Roomer Travel (Roomer) and Munich Re have developed a way to release Flex, Roomer’s cancellation protection solution.
Flex allows online travel agencies (OTAs) and travellers to make their non-refundable bookings refundable.
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Roomer is an Israel/US-based start-up that focuses on reselling and booking non-refundable hotel rooms. Flex allows customers to cancel their booking up to 24 hours before check-in and receive a refund.
The solution is base on a unique machine learning algorithm that evaluates and prices every protection request from OTA partners in real-time. It also considers additional parameters that have previously not been accounted for at the time of booking.
Munich Re has provided Roomer with an insurance solution that protects the start-up against large unexpected payouts. Furthermore, it protects against events that cannot be predicted by the algorithm, such as severe weather. The insurance is underwritten by a primary insurance carrier of Munich Re.
Importantly, with the solution in place, Roomer is able to scale up globally, focus on innovation, and further improve the customer experience.
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By GlobalDataAndre Knoerchen, head of Munich Re’s new tech and IoT underwriting, said of the forward-looking cooperation: “The partnership between Roomer and Munich Re delivers a solution to one of the biggest challenges of the travel industry – cancellations.”
Gon Ben-David, CEO and co-founder of Roomer, added: “We found at Munich Re an agile and open-minded team that understands our unique needs. I am convinced that now after giving flexibility to almost 150,000 travellers worldwide, this cooperation will enable Roomer to further expand its business globally. There are many more verticals within the travel industry that face similar unsolved challenges. We are excited to continue the partnership and to further explore opportunities to protect travellers and create value for the entire travel industry.”
Roomer was founded in 2013 and is based in Tel Aviv and New York. It has served travellers in more than 3,000 destinations around the world.
