Erste Bank Hungary launches in-app Flight Delay Insurance. The customer receive automatically money compensation when the flight is one hour behind its originally scheduled departure time.

The insurtech company Companjon automatically monitors the covered flight’s status and triggers a claim for HUF 16,000 compensation – instantly credited to the customer’s account – when the delay reaches one hour. The cash is directly and instantly credited to the customer’s account, and there are no limitations on how the payout can be used.

Erste Bank Hungary, part of Erste Group, one of the largest financial services providers in Central and Eastern Europe, has launched Erste Flight Delay Insurance to its banking customers in their George app. Available from today, George’s newest digital service enables retail forint account holders to protect their travel plans against flight departure delays of one hour. The insurance is powered by leading European B2B2C insurtech Companjon, which specializes in fully digital, AI-driven embedded insurance solutions.

„The Erste Flight Delay Insurance is a completely automated experience for Erste customers: on the day of flight departure, Companjon monitors the flight in real-time and will automatically approve a claim for HUF 16,000 compensation when the flight is one hour behind its originally scheduled departure time. The cash is directly and instantly credited to the customer’s account, and there are no limitations on how the payout can be used.” – according to the press release.

„Erste Flight Delay Insurance can be purchased between 180 days and seven days prior to the flight’s departure for HUF 1,999 per ticket per flight. Erste customers can extend this protection to include up to three more travel companions on the same flight for the same cost (per passenger) with the same compensation (per ticket).” – the company explained.

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.”

Companjon, established in 2020, has experienced rapid growth over the last year, launching a variety of modernized and parametric insurance solutions with globally recognized brands in the events and entertainment, mobility, and fintech sectors. In 2023 the company achieved over 33 million transactions through its unparalleled solution design that leverages the latest technology, like AI, to delight its business partners’ customers in over 32 countries across Europe and beyond.

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Companjon is a leading B2B2C insurtech start-up specializing in fully digital, AI-driven embedded insurance. Companjon designs, builds, and underwrites its dynamically priced solutions on a 100% cloud-based platform capable of issuing 32,000 policies per second, integrating API gateways easily, and leveraging the latest advanced technology. It has been recognized as one of the world’s most innovative insurtechs for three consecutive years (2021-2023) by FinTech Global.