Cleverea helps millennials get protected with contextual insurance. They are a tech-enabled MGA within P&C operating in Europe. They design, build and distribute P&C insurance products that are highly disruptive throughout the whole customer journey. Insurance is nor sexy, nor transparent nor digital. So, for every product they design, develop and launch they address those 3 points. Basically, Cleverea is a consumer-focused tech company which happens to be in the insurance business.
Flight delays are an all-too familiar occurrence these days for any travelers and they suck. The announcement, the scramble to reschedule and the inevitable search for a way to make the time productive until the alternate flight takes off. Barcelona-based startup Cleverea saw it as a way to create value for all involved in the scenario: customers, insurers and retailers in airports. Their idea: provide a flight delay solution that will compensate passengers for delays of fifteen minutes or more, with a flexible view of what that compensation might be.
Cleverea’s value proposition for travel insurance is highly differentiated from 2 sides:
- Coverage: they provide high value-added services that go beyond traditional economic compensation. This includes airport lounge access, discounts at F&B stores at the airport, smart notifications to keep track of flights, high value discount vouchers from partners like Amazon or Zalando, among others. And they start paying for delays as little as 15 minutes
- Experience: their products are fully digital, and parametric when possible. This means they are proactive triggering compensations to their insureds. They don't ask for any papers like old invoices, certificates of ownership, expense receipts, etc.
They plan to launch in Q1 2020. In terms of progress, product, tech and risk/UW are all set. Regarding onboarding of big distribution partners, they are confident they will be able to onboard a few very large distribution partners during 2020.
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