Three Lessons Learned While Building A Travel Insurance Startup During Covid19

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Ilad Schaefer is the co-founder and CEO of Fei Travel Insurance Company.

It’s early 2020 and my business partner and I are moving forward. Once we launched a travel assistant with AI, we had 30 companies as initial adopters and got the interest of investors.

A week later it hit the Covid-19. The journey has stopped. And we're back to the beginning.

In fact, it was a good thing.

The epidemic prompted us to reconsider the original product, which was actually "convenient" for travelers. In such a large and solid-to-break ecosystem, the most important investment of the traveler is pre-trip travel and accommodation. Travel assistance, which we originally wanted to provide, was not the only priority for consumers.

Covid-19 has restored everything: how we think about health and well-being, where we live and how we explore the world. We first saw that investing in health care and traveling was considered for those who were still taking the flight.

Thus, we have begun to create travel-centric travel assistance and support that sets a new standard for how people care when traveling. We have gained travel data and support experience and have partnered with insurance, a place often known for its word-filled policies, slow, bureaucratic and bureaucratic claims procedures and long waits.

Here are the first three lessons I learned on Faye, in the epidemic, when we set up our own travel insurance launch.

1. Where everyone sees a challenge, there is often a unique opportunity.

We were told by the founders of Insurtech not to buy insurance – creating an insurtech offer is a long and highly regulated process and it will take a long time to get started, leave that sale. This review was annoying, but he realized that the mountain seemed too big to climb, perhaps even more scary, creating barriers to entry.

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If they tell you not to work on something, for example, because it is highly regulated, time consuming or requires capital, remember that it is difficult for everyone in the world and your competitors will face the same hurdle. . . And let's be honest: the end result is much smoother. My advice: the next time you are told "don't do this", do it. This means that many of you are too scared to create what you create.

Looking back, I'm glad we didn't hear it. We continue to build an Insurtech startup and in less than a year we had the technology, the investor, the developer and the startup license.

2. When the mindset changes, opportunities are expected.

Many big companies were formed after the recession and crisis. The thing is when an entire industry fails and companies break up, you don't know what the new general will look like, but you can invent something clever. Travel insurance is traditionally seen as a way to protect one's investment in travel (such as flights and accommodation) against unintentional cancellations. Until the epidemic, most travelers did not know that it could protect them from medical emergencies (such as Covid-19) and more. It was the first thought of travelers almost overnight.

Consumer attitudes in our business segment have changed dramatically and we had to do it quickly to take advantage of it. In our minds, we knew it was the right time to strike. Lesson learned: When the climate in your area changes, take action, turn around quickly, and focus on your development resources to meet the immediate needs of your target audience.

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Of course, the first version of your product may not be perfect. You will probably be a little embarrassed. But it meets an important need, and that is what you expect to achieve.

3. Be aware of the "gate drugs" you are offering.

In epidemics, an alien reality carries the risk of becoming ill or quarantined as more travelers look for ways to take care of themselves while traveling in peace. Our travel protections will take travelers to the gate because they can understand intellectually that they need to be protected while away from home, but what will encourage them to go further?

We need to create a product that was more than just insurance, to create a more engaging experience, adding a level of friendship, intelligence and fun to keep coming back.

When developing your product, your starting point should be to ask yourself how the door to your offer can help redefine your space – it can awaken you. Think about whether your solution will go from enjoyable to essential. My personal advice is to invest heavily in technology and customer experience, knowing that it will be rewarded in the long run, brand animators realize that you have their best interests at heart.

Don't turn it off; Bounce

Startups are roller coasters. We could have stopped – or, worse, kept quiet – when Kovid-19 hit. But we were able to shake up a sleeping space, focus on it, and seek capital and advisors to realize our vision. If the road to entrepreneurship was easy, everyone would do it.

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