The travel insurance market is now coming in for the same treatment from the likes of Safetywing and Battleface as the former startup Lemonade did.
In an ideal world, travel insurance would be easy to understand, would pay out quickly when things go wrong, and operate in its simplicity. The startup, which exited stealth mode last month, hopes to bring that kind of vibe with its approach.
The startup got $8 million in a seed funding round. Global Founders Capital, as well as former NBA player Omri Casspi, were also participating.
It's fair to say that travel insurance products aren't built for consumers as much as they are for distributors. Customers are asked 6 questions in order to find the right plan according to the company.
The platform covers trips, health, belongings, and pets via an app that sends an alert, has a customer support team, and is able to file digital claims.
Travel insurance has become synonymous with lengthy, jargon-filled policies that leave travelers confused rather than well-informed, and this is one of the reasons why Faye is hitting the market.
Travelers will be covered if they contract COVID-19 pre-trip and cancellation, as well as coverage for emergency medical expenses and trip interruption, subject to the terms of the plan.
Faye is re-inventing the category of consumer travel insurance in the U.S. where data isn't leveraged yet for bespoke, price-optimized coverage in an industry with very
The team is made up of Jeff, Moran, and Lauren.
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