SINGAPORE - Media OutReach - 7 August 2018 - Chubb today
announced the launch of Flight Delay Insurance, an insurance coverage for air
travelers. Partnering with Swiss Re and FlightStats, the insurance is available
through the Chubb Connect App which
was launched in October last year. It is powered by United Networks (ASX.UNL), an
Australian global connectivity, engagement and payments platform provider. The app offers a range of value-added
services to leisure travelers such as access to a network of global wi-fi
hotspots and SOS alerts.
Flight Delay Insurance provides
fixed compensation for the inconvenience travelers may face when their flight
is cancelled, diverted or delayed. Typically, for a standard travel insurance
plan, a payout is only possible when the flight delay is more than six hours
and for a specified loss, such as extra accommodation. With Flight Delay
Insurance, a delay of as short as 30 minutes will trigger a fixed payout. There
are three policy options ranging from 30, 45 and 60 minutes; any one of these
will trigger a payout of $100 for the affected customer. Flight cancellations
and diversions automatically trigger a similar payout.
The payout is usually processed within
an hour, but at the latest, within 72 hours of arriving at the destination
airport. The payout may help travelers cover unexpected costs incurred, for
example, ground transportation, refreshments, books, magazines or any other
Swiss Re validates the incidents in
real-time using data from FlightStats, a provider of real-time global flight
data to consumers and the travel industry. Once Swiss Re has confirmed the
incident, United Networks will pay the amount directly into the customer's
PayPal account without the customer having to obtain any reports from the
airline to file a claim.
Donna Dorairajoo, Chubb Asia Pacific's
Head of Travel Insurance said: "Flight delays continue to be the top incident disrupting
travel plans for today's travelers.
With more air travel, Chubb recognises their need for tailored insurance
protection and efficient service. Flight delay insurance is timely in meeting the
demand for relevant and affordable insurance. Without the need to file a claim or
submit the supporting documents to prove a flight delay, Chubb offers an
enhanced customer experience in our digitised world."
Nicholas Ghattas, CEO United Networks Ltd
said: "We are excited to be able to work with Chubb and Swiss Re to innovate
and drive the insurance digital revolution. Our leading global connectivity,
engagement and payments platform will streamline uptake, sale, onboarding and
the automated claims process. The Flight Delay Insurance has been integrated
into the global connectivity and SOS alerts app allowing customers to purchase
through the Chubb Connect app and receive updates on flight delay status."
Gianni Biason, Swiss Re's Head of Parametric & Emerging
Solutions, added: "Our flight delay solution brings much-needed
transparency and simplicity to consumers. Swiss Re's unique dynamic pricing and
end-to-end solution helps insurers and aviation partners speed up their
time-to-market and steer their businesses real-time."
A video introducing Flight Delay Insurance, with a
demonstration of the Chubb Connect App, is available via https://vimeo.com/282972050.
Chubb is the world's largest publicly traded property
and casualty insurance company. With operations in 54 countries and territories,
Chubb provides commercial and personal property and casualty insurance,
personal accident and supplemental health insurance, reinsurance and life
insurance to a diverse group of clients.
As an underwriting company, we assess, assume and
manage risk with insight and discipline. We service and pay our claims fairly
and promptly. The company is also defined by its extensive product and service
offerings, broad distribution capabilities, exceptional financial strength and
local operations globally.
Parent company Chubb Limited is listed on the New York
Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb
maintains executive offices in Zurich, New York, London and other locations,
and employs approximately 31,000 people worldwide.
Additional information can be found at: chubb.com/au
 Based on Chubb's historical claims data in Asia