Faye hopes to do for travel what Lemonade did for general insurance.

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While (former) startups such as Lemonade came to attack the weary world of insurance, the travel insurance market is now being treated the same way by companies like Safetywing (covered by TS here) and Battle.

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In an ideal world, travel insurance would be easier to understand, pay out quickly when something goes wrong, and work almost like Apple Pay or Google Pay in its simplicity. New start-up “travel insurance for all time” Fay — who came out of stealth mode last month — is looking to bring that kind of vibe with his approach, and now he’s raised support to do just that.

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The startup has raised $8 million in a seed funding round led by Viola Ventures and F2 Venture Capital. Portage Ventures, Global Founders Capital (GFC) and former NBA player Omri Casspi also participated.

It’s fair to say that most travel insurance products are less for consumers and more for distributors, where jargon-laden add-ons abound. Faye claims her approach is much simpler, asking clients 6 questions to find the right plan.

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The platform covers travel, health, property and pets through an app that sends alerts, has 24/7 customer support, and allows you to submit digital claims and electronic refund transfers to your Faye wallet.

Co-founder and CEO Elad Shaffer said in a statement: “Travel insurance has become synonymous with long, jargon-filled policies that leave travelers confused rather than well-informed… Faye is entering the market as a solution to these problems, at a time when consumers are planning to travel. more than ever before and are looking for solutions to take care of them on the go.”

Faye will also cover travelers if they contract COVID-19 prior to travel and cancellations (subject to the terms of the plan), as well as medical emergencies and travel interruptions.

Omri Ben David, General Partner of Viola Ventures, commented: “Fay is reinventing the consumer travel insurance category in the US, where data is not yet used for customized, price-optimized coverage in an industry with very favorable growth characteristics and units. economy”.

The Faye team consists of Jeff Rolander (formerly of Allianz), Moran Traser (formerly of Lemonade) and Lauren Gamport (formerly of Guesty).


Credit: techcrunch.com /

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