Baoba Insurtech, and Continental Assist, a North America-based travel assistance company, have announced a strategic partnership that aims to promote and expand parametric insurance solutions in the Latin American market.
The insurtech is a comprehensive platform for parametric insurance infrastructure, which enables insurers to Create, Launch, and Operate parametric policies effortlessly via direct and embedded channels, enabling real-time, automated insurance experiences.
Starting with a parametric flight delay product, “Blue Access”, travellers facing disruptions of three hours or more will have the choice of accessing premium lounge services or opting for instant cash compensation.
The broader partnership aims to leverage the untapped potential within certain sectors of the Latin American market, introducing state-of-the-art parametric solutions to regions eager for innovative insurance products.
Both companies intend to roll out innovative and impactful parametric assistance solutions during coming years. The focus will be on amplifying the reach and effortless integration of parametric solutions into consumers’ travel experiences.
Kata Ludvig, CEO and Founder at Baoba, commented: “For Baoba, this partnership presents a pivotal opportunity to extend our parametric solutions to an expansive and dynamic market. Continental Assist’s powerful distribution networks in LATAM and in-depth understanding of the travel assistance industry and insurance product commercialization is unparalleled.
“We share a vision to reshape the world of insurance, and together, we’re ready to deliver real-time, automated experiences. I’m very passionate about the transformative power of parametric and index-based insurance. This collaboration embodies that vision, and I’m excited for the groundbreaking changes we’re set to introduce together.”
Eli Soued, Chief Executive Officer at Continental Assist, added: “Our partnership with Baoba is more than just another collaboration; it’s a substantial leap forward in our ongoing innovation journey. As we broaden our focus and expand our already vast network, we’re raising the bar for what exceptional travel assistance means.
“With our brand’s recent evolution and the addition of cutting-edge features, our vision is to immerse deeper into the world of parametrics and innovation jointly with Baoba. Their state-of-the-art technological capabilities, merged with our extensive industry know-how, are set to transform the traveller experience on a global scale.”