This Startup Raised $8 Million to Create The Future of Travel Insurance w/ Elad Schaffer (CEO)
In this episode, Shamus Madan chats with Elad Schaffer, tracing his entrepreneurial journey from WikiStrat to Faye. They delve into the pros and cons of bootstrapping a startup, the philosophy of Faye, and its impact on the travel insurance sector. Further, they explore the underwriting process, the importance of travel insurance education, and the influence of historical events on the industry. They also discuss the integral role of customer service in insurance and learn more about Faye.
Key Points
- Alad Shaffer's journey from co-founding WikiStrat, a crowdsourced consultancy, to launching Faye, a travel insurance app, highlights the value of entrepreneurial resilience and the ability to pivot during challenging times, such as the onset of the COVID-19 pandemic.
- Faye aims to disrupt the travel insurance industry by offering a data-driven, customer-centric service that simplifies the user experience, provides clear coverage, and supports travelers with real-time assistance and financial solutions through a digital platform.
- The pandemic has increased awareness and adoption of travel insurance, and Faye leverages this shift by focusing on the importance of being looked after while traveling, emphasizing the need for comprehensive protection and peace of mind.
Previously Elad Schaffer Co-Founded Wikistrat, the world's first crowdsourced consultancy. They leverage a worldwide community of several hundred strategic thinkers to run simulations of likely international events and unfolding global trends.
After that, Elad noticed a level of friction in the travel insurance industry that could be removed. Faye started out as an AI travel assistant, predicting if your flight would be delayed and providing you with other insightful information about your trip.
But then COVID-19 hit.
"I think as we saw the pandemic hit, we realized that there's only that much you can do with data alone. And. Once your flight has been canceled, it's not enough to know about it in advance. You also need to be revoked or have your sleep costs reimbursed." - Elad.
So he pivoted the company into a modern, easy-to-use travel insurance business. Listen to the full story.
Learn More About Faye Here: https://www.withfaye.com/
Twitter of Host: @mbitpodcast
Twitter of Guest: @FayeTravel
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Transcript
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