Swiss Re's On-time guarantee insurance (OTG)
Imagine: You're a business person and frequent-flyer. Fight delays are not only tiresome, they can also cost you and your company money and perhaps missed opportunities. You've got your regular travel insurance but the policy is complex and the small print daunting. Losses have to be proved and you're obliged to submit claim forms and receipts. You know the whole process is going to be tedious.
Our parametric product, On-time guarantee insurance (OTG), can put an end to that. It's a pure delay-insurance product with benefit triggers as low as 30 minutes. Claim payments are automatically made when delays are confirmed. Passengers do not need to proactively claim and they receive funds when they need them and/or when the payments have a high positive impact. Moreover on top of these advantages, this product is cheaper than traditional travel insurance. Global insurers see the quality of the tool, the actuarial background and the plug-and-play solution as major advantages they can offer to their clients, either airlines or on-line travel agencies.