Erste Bank Hungary introduces innovative flight delay insurance with Companjon

May 18, 2024

41 1 minute read

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Erste Bank Hungary has launched Flight Delay Insurance, a new service available to its customers in the George app.

This innovative insurance solution offers Erste customers protection against travel disruptions due to departure delays. Powered by leading InsurTech Companjon, the service automatically monitors the flight’s status and triggers a claim for HUF 16,000 compensation, which is instantly credited to the customer’s account when the delay reaches one hour.

The insurance experience is entirely automated for Erste customers. On the day of departure, Companjon monitors the flight in real-time and automatically approves a claim for HUF 16,000 compensation if the flight is delayed by an hour. The compensation is directly credited to the customer’s account, with no restrictions on how the payout can be used.

Erste Flight Delay Insurance can be purchased between 180 days and seven days before the flight’s departure for HUF 1,999 per ticket per flight. Customers can extend this protection to include up to three additional travel companions on the same flight for the same cost per passenger, with the same compensation per ticket.

Erste Bank Hungary’s deputy CEO, László Harmati, said, “Erste is making its services increasingly personalized and tailored. We believe that by implementing the latest digital solutions, such as Flight Delay Insurance, we can contribute to our customers’ efforts to retain their financial health.

“In addition to making daily finances easier, our offering is expanded by auxiliary services that create real value for customers. Consequently, Erste combines the novelty of fintech and insurtech solutions with the reliability of traditional banking.”

Companjon CEO, Matthias Naumann, said, “The launch of Erste Flight Delay Insurance comes at a most exciting time with summer travel season approaching. It has been a privilege to partner with Erste Bank Hungary on this service, supporting them in their endeavor to expand and improve their offering of personalized, tailored digital services to their customers.

“We look forward to the opportunity to design and implement more modern insurance solutions with Erste Bank that will continue to boost their digital ecosystem, delight their customers, and differentiate themselves against their competition.”

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