Faye, an Israeli startup offering “whole trip” travel insurance, raised $8 million in seed funding, led by Viola Ventures and F2 Venture Capital, with participation from Portage Ventures, Global Founders Capital (GFC) and former NBA player Omri Casspi.
Omri Casspi, who spent almost a decade in the NBA and was Israel’s national basketball team’s captain, recently launched “Sheva,” a new venture capital fund dedicated to investing in early-stage startups.
Nowadays, with all of the Covid problems and wars disrupting travel and so forth, travel insurance is going to be huge. Think about it. When Covid hit countless flights were cancelled and people were trapped in other countries, unable to get home from their vacations or business trips. Who paid for all of the extra days that people needed to spend in hotels? And what about all of those people who suffered trapped non cruise ships that ran out of food and cleaning services?
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And that is not all. Just about anything can go wrong on a vacation. There are numerous examples of people showing up and finding out that they were scammed or misled in some way as to their local accommodations. And just think about possibly needing to pay for any medical bills that might arise.
Faye boasts that it is redefining insurance with the first 100% digital, consumer-centric travel insurance for Americans enabling smarter, faster, smoother assistance and claims resolutions. Faye’s whole-trip protection, coupled with its proprietary technology, provides 24/7 immediate support anywhere in the world, quick reimbursements and an app where you can do it all – from covering your trips to filing claims.
“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,” explained Faye Co-Founder & CEO, Elad Schaffer. 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.”
Faye travel protection plans include insurance benefits underwritten by United States Fire Insurance Company. Zenner Insurance Services, LLC is the licensed producer of Faye travel protection plans. Zenner Claims Administrator LLC and Travel Insured International are the claims administrators for the travel protection plans.