This French insurtech startup offers instant compensation for flight delays and cancellations, no questions asked

Koala_isurtech_founders

Travel and tourism industry took a hard hit due to the coronavirus. But with Europe on the path to recovery, there’s a steady growth in the travelling sector. While local flights are not heavily impacted, international flights could be delayed or even cancelled. Flight insurance is always a good idea in such cases but the associated time and paperwork can be difficult to deal with. 

Tackling this issue is the France-based insurtech startup Koala. The startup is reinventing travel insurance with its data-driven products that proactively alert travelers about any disruption and pay-out instantly, no questions asked. The startup has now closed its seed round of €1.6 million. Here’s what you need to know about the rising startup

Instant payout for flight disruptions, no questions asked!

Claiming insurance for something as small as a missed flight can turn into a headache due to the procedure and paperwork involved. The startup Koala aims to lessen the burden of getting pay-out by streamlining the experience and going fully digital. The company’s service is called Disrupted Flight Insurance and as the name suggests, it compensates travellers for delayed or cancelled flights. The company monitors the journey of all its clients and offers immediate pay-out when a disruption comes up, without asking any questions.

Ugo Weyl, Co-Founder and CEO at Koala says, “Every year, hundreds of millions of passengers suffer flight disruptions and face an uphill battle to claim compensation. Travellers face antiquated claims procedures, with only 15% of customers receiving a pay-out. We felt this was unfair, a delay is a delay and customers should be compensated 100% of the time.”

Flight disruptions are said to cost airlines about €4 billion every year. Koala’s offering is supposed to benefit both operators and consumers with reduced burden on airline’s customer service and hassle free coverage respectively. 

Fresh funding to help Koala go big

Koala was launched at the end of 2018 by Ugo Weyl, Léo Tordjman, Antony Mechin and Julien Weyl. In a short span of time, the company has secured €1.6 million in its seed round, which was led by London based incubator and fund Insurtech Gateway. Playfair Capital, Techstars Ventures, and some private investors also participated in the round. The company’s immediate focus is on team expansion by recruiting 15 people and accelerating business and product development. 

Currently, travellers can use Koala DIsrupted Flight protection via Sky-Tours, an online travel agency. Over the next 3 months, Koala will be available with 2 airlines and 4 travel agencies, however, the company is yet to reveal the names of its partners. This month, Koala is gearing up to introduce a new product that issues cash compensation on the spot and again, without asking any questions. 

The post This French insurtech startup offers instant compensation for flight delays and cancellations, no questions asked appeared first on Silicon Canals .

Startups – Silicon Canals

Questions about registering a small tech business

I have an idea and I'm hiring someone on Fiverr to develop an app for it. Thus I'd love to learn from your insights:

  1. I'm the only person in my business so which structure, LLC or C Corp or anything, is best for me now and my later development if I ever succeed?

  2. What's the best state to form my business? I read something about Delaware and Wyoming but I don't know, I live in Florida at the moment.

  3. Should I pay the freelancer with my money or with the firm's money after registering it?

Please help, I really appreciate your input!

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Startups – Rapid Growth and Innovation is in Our Very Nature!

Raising money for my startup and have some questions about which platforms to use.

I am heading a startup that is creating a new food delivery application that will run on a different model to the current market competitors, and we are currently entering the phase where we will be pursuing investors and venture capitalists.

I had a friend of mine recommend the website askforfunding.com, but I and my partner had never even heard of this site before today. I was wondering if anyone here has had any experience with the site, and if so, what is your opinion and or review of it.

To add to this, if anyone has any other suggestions for some websites to access such resources, we would greatly appreciate it!

Thank you in advance!

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Startups – Rapid Growth and Innovation is in Our Very Nature!

What content would be interesting to read from a VC firm? Questions for 20+ entrepreneurs?

Hi r/startups! I'm interning at a VC firm this summer to write newsletter/Medium/blog post content. Planning to interview founders of startups in our portfolio. I have a fair amount of creative freedom to guide blog posts, and really want to make the content valuable and interesting to entrepreneurs.

So, what content would you want to read from a VC firm? What questions would be interesting to get answered by 20+ entrepreneurs?

Thanks in advance for your input!

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Startups – Rapid Growth and Innovation is in Our Very Nature!

Questions About Leasing Industrial Space

I have a few questions I'm someone here has experience with. Our project requires some light machine work and wielding and to start we're going to need about 2,000 square feet of space with a dock and overhead door. Looking around in my area there are spaces available, but not many in this small of a size. My questions are about the logistics;

  • Is there generally a minimum lease term, like 1 year minimum?
  • Is it normal to get a discount for a longer lease?
  • How are utilities like electricity and water billed? Are they part of the lease or do I have to set up an account with the local utilities myself?
  • Are there any tips and warnings you've experienced you can share?

Thanks!

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Startups – Rapid Growth and Innovation is in Our Very Nature!

3 questions for Lemonade’s IPO

While we await a fresh IPO filing from heavily backed insurtech startup Lemonade, let’s talk a little more about its public offering.

Since our first dig into its S-1 filing, TechCrunch has spoken to a number of investors and operators in Lemonade’s space to find out if our initial read was off — were we being too generous or too kind to Lemonade after reading its somewhat complex financial results?


The Exchange is a daily look at startups and the private markets for Extra Crunch subscribers; use code EXCHANGE to get full access and take 25% off your subscription.


The short answer is not really, though there are some positive notes and themes worth highlighting. This morning, let’s ask three questions about Lemonade’s IPO filing that will help us understand what’s ahead for the SoftBank-backed unicorn.

Three questions

1. How quickly can Lemonade accelerate its rental insurance graduation rate?

On the theme of things that bode well for Lemonade is its ability to “graduate” customers from low-cost rental insurance to more lucrative products.

In its S-1 filing, Lemonade noted this fact early on. After stating that a “an entry-level $ 60 a year [rental] policy [corresponds] to $ 10,000 of possessions,” the company said that as its customers age, they tend to buy more insurance and sometimes swap rental plans for homeowner policies. Moving from the former to the latter is graduating in the company’s parlance.

If many customers moved from rental insurance to homeowner insurance while keeping Lemonade as their provider, the company could do very well, as illustrated by this section of its SEC filing:

Startups – TechCrunch

Questions About Fleet Management Companies and Advertising for Car Rental Startups

Hi Everyone, this is my first time posting on Reddit, so I apologize in advance if this is the wrong forum.

I had a few questions regarding fleet management companies when obtaining a fleet for a potential car subscription service:

  1. What are the benefits and pitfalls of financing a fleet of vehicles with a fleet management company?
  2. What APRs do these companies generally charge?
  3. Do these fleet management companies obtain their own financing from banks, or do they directly lend out the cash?
  4. How do fleet management companies make money?

I'm also unsure of how to go about marketing for this service with a low budget. I figure word of mouth and social media influencers could be a good start, but I want to know if you guys could point me to better strategies when starting out.

There are many other questions I have, but I am concerned about revealing too much on a public forum.

Thank you!

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New website startup and have questions

Hi Everyone,

I recently started a website about pop (nerd) culture. Basically writing about things I like. I was wondering if anyone had tips/tricks to get additional writers as well as to get marketing material/press releases from companies so that I can write about it.

Thanks!

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