Empowering customers with dynamic protection for weather-affected purchases
Companjon, a leading insurtech start-up known for its innovative embedded insurance solutions, is set to partner with Visa to provide issuing clients across Europe with a groundbreaking Weather Protection service. This dynamic solution allows customers to safeguard their purchases against weather-related disruptions, such as extreme temperatures or heavy rainfall.
By tailoring coverage to the specific needs of card issuers’ customers, the service offers flexibility for a wide range of scenarios, from outdoor events to hotel stays. Companjon will act as the technology provider, underwriter, and risk carrier for this offering, ensuring seamless integration and reliable protection.
Weather Protection: How It Works
Issuing clients who opt for this service can offer their customers the opportunity to add Weather Protection when booking experiences that could be impacted by adverse weather. For example, someone purchasing tickets for an outdoor concert could be protected against potential rainfall.
Companjon’s system uses verified weather data to monitor conditions on the day of the event. If specific thresholds for precipitation or other weather parameters are met, claims are automatically approved, and compensation is provided to the customer. This hassle-free approach ensures a smooth experience without the need for additional paperwork.
What sets this service apart is its dynamic nature. By leveraging AI-supported inputs such as activity type, location, season, and customer behaviour, the system offers tailored coverage at the best possible price. This ensures that users receive the most relevant protection for their needs.
Driving Innovation in Digital Insurance
Matthias Naumann, CEO of Companjon, expressed enthusiasm for the partnership, stating, “We’re thrilled to collaborate with Visa to provide issuing clients with a unique way to protect their customers’ purchases. Weather Protection is just one example of how we’re reshaping insurance into a modern, seamless experience. By anticipating challenges like poor weather, we’re delivering practical solutions that truly enhance everyday life.”
Visa’s Head of Product for Central Europe, Jakub Grzechnik, echoed this sentiment, saying, “At Visa, innovation is at the heart of what we do. We’re excited to connect our clients with Companjon to offer Weather Protection, helping reduce the frustration of cancellations and disruptions caused by adverse weather. This is yet another step towards enhancing the travel and payment journey for consumers worldwide.”
A Track Record of Excellence
Companjon has established itself as a leader in delivering fully digital and frictionless insurance solutions for globally recognised brands in fintech, travel, mobility, and live events. Its ability to act as its own underwriter and risk carrier allows the company to offer unparalleled convenience and flexibility.
Operating in 32 countries across Europe and North America, Companjon continues to set new standards in the insurance industry. By partnering with Visa, the company aims to redefine customer experiences with innovative, value-driven solutions.
This collaboration marks a significant step in enhancing digital experiences, ensuring that customers are better prepared to navigate unexpected challenges while enjoying peace of mind.