Samsung Fire & Marine Insurance announced on the 7th that it has launched the 'Overseas Flight Delay and Cancellation Compensation (Index Type) Special Contract (hereinafter referred to as Index Type Flight Delay Special Contract)', which pays insurance benefits based on the delay time of an aircraft, making it the first in the insurance industry.
Index type insurance is a product that pays the agreed insurance benefits when a predefined index meets specific conditions, and it has the advantages of simplified claims and fast payments.
The existing actual loss type flight delay protection required the submission of separate proof documents, such as a certificate of delay and receipts for expenses incurred during the waiting time due to the delay, to pay actual damages within the limit of the coverage amount.
In contrast, the Samsung Fire & Marine Index Type Flight Delay Special Contract pays a predetermined insurance benefit proportional to the delay time, up to 100,000 won (for delays of 6 hours or more and cancellations) if an international passenger flight departing from a domestic airport is canceled or delayed for more than 2 hours.
This special contract enhances convenience by automatically sending notification messages to customers in the event of flight delays or cancellations, using public data provided by Korea Airport Service and Incheon International Airport Corporation, and simply uploading a photo of the boarding pass enables immediate payment of insurance benefits.
Samsung Fire & Marine Direct Overseas Travel Insurance provides coverage for injuries, illnesses, theft, and flight delays that may occur during overseas travel, depending on the specific contracts. Since January, the premiums for Samsung Fire & Marine Direct Overseas Travel Insurance have been reduced, allowing subscriptions at more reasonable expenses, and it has also joined the Naver Pay Overseas Travel Insurance comparison and recommendation service, enabling customers to compare and choose products from other companies.
A Samsung Fire & Marine official noted, 'Abroad, index type insurance is actively being adopted for quick response and recovery to accidents,' and added, 'We will continue to work to ensure that customers can experience insurance benefits more conveniently.'