overall, Baloise's introduction of parametric insurance signals an industry-wide move towards innovative, customer-focused insurance products. This could lead to long-term positive changes in the insurance landscape and change the way insurance is purchased and managed.

Baloise Holding AG's offering in the area of ​​parametric insurance represents a significant development in the insurance industry and could have a groundbreaking effect for future developments.