What is Faye?
Faye is 100% digital, whole-trip travel insurance built to help things go right with coverage and care for your trip, your stuff, your health and even your pet. Get covered in 60 seconds, download the app on iOS or Android, and travel worry-free with Faye thanks to its real- time flight alerts, destination info (from COVID-19 requirements to weather forecasts), and 24/7 access to a support team (yes, real humans).
The Current Landscape
There are many pain points in the travel insurance ecosystem - it’s a space that has undergone little innovation.
Travel insurance tends to be chock-full of lengthy jargon-filled policies that leave travelers confused rather than well-informed. The claims process is slow and bureaucratic, requiring excessive paperwork and lengthy wait times. And there’s really no brand working to build strong connections with consumers, making travel insurance feel like a distant service that’s hard to reach.
Company Birth Story
Faye was built during COVID-19 and launched earlier this year. But
prior to COVID, launched an AI-powered travel assistant, had 30
companies as early adopters and had attracted investor interest.
A week later COVID-19 hit. Travel came to a halt. And the company
was back at square one.
Faye was created as a solution to the pain points of the current travel insurance landscape. The product is clear and holistic - you know what coverage you’re purchasing and how you’re protected pre-trip and in-trip. Faye is digital and quick - from getting covered to receiving assistance to filing claims. There’s absolutely no paperwork involved. And above all, it’s person-first. The startup’s team of customer experience specialists is available 24/7 - working when travelers shouldn’t be to provide proactive trip assistance when it matters most. This, coupled with proprietary technology that proactively monitors trip itineraries, means Faye can assist users when they’re away from home, making it the ultimate travel companion.
A Customer Story
Faye has gotten some great feedback from customers so far considering it’s hugely different from other travel insurance products on the market, so there’s an element of surprise and delight when users interact with Faye. To put it simply: their coverage is easy to understand, fairly priced and all you have to do is answer a handful of questions for them to find the best travel protection plan for your needs. Some examples of reviews on TrustPilot:
● It’s about time there was travel insurance that provides complete coverage for my travels, takes a minute to sign-up for AND has an app to monitor details of my itinerary. This is what I found with Faye. I travel around the world and have been dissatisfied with other travel insurance: too many options, it’s hard to read the policy, you’re never quite sure what is and is not covered. And that’s not the case with Faye.
● I recently purchased Faye for my trip abroad and could not be more happy that I did. The Faye app alone was incredibly valuable in showing me the weather at my destination, and also provided much needed information around COVID, mask requirements, testing and documentation. I ended up having some issues with my flights but was kept informed on the new time and gate via the notifications from the Faye app. - Anthony
The Team Culture
Faye has 5 core company values:
1. Have a traveler-first mentality
2. Be open and transparent
3. Life’s an adventure (as is building the first person-first travel insurance!)
4. Take responsibility and be accountable
5. Be worthy of travelers’ trust
Their team is comprised of seasoned travel and insurance executives including Jeff Rolander, Director of Claims, who comes to the startup following nearly two decades at Allianz; Moran Treiser, VP of Growth, who co-founded the growth marketing operation at Lemonade; and Lauren Gumport, Director of Communications, who built and executed travel tech Guesty’s global communications strategy.
Faye is almost 30 strong now, and hiring! Their team enjoys hybrid working schedules and remote work opportunities. Check out their openings here.
A Founder Quote
Elad Schaffer, Co-Founder & CEO, Faye “Travel insurance has become synonymous with lengthy, jargon-filled policies that leave travelers confused rather than well-informed. The claims process can be slow and bureaucratic, and may require a lot of time and excessive paperwork. Faye is hitting the market as a solution to these pain points, at a time in which consumers are planning to travel more than ever before and are seeking solutions to look after them while on the road. We’re here to meet their rising expectations and transform travel insurance from a forgettable add-on to a must-have advantage that enhances the entire trip experience.”
Check It Out : https://www.withfaye.com/
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