Service Details

• Purchase Window: Insurance can be bought between 180 to 7 days before the flight.
• Cost: HUF 1,999 per ticket.
• Compensation: Offers HUF 16,000 for delays of one hour.
• Automation: Claims are processed and credited automatically.

László Harmati, Deputy CEO of Erste Bank Hungary, highlighted the bank’s focus on personalized and innovative solutions

Erste is making its services increasingly personalized and tailored. We believe that by implementing the latest digital solutions, such as Flight Delay Insurance, we can contribute to our customers’ efforts to retain their financial health. In addition to making daily finances easier, our offering is expanded by auxiliary services that create real value for customers. Consequently, Erste combines the novelty of fintech and insurtech solutions with the reliability of traditional banking.

The service is designed to offer hassle-free compensation, ensuring that customers receive timely financial support in the event of flight delays. This aligns with Erste Bank’s commitment to providing user-friendly and efficient financial products.

Matthias Naumann, CEO of Companjon, emphasized the partnership’s role in enhancing digital services for customers:

The launch of Erste Flight Delay Insurance comes at a most exciting time with summer travel season approaching. It has been a privilege to partner with Erste Bank Hungary on this service, supporting them in their endeavor to expand and improve their offering of personalized, tailored digital services to their customers. We look forward to the opportunity to design and implement more modern insurance solutions with Erste Bank that will continue to boost their digital ecosystem, delight their customers, and differentiate themselves from their competition.

The standout feature of Open’s new travel insurance is the Smart Flight Delay. Designed with modern travelers in mind, it makes sure that when things don’t go as planned, you’re covered in the most hassle-free way possible.

This functionality automatically provides lounge access to customers and up to four companions if their flight is delayed by 60 minutes or more. All this, without the need for the customer to file a claim manually. This kind of immediate, automatic support is what sets Open’s offering apart from traditional travel insurance.

Digital-First Insurance Solutions

Open is committed to a digital-first approach. This means everything about your insurance—from adjusting your coverage to getting help—is done right from your phone or computer. It’s designed to be intuitive, fast, and effective, reflecting the needs of today’s travelers who expect quick and easy solutions.

Open’s travel insurance is highly customizable. It’s suitable for a variety of partners, from banks to telecommunications companies, and allows travel providers to integrate these services into their existing offerings. This flexibility means that more travelers can get access to insurance that fits their specific needs, whether they’re flying solo or managing a large group’s itinerary.

Sam Hoppe, the Chief Commercial and Insurance Officer at Open in the UK, sheds light on the motivation behind their product: 

Our latest travel insurance is about more than just providing security; it’s about enhancing the travel experience. Our goal is to bridge the gap between traditional insurance offerings and the seamless technology experiences travelers are accustomed to from other aspects of their journeys.

Hoppe also hints at future innovations: 

We’re not stopping here. We’re already planning to introduce features like instant claim processing, cash settlements, and a pay-with-points system next year, which will further redefine what travelers can expect from their insurance provider.

The infusion of funds is earmarked for several key initiatives aimed at solidifying Novidea’s market position. Foremost among these is the company’s organic expansion into new territories, responding to the escalating demand for Novidea’s solutions. 

The insurance sector is at a major inflection point

Roi Agababa, CEO of Novidea

The CEO further emphasized the significant growth potential as the industry transitions from legacy technology to innovative, modern solutions. The funds will, therefore, support Novidea’s strategy for inorganic growth through strategic acquisitions, enabling the company to rapidly scale and diversify its capabilities.

A Partnership Set for Success

HarbourVest Partners expressed enthusiasm about partnering with Novidea. Corentin du Roy, HarbourVest’s Managing Director, highlighted the operational efficiencies Novidea’s software delivers for brokers. 

This partnership is poised to aid Novidea in scaling its operations internationally

Agababa shared his excitement about the partnership with HarbourVest and the continued support from existing investors. 

With this investment, Novidea will have the resources we need to further refine our product, expand our operations into new territories, and explore the possibilities of making strategic acquisitions in this space.

With the demand for digital transformation within the insurance sector set to surge by more than 25% by 2026, Novidea is set to tackle the critical challenges the industry faces. This includes enhancing data quality, improving digital customer experiences, and streamlining insurance workforce processes. 

An insightful report released by Novidea earlier this year revealed that 75% of global insurance businesses plan to overhaul their core technology within the next two years, underscoring the opportunity for InsurTech innovations.