As the public tries to navigate the post-COVID world – or at least a world where the disease can be controlled – the skies are clearing and travel has begun to return to normal.
The pandemic that has swept the world over the past two years has added a number of uncertainties, including flight cancellations, numerous delays and restrictions that have made even planning a vacation seem difficult and burdensome. Now that they are adjusting to the new normal, travelers are looking for more responsible travel policies and insurance to help them handle their toughest challenges outside of business travel. with a positive diagnosis of COVID-19 in another country.
Faye, a Tel Aviv-based startup reimagining travel insurance, has an all-digital, consumer-facing platform for Americans that manages more than just financial refunds and travel claims.
Founded in 2019 by current CEO Elad Shaffer and current CTO Daniel Green, Faye has come out of hiding this year, with $8 million in seed funding raised last month by firms like F2 Capital and investors like the former player NBA Omri Casspi. technologies to download, including a digital wallet and immediate 24/7 customer support, as well as artificial intelligence capabilities – the innovative approach also lies in the way the company supports its clients based on their interests, in addition to the typical insurance platform.
Even the name of the company is meant to bring out the best in every journey. The world of “faye” literally means “fairy,” adding to the “fabulous magic we hope to experience on our travels through faster, smarter, and better insurance,” the company wrote in a blog post published in April.
“I think beyond technology, there are very fundamental changes in how we view the role of travel insurance. And I think for many years it was seen as a service to make amends. Damage has been caused, you’re filling out forms. If – and that’s a big “if” – we determine that it’s legal, we’ll pay you the money.” Shaffert tells NoCamels: “We take a completely different approach. We believe that the role of the insurance company is to take care of you when you are on the road. They can take care of you by giving you amazing insurance—digital proactive automation pays for itself in seconds. But taking care of you when you’re on the road entails so much more.”
He names several travel scenarios that require more than just financial returns. “What happens if you miss a connection? What you need is not necessarily insurance, but assistance in boarding the next available flight. If you lose your passport, you don’t just need insurance to give you 50 bucks to cover a new one. What you really need to know is where should I go. What do you need to bring with you to get a new passport? What should I do if I need to take a PCR test? Where are you going? These are all broader cases than what pure insurance covers. And we make them available in real time.”