Meet Faye: The startup marrying fintech and traveltech

Americans love to travel — and the numbers show this trend is more prevalent than ever. In fact, the Sunday after Thanksgiving 2023 saw over 2.9 million passengers travel through U.S. airports, breaking the single-day air traffic record.

Still, despite the ever-growing demand for travel, many things can go wrong during the travel experience itself. It should be no surprise, then, that a variety of tech companies have sprung up to fill various needs in the travel industry.

One particularly noteworthy entrant in this space is Elad Schaffer, co-founder and CEO of Faye Travel Insurance, a travel insurance company that marries fintech and traveltech to provide a streamlined, user-friendly solution for obtaining whole-trip insurance and care, looking after travelers’ trips, health and wallets. Here’s a closer look at how this startup is seeking to differentiate itself.

Comprehensive travel packages

From the start, Schaffer and his team were determined to offer a comprehensive level of travel care that was easily customizable to fit the needs of each individual traveler.

“Trip cancellations and interruptions, baggage losses and emergency medical expenses can happen to just about anyone during their travels, so naturally these areas had to be part of our insurance offerings,” Schaffer explains. “But we found that quite often, travel insurance providers make getting covered too confusing, labeling coverage with fancy titles and bundles that aren’t easy for the average consumer to understand. We’ve taken the guesswork out of trip protection by giving travelers the ability to get the suitable type and level of coverage for their trip — all without needing to fill out confusing paperwork. Crafting a seamless process as our starting point was essential.”

Faye makes it remarkably simple for travelers to get a custom quote for their trip. To get a quote, travelers simply input their travel destination(s) and dates, the number of travelers in their party and some basic contact information. Faye then immediately generates a base policy quote that covers their trip, health and luggage, while also displaying prices for optional add-ons such as Extreme Sports, Vacation Rental Damage Protection, Pet Care and more. The ability to toggle on and off extra coverage puts the power of customization in the hands of travelers.

The general industry recommendation is to buy travel insurance immediately after booking — and near-instant quotes (like Faye provides) enable quick decisions for advance and last-minute insurance purchases.

A fintech mindset for reimbursements

In addition to a fully digital travel insurance purchase experience, Faye adopts a distinctly fintech mindset to help travelers financially when they are on the road.

“Travelers can submit their claims directly through the Faye app in minutes,” Schaffer explains. “The app keeps travelers updated about their claim status, and after a claim is approved, funds are digitally dispersed through the app’s Faye Wallet, enabling travelers to access claim payments while on their trip and use them like they would use their Apple Pay account. This way, travelers can get reimbursement funds and use them to cover necessary expenses (like replacing lost luggage) while they are still on their trip.”

This rapid, tech-powered reimbursement process is a far cry from traditional travel insurance, which often takes weeks or longer to process claims — at which point, the trip could be over. By providing prompt distribution of claim funds, Faye’s fintech-first approach helps travelers avoid more significant travel or financial disruptions.

Faye says that its Faye Wallet will soon expand to offer travelers even more forms of financial assistance, before and during their trips.

Going beyond expectations

Another point of emphasis for Schaffer’s team in embracing a traveltech model was finding ways to go beyond what typical travel insurance providers offer. “Our goal is to be the ultimate companion for travelers from the moment they booked coverage to the end of their trip,” Schaffer explains.

“To that end, we looked for ways that technology could enable us to be even more useful to travelers. We quickly determined that using a mobile app to facilitate 24/7 contact with our team would be an important part of that. We are there for more than just when users need to file a claim. So we made sure our app provides real-time alerts for travel issues and offers assistance around the clock when travelers need help overcoming flight delays, finding a pharmacy or addressing other travel needs.”

The app connects with travelers’ flight information, destination and other crucial factors to provide essential updates regarding travel delays, weather at the destination, local apps to download and emergency info. With so much information readily available in the app, Faye has become a go-to resource for travelers looking to keep their trip going smoothly — even if they never need to file a claim.

Curating a better travel experience

For his part, Schaffer asserts that his company can bring about a better way to use travel insurance. “By delivering travel insurance that actually meets the needs and preferences of the modern traveler, we are transforming the process of obtaining travel insurance from a headache into a simple part of a travel prep checklist. We proactively make sure your trip remains on track and memorable for the right reasons.”

Marrying fintech and traveltech solutions enable us to give a stronger experience from start to finish, and we’re confident that once travelers experience the difference for themselves, they’ll never overlook travel insurance again.”

VentureBeat newsroom and editorial staff were not involved in the creation of this content. 

Originally appeared on: TheSpuzz