CPP Group launches parametric insurance product F-LITE in China

By Edil Corneille

UK’s CPP Group has launched a parametric insurance product in China to provide instant non-cash compensation and support for travellers hit by delays or setbacks in their journey. The new F-LITE product has led to deals with partners including China Mobile International, AXA, and Generali China Insurance where the service will be rolled out to a potential customer base of 50 million.

F-LITE uses mobile technology to offer instant access to compensation if users experience flight delays and cancellations, including access to airport VIP lounges and duty-free store shopping coupons. Upgrades to the product planned for later this year will see enhancements such as domestic airport express entry and boarding, food and drink vouchers, airport pick up service, and emergency medical access.

Wilson Chan, Chief Executive of CPP Group China elucidated, “In order to develop F-LITE we carried out research with 20,000 people to identify what benefits they wanted should travel delays occur. This has helped us develop a product that answers a genuine consumer need and meets the speed and convenience that modern customers demand of their travel insurance provider.

“Moving forwards we plan to develop further services that enrich the travel experience and will see F-LITE become the most comprehensive travel ecosystem covering every stage of a traveller’s journey.”

F-LITE accesses real-time data to provide help for customers as they need it, without needing to contact their travel insurance company, making it more efficient for consumers and providers.

Jason Walsh, CPP Group Chief Executive enunciated on the ethos and corporate vision of the group where products are developed based on insight and that help solve genuine consumer issues. He added that this allows the group to offer reassurance to those same consumers while adding significant value to the partners. Walsh mentioned that the approach combined with a strong belief in the power of local knowledge has helped CPP Group’s transformation into a truly global business, allowing it to adapt, innovate and grow in markets across the world.