CPP Group’s F-LITE takes off with major award win
CPP Group has launched an innovative parametric insurance product in China to provide instant non-cash compensation and support for travellers hit by delays or setbacks in their journey.
The new to market ‘F-LITE’ has already won the best technology innovation prize at the Asian Digital Insurance Forum 2020 and deals have been struck with partners including China Mobile International, AXA and Generali China Insurance to roll out the service to a potential customer base of 50 million.
F-LITE uses mobile technology to offer instant access to compensation if users experience flight delays and cancellations, including access to airport VIP lounges and duty-free store shopping coupons.
Upgrades to the product planned for later this year will see enhancements such as domestic airport express entry and boarding, food and drink vouchers, airport pick up service and emergency medical access added.
F-LITE accesses real-time data to provide help for customers as they need it, without needing to contact their travel insurance company, making it more efficient for consumers and providers.
Judges at the Asian Digital Insurance Forum, traditionally one of the biggest events of its kind in the world, hailed F-LITE’s potential and said it reflected a “customer-first” philosophy.
Wilson Chan, Chief Executive of CPP Group China, said:
“In order to develop F-LITE we carried out research with 20,000 people to identify what benefits they wanted should travel delays occur. This has helped us develop a product that answers a genuine consumer need and meets the speed and convenience that modern customers demand of their travel insurance provider.
“Moving forwards we plan to develop further services that enrich the travel experience and will see F-LITE become the most comprehensive travel ecosystem covering every stage of a traveller’s journey.”
Jason Walsh, CPP Group Chief Executive, said:
“Winning this award is a reflection of the CPP Group ethos and corporate vision, where we only develop products based on insight and that help solve genuine consumer issues. This allows us to offer reassurance to those same consumers while adding significant value to our partners.
“This approach, combined with a strong belief in the power of local knowledge, has helped our transformation into a truly global business, allowing us to adapt, innovate and grow in markets across the world.”