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Erste Bank Hungary taps Companjon to offer flight delay insurance

By Gloria Methri

May 17, 2024

  • Companjon
  • Digital Insurance
  • Embedded Insurance
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Erste Bank Hungary, Companjon, Erste Flight Delay Insurance, FinTech, Hungary, EuropeErste Bank Hungary has launched Erste Flight Delay Insurance to its banking customers in its George app. The new digital service enables retail forint account holders to protect their travel plans against one-hour flight departure delays. The insurance is powered by European B2B2C InsurTech Companjon, which specializes in fully digital, AI-driven embedded insurance solutions.

Erste Flight Delay Insurance is an automated experience for Erste customers. On the day of flight departure, Companion monitors the flight in real-time and automatically approves 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.

Erste Flight Delay Insurance can be purchased between 180 days and seven days before 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) and the same compensation.

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 endeavour 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.”

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