Companjon set to offer Visa's issuing clients in Europe the opportunity to purchase protection from poor weather
Companjon will be able to provide card issuing companies, like banks and credit unions, the opportunity to protect their customers' purchases from inclement weather.Weather Protection uses verified data on temperature, precipitation, etc., and provides customer compensation when an inclement threshold is met (terms and conditions apply).Weather Protection is a dynamic solution, using inputs like geography, seasonality, and the type of good purchased, in order to offer 'right sized' coverage at optimal price.
DUBLIN, Jan. 06, 2025 (GLOBE NEWSWIRE) -- Companjon, a leading insurtech start-up specializing in end-to-end, dynamic embedded insurance solutions, is set to offer the issuing clients of Visa, a world leader in digital payments, the opportunity to provide their customers with purchase protection from inclement or inconvenient weather, such as extreme temperature or heavy rain. The specific details of Weather Protection coverage, ranging from outdoor activities to hotel bookings, can be tailored to the unique needs of the financial institution's customers in the majority of markets across Europe. Companjon will serve as the technology provider, underwriter, and risk carrier for the solution.
Card issuers who opt to provide this solution will have the opportunity to offer customers add-on Weather Protection when they purchase an applicable travel experience that could be impacted by adverse weather conditions - for example, a customer who books an outdoor concert ticket could then be offered protection from precipitation. On the day of the concert, Companjon's technology monitors the weather using verified data. If the coverage threshold for rain or snow is met, the claim is approved and the customer is compensated up to certain limits. Weather Protection is dynamic, meaning it considers AI-supported inputs like the activity, season, location, and behavior when the coverage is being offered to the customer. This ensures the customer is offered right protection at the best possible price.
Companjon CEO, Matthias Naumann, said: "We are excited to offer Visa issuing clients the opportunity to be 'right there when life happens' for their customers, by protecting their purchases in new ways. Our Weather Protection solution is one of many examples of how we are changing the way people think about insurance with modern solutions that are simple, seamless, and satisfying. We look forward offering this to Visa clients in the coming weeks."
Jakub Grzechnik, Head of Product, Central Europe, at Visa, added: "At Visa, we are always looking for new ways to innovate and enhance the travel and payment experiences. We're thrilled to connect our clients to Companjon to offer purchase protection for poor weather and provide consumers on the move with a solution that reduces the frustration that comes with a cancelled event. This is another example of how we are helping our clients in the travel ecosystem improve digital experiences across the customer lifecycle."
Companjon implemented a variety of fully digital and frictionless insurtech products with leading, globally recognized brands in fintech, travel, mobility, and live events and entertainment. Its unparalleled end-to-end solutions, which include the unique ability to serve as its own underwriter and risk carrier, delight its business partners' customers with protection that provides the ultimate in flexibility and convenience across 32 countries in Europe and North America.
About Companjon
Companjon is a leading B2B2C insurtech start-up specializing in fully digital, AI-driven embedded insurance. Its modern, end-to-end insurance solutions enable companies to delight their customers and drive more business value from stronger brand loyalty and new ancillary revenue opportunities. Companjon designs, builds, and underwrites its dynamic 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 Top Insurtech Companies 2024 by CNBC and one of the world's most innovative insurtechs by FinTech Global for four consecutive years (2021-2024).
Companjon seeks to change the way people think about insurance by creating seamless and positive experiences when things don't go as planned: being right there when 'life' happens. The company is registered in Ireland and regulated by the Central Bank of Ireland.
Media Contact:
Kimberly Littlefield
+353 (0)86 107 0416
press@companjon.com
\Hugin