Austrian financial service provider Erste Bank Hungary has announced the launch of Flight Delay Insurance, a service available for customers in the George app. By launching the insurance solution, Erste Bank intends to protect its customers’ travel plans from departure delays.

Enabled by insurtech Companjon, the service automatically monitors the covered flight’s status and triggers a claim for USD 45 (HUF 16,000) compensation when the delay reaches one hour. Being available as of the announcement, the Erste Flight Delay Insurance is a fully automated experience for the bank’s customers. More capabilities of Erste’s new service As Companjon monitors Erste’s customers' flights in real-time, the service can automatically approve a claim for USD 45 compensation when the flight is one hour behind its original scheduled departure time.

With the cash being directly deposited into the customer’s account, users do not have any limitations regarding how they leverage the payout. Additionally, Erste Flight Delay Insurance can be acquired between 180 days and seven days before the flight’s departure for approximately USD 6 (HUF 1,999) per ticket per flight. Also, customers can extend the service to include up to three more travel companions on the same flight for the same cost with the same compensation. Furthermore, representatives from Erste Bank Hungary underlined that the bank is currently working on making services more personalised and tailored to the customers’ needs and requirements.

By implementing enhanced digital solutions, the bank intends to contribute to its users’ efforts to maintain financial health and stability. Erste focuses on merging the capabilities of fintech and insurtech solutions with the reliability of traditional banking. According to Companjon’s officials, the launch of Erste Flight Delay Insurance comes before the summer travel season, with the company aiming to support the bank in expanding and improving its offering of digital services to its customers. Companjon aims to design and implement more modern insurance solutions with Erste Bank that can increase its digital ecosystem.

.