Great American Launches Travel Insurance Partnership with Faye

Great American Insurance Group has made a strategic move into the travel insurance sector by partnering with the AI travel insurance platform, Faye. This collaboration marks Great American’s inaugural foray into the travel insurance marketplace, a sector that has been ripe for innovation.

The travel insurance industry has faced challenges, particularly in modernization and customer satisfaction regarding claims processes. Both companies recognize this gap as a significant opportunity for carriers and managing general agents (MGAs) to enhance the way travelers are protected.

“Following the pandemic, we recognized a need for an insurance carrier that supports travel MGAs and brokers rather than competing with them,” stated Chris Banocy, divisional senior vice president of Great American Embedded Solutions. “Faye’s modern approach and rapid growth made them a compelling fit, and we’ve been impressed by their strong leadership, sophisticated technology, and commitment to service.”

Great American’s decision to partner with Faye came after a thorough market analysis. Faye’s AI-driven platform offers a unique blend of comprehensive coverage, proactive financial reimbursements, real-time alerts, and 24/7 assistance, all accessible through a seamless mobile experience. This innovative approach is designed to meet the evolving needs of today’s travelers.

Elad Schaffer, co-founder and CEO of Faye, expressed enthusiasm about the partnership, stating, “Great American’s commitment to supporting MGAs and enabling long-term growth aligns closely with our mission to modernize travel protection and deliver a dependable, transparent, and caring experience for travelers. We look forward to bringing more innovation to an underserved, high-growth category, together.”

Topics
Trends
New Markets
Market

Was this article valuable?

Here are more articles you may enjoy.